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Updated over 4 years ago,

User Stats

152
Posts
75
Votes
AJ Smith
  • Rental Property Investor
  • Bettendorf, IA
75
Votes |
152
Posts

St Paul Househack Analysis

AJ Smith
  • Rental Property Investor
  • Bettendorf, IA
Posted
Property Address 588 Lawson Ave E, STP 55130
MLS# 5610704
Number of Units (Duplex, Triplex, 4plex) 2
Crime Rating (Low/Medium/High) Medium
Property Listing Price $ 249,900.00
Rehab Needed? (None/Light/Medium/Heavy/Full) None
Square Footage 1,920

.
.

.

MINIMUM Down Payment Required for Purchase (5%) $ 12,495.00
Conventional Loan Amount (Total - Down payment) $ 237,405.00

.

Utilities (Varies by Property)
Electricity
Water & Sewer 100.00
Garbage 60.00
Shoveling/Lawn Care 140
Total $ 300.00

.

.

FULL OCCUPANCY CASH FLOW
Est. Monthly Rent (using www.myrentrates.com) $ 2,480.00
1% Rule (Rent should be 1% of Purchase + Rehab) $ 2,499.00
Does this PASS the 1% Rule? NO

Reserves
Vacancy (%) 5.00% $ 124.00
Repairs & Maintenance (%) 7.00% $ 173.60
CapEx (%) 7.00% $ 173.60
Management Fees (%) $ -
Total $ 471.20

Est. Monthly Payment (PITI + PMI) - Mortg. Calculator $ 1,600.88
Est. Monthly OpEx (PITI + PMI + Utilities + Reserves) $ 2,372.08
Est. Monthly Cash flow (Rent - OpEx) $ 107.92
CoCRoI 10.4%
HOUSEHACKING CASH FLOW
Est. Monthly Rents $ 1,902.50
1% Rule $ 2,499.00
Does this PASS the 1% Rule? NO
Est. Monthly Payment $ 1,600.88
Est. Monthly OpEx $ 2,372.08
Est. Monthly Cash flow $ (329.58)
CoCRoI -31.7%



Deal would pass muster ($100/door) if I lowered reserves to 15% instead of 19%, but trying to be more conservative with my reserves, so this deal is a no go for me.