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Updated about 8 years ago,
good rental or no good?
Currently negotiating a deal to keep as rental. Just want to see if my numbers I have inputted in the rental calculator is good and from your experience, would this be a good buy why or why not.
Property Info:
Purchase Price: $180,000.00
Purchase Closing Costs: $5485
Estimated Repair Costs: $6,700
Total Cost of Project: $192,185
After Repair Value or Market value: $240,000.00
Down Payment: $36,000 Loan Amount: $144,000.00
Loan Fees: Amortized Over: 30 years
Loan Interest Rate: 5.000%
Monthly P&I: $721.49
Monthly Rental Income: $1,450
Monthly Expenses: $1,157.84 (this includes taxes, insurance, landlord covers utilities, garbage)
Monthly Cash Flow: $292.16
Pro Forma Cap Rate:5.22%
NOI: $12,520.00
Total Cash Needed: $49,625
Cash on Cash ROI: 7.06%
Purchase Cap Rate: 6.96%
Thanks
Yia