All Forum Posts by: Michael Hackett

Quick Highlights:

• Blended Interest Rate: 2.18%
• Cash-on-Cash Return without Work: 14%
• Cash-on-Cash Return with Work: 20%
• Cash to Seller: $120,000

Address:
8 Hooper St
Worcester, MA 01605

Property Type:
Multifamily Triplex

Financial Details:

• After Repair Value (ARV): $850,000 - $900,000
• Monthly PITI (Principal, Interest, Taxes, Insurance): $2,975.63
• Monthly Seller Finance Payment: $1,000.00
• Seller Finance Note Balance Remaining: $342,000.00
• • Maturity Date: 02/01/2053
• Mortgage Principal: $363,903.80
• • Maturity Date: 05/01/2051
• Mortgage Interest Rate: 4.375%; Seller Finance Note Interest Rate: 0%
• • Blended Rate: 2.18%
• Cash to Seller: $120,000.00
• Current Rents: $2,200 1st floor (rents by the room), $1,600 2nd floor and $1,600 3rd floor
• ARV Market Rent: $2,300 per floor

Without Renovations:

• Mortgage Payments: $35,707.56 (yearly)
• Seller Finance Payments: $12,000 (yearly)
• Total Cash Invested: $120,000 (120k cash to seller)
• Current Rental Income: $64,800 (yearly)
• Cash-on-Cash Return: 14%

With Renovations:

• Mortgage Payments: $35,707.56 (yearly)
• Seller Finance Payments: $12,000 (yearly)
• Potential Renovations: $30,000-$50,000
• Total Cash Invested: $170,000 (50k renovations+120k cash to seller)
• ARV Rental Income: $81,600 (yearly)
• Cash-on-Cash Return: 20% (based on $50,000 Renovation)

Property Details:

• Beds: 9
• Baths: 3
• Living Area: 4,914 sq ft
• Lot Size: 6,534 sq ft

Description:
This large three-family property is perfect for investment or owner occupancy. Conveniently located near Route 9, I-290, and directly across the street from UMass Memorial Hospital, it offers great accessibility. Each of the three units is spacious, approximately 1,600 sq ft, and features 3 bedrooms with separate utilities. Additionally, there are separate washer and dryer hookups for each unit. The property includes a paved parking lot with space for 6+ cars and is fully rented. The roof is around 10 years old. Please note that the photos are from before the current tenants moved in. The property is in good condition, but if you want to update it, a "lipstick renovation" is optional but not necessary. This allows you to enhance the units with minimal effort and cost.

Don't miss out on this fantastic investment opportunity!
Call or text me (Michael Hackett) at (774) 276-2062.