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Updated over 5 years ago, 04/21/2019

User Stats

7
Posts
1
Votes
Bryan Larsen
  • New to Real Estate
  • Erie, PA
1
Votes |
7
Posts

Seller financing deal analysis help

Bryan Larsen
  • New to Real Estate
  • Erie, PA
Posted

Selling price: $85,000 (includes furniture, appliances, beds and bedding, dishes, yard equipment, etc)

10% down payment: $8,500 

House is turnkey and sale price is average for area.

Balance: $76,500

6.5% interest, includes PMI

Balloon payment at the end of 2 years:

$74,000

If 10 year fixed: $869 a month

If 15 year fixed: $660 a month

If 20 year fixed: $570 a month

If 25 year fixed: $517 a month

If 30 year fixed: $484 a month

$600 average for homeowner's insurance, property taxes, gas, electric, water, sewer, garbage pickup, basic cable TV, digital phone, and Internet.

1 bedroom rented for $450 a month.

Airbnb second bedroom at 10 days a month nets roughly $500.

Basement may be finished and used as additional airbnb. (Possible 500-750/month)

The house has been on the market for some time, not sure if I'm missing something, looking through rose colored glasses, or if it's legit. Thanks for the help.

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