Minneapolis HouseHack Analysis

[AJ Smith]

1409 21st Ave N, MPLS 55411

Number of Units: Duplex (U/D)

MLS# 5570001

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Property Listing Price = $204,900

Sqft: 2160

Rehab Price/SqFt = $30 (cosmetic, update kitchen & baths)

Total Rehab Estimate = $64,800

Total Cost (Purchase + Rehab) = $269,700

Minimum Down Payment Required for Purchase (3.5%) = 9,439.50

Loan Amount (Total - 3.5% Down Payment) = $260,260.50

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Estimated Monthly Payment (PITI +PMI) = $1818.54

Fixed Landlord Expenses (Electric, Water, Sewer, Garbage, Shoveling/Lawn) = $300

Reserves (15% of full occupancy rent) = $405

TOTAL EXPENSES = $2523.54

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Estimated Monthly Rent (while househacking) = $2025

Est. Cashflow (while househacking) = $(498.54)

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Estimated Monthly Rent (full occupancy) =  $2700

*************Est. Cashflow (full occupancy) = $176.46***********

*************CoCROI = 22%****************

[Tim Swierczek]

@AJ Smith your going to have a tough time finding an FHA 203k lender during COVID. We used to have 5 outlets. Now we have zero I don't know if anyone doing them at the moment.