Minneapolis HouseHack Analysis

[AJ Smith]

PROPERTY INFO
Property Address	3120 4th Avenue S Minneapolis MN 55408-4302
MLS#	5618212
Property Listing Price	$ 350,000.00
Number of Units (Duplex, Triplex, 4plex)	2
Square Footage	2,794
Rehab Needed? (None/Light/Medium/Heavy/Full)	Medium
Bedrooms/Bathrooms	6/4
Crime Level (Low/Medium/High)	Medium
Your Offer Price	$ 350,000.00
Rehab Price/Square Foot (Refer to Key on Right)	$ 25.00
Total Rehab Estimate	$ 69,850.00
Total Cost (Purchase + Rehab)	$ 419,850.00
MINIMUM Down Payment Required for Purchase	$ 14,694.75
Conventional Loan Amount (Total - Down payment)	$ 405,155.25
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FULL OCCUPANCY CASH FLOW
Est. Monthly Rent (using Rentometer)	$ 4,040.00
1% Rule (Rent should be 1% of Purchase + Rehab)	$ 4,198.50
Does this PASS the 1% Rule?	NO
Est. Monthly Payment (PITI + PMI) - Mortg. Calculator	$ 2,787.92
Est. Monthly OpEx (PITI + PMI + Utilities + Reserves)	$ 3,835.52
Est. Monthly Cash flow (Rent - OpEx)	$ 204.48
CoCRoI	16.7%
. .
EQUITY AND PROFIT
After Repair Value	$ 430,000.00
Flip "Profit" (Equity)	$ 24,844.75
Return on Down Payment Investment	169.07%

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ASSUMPTIONS

Utilities (Varies by Property)
Electricity
Water & Sewer		100.00
Garbage		60.00
Shoveling/Lawn Care		120
Total		$ 280.00
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Reserves
Vacancy (%)	5.00%	$ 202.00
Repairs & Maintenance (%)	7.00%	$ 282.80
CapEx (%)	7.00%	$ 282.80
Management Fees (%)		$ -
Total		$ 767.60

Rent is from Rentometer, which estimates $2,020 per 3/1.5 unit in this area.

ARV based on only one comp in the area. The comp was a 3/2 at $445,000, but it had a nicer interior than what I project rehab would make this one.

Looks good to me, meets my $100/door/mth cashflow requirement

Minneapolis/Saint Paul Househackers, what are your thoughts?