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Updated over 6 years ago,
House Hack Analysis - Dickinson, Texas/ Houston, Texas
Hello, this is now my second analysis with a house hack, I'm needing a lot of help please. I've added my own mortgage calculation as I like to just plug in the value of the home and get the automatic change instead of having to come over to the BP Mortgage calculator to do so. The calculation comes with the same number so that's good. So what I'm needing hep on.. well multiple things. As I found out on my last analysis by a fellow BP member. Property taxes are 3% of my appraisal value... I gotta be honest I'm not entirely sure what that means but I've plugged that into my monthly taxes anyway. This eats up A LOT of these expenses. The home I'm analyzing now is 1235 Plantation Dr, Dickinson, Tx 77539 (Last time I tried to link to something it didn't work so I apologize if this one doesn't either) What I'll be looking for when I'm actually in the market is something cheaper (hopefully with built in equity) with a mother in law suite that I can live in while I rent out the main household. But just for analysis purposes and so you guys can hopefully help me we're going with this one. Here are my numbers I tried to link to my direct excel sheet last post but it wasn't working so I'm just going to copy and paste.
| Property Type: Single Family 4 bed 3 Bathroom | Mortgage Calculation | ||||||
| Property Price | $ 180,000.00 | Loan Amount | $ 173,700.00 | ||||
| Down Payment of 3.5% | $ 6,300.00 | Interest Rate | 5% | ||||
| Loan | $ 173,700.00 | Loan Length (years) | 30 | ||||
| Rental Income | $ 1,500.00 | Cash Flow | Payments per year | 12 | |||
| Out of pocket | $ 1,172.46 | Total number of payments | 360 | ||||
| Tenants Rent | $ 1,500.00 | payment per period | $932.46 | ||||
| Monthly Expenses | Cash On Cash Return | Monthy Payment with Tax | $1,497.46 | ||||
| Taxes | $ 450.00 | Down Payment | $ 6,300.00 | sum of payments | $335,685.30 | ||
| Insurance | $ 115.00 | Closing Cost | $ 3,000.00 | Interest Cost | $161,985.30 | ||
| Electric | $ 100.00 | Rehab Budget | $ 7,000.00 | ||||
| Water | $ 70.00 | Total Investment | $ 16,300.00 | ||||
| Gas | $ 50.00 | ||||||
| HOA | $ - | ||||||
| Lawn | $ 25.00 | ||||||
| Vacancy | $ 100.00 | ||||||
| Repairs | $ 50.00 | ||||||
| Mortgage Insurance | $ 115.00 | ||||||
| Capx | $ 100.00 | ||||||
| Mortgage | $ 1,497.46 | ||||||
| Total Monthly Expenses | $ 2,672.46 |