Fridley (Minneapolis) MN HouseHack Analysis

[AJ Smith]

Property Address	7385 University Ave NE, Fridley
MLS#	5500697
Number of Units (Duplex, Triplex, 4plex)	2
Crime Rating (Low/Medium/High)	Low
Property Listing Price	$ 369,900.00
Rehab Needed? (None/Light/Medium/Heavy/Full)	None
Square Footage	2,248
Rehab Price/Square Foot (Refer to Key on Right)	$ -
Total Rehab Estimate	$ -
Total Cost (Purchase + Rehab)	$ 369,900.00
MINIMUM Down Payment Required for Purchase	$ 18,495.00
Conventional Loan Amount (Total - Down payment)	$ 351,405.00
FULL OCCUPANCY CASH FLOW
Est. Monthly Rent (using www.myrentrates.com)	$ 3,600.00 (rent is from listing)
1% Rule (Rent should be 1% of Purchase + Rehab)	$ 3,699.00
Does this PASS the 1% Rule?	NO
Est. Monthly Payment (PITI + PMI) - Mortg. Calculator	$ 2,332.72
Est. Monthly OpEx (PITI + PMI + Utilities + Reserves)	$ 3,196.72
Est. Monthly Cash flow (Rent - OpEx)	$ 403.28
CoCRoI	26.2%

HOUSEHACKING CASH FLOW
Est. Monthly Rents	$ 3,150.00
1% Rule	$ 3,699.00
Does this PASS the 1% Rule?	NO
Est. Monthly Payment	$ 2,332.72
Est. Monthly OpEx	$ 3,196.72
Est. Monthly Cash flow	$ 73.28
CoCRoI	4.8%

ASSUMPTIONS

Utilities (Varies by Property)
Electricity		(paid by tenant in listing)
Water & Sewer		(paid by tenant in listing)
Garbage		60.00
Shoveling/Lawn Care		120
Total		$ 180.00
Reserves
Vacancy (%)	5.00%	$ 180.00
Repairs & Maintenance (%)	7.00%	$ 252.00
CapEx (%)	7.00%	$ 252.00
Management Fees (%)		$ -
Total		$ 684.00

Minneapolis HouseHackers/Investors, would love to get your feedback on this analysis. 

I've listed the MLS # and the Property address so you can all take a look at the property for yourselves.

Reserves @ 19%

[Jacob Johnson]

I would triple check the rent for the property. $1800/unit seems *very* high for the location.