St Paul 203k Househack Analysis

[AJ Smith]

PROPERTY INFO
Property Address	594 Brunson St, STP 55130
MLS#	5352326
Number of Units (Duplex, Triplex, 4plex)	2
Bedrooms/Bathrooms	4/2
Crime Level (Low/Medium/High)	Low
Property Listing Price Your Offer Price	$ 139,900.00 $ 129,500.00
Rehab Needed? (None/Light/Medium/Heavy/Full)	Heavy
Square Footage	1,501
Rehab Price/Square Foot (Refer to Key on Right)	$ 35.00
Total Rehab Estimate	$ 52,535.00
Total Cost (Purchase + Rehab)	$ 182,035.00
MINIMUM Down Payment Required for Purchase	$ 6,371.23
Conventional Loan Amount (Total - Down payment)	$ 175,663.78
FULL OCCUPANCY CASH FLOW
Est. Monthly Rent (using www.zillow.com)	$ 2,200.00
1% Rule (Rent should be 1% of Purchase + Rehab)	$ 1,820.35
Does this PASS the 1% Rule?	YES
Est. Monthly Payment (PITI + PMI) - Mortg. Calculator	$ 1,296.41
Est. Monthly OpEx (PITI + PMI + Utilities + Reserves)	$ 1,994.41
Est. Monthly Cash flow (Rent - OpEx)	$ 205.59
CoCRoI	38.7%
EQUITY AND PROFIT
	$ 192,000.00
Flip "Profit" (Equity)	$ 16,336.23
Return on Down Payment Investment	256.41%

ASSUMPTIONS

Utilities (Varies by Property)
Electricity
Water & Sewer		100.00
Garbage		60.00
Shoveling/Lawn Care		120
Total		$ 280.00
Reserves
Vacancy (%)	5.00%	$ 110.00
Repairs & Maintenance (%)	7.00%	$ 154.00
CapEx (%)	7.00%	$ 154.00
Management Fees (%)		$ -
Total (19% Reserves)		$ 418.00

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Original Listing Price is $139,900. Offering $10,500 below asking price b/c that's where the numbers work, given $1100 in rent after a heavy rehab of the two units.

Heavy rehab implies budgeting for a new roof, updated kitchens, baths, paint, flooring.

St. Paul and Minneapolis rehabbers/ 203k househackers, hope to get some feedback from you. Specifically regarding your thoughts on the rents and the ARV, as I tried my best to estimate those based on Zillow comps.

Thanks,

AJ