$89,000
2356 24th St W, Birmingham, AL 35208
Current Rent **
$1,450
Projected Rent **
$1,450
2 SFRs in Birmingham-One Price
Two properties for $89,000. Not each, for both of them!
Seller is liquidating his Birmingham portfolio and moving to coast. Price is an incredible 11.98% cap rate for properties in good condition with stable tenants.
2356 24th St W Ensley (Birmingham) is 2BR 1BA with 992sf built in 1930. Rent $675/month. Taxes $948/yr. Insurance $811/yr. Assuming a 10% management fee and 5% vacancy and credit reserve and $500/yr repair reserve (duplicating what an appraiser or lender would do) the NOI is $4,666 per year.
820 4th Court W, Birmingham is 2BR 1BA with 806 sf built in 1940. Rent $775 per month. Taxes $756/yr. Insurance $698/yr. Assuming 10% management fee and 5% vacancy and credit reserve and $500/yr repair reserve (duplicating what an appraiser or lender would do) the NOI is $5,998 per year.
If you buy with 20% down payment at 9.5% interest rate with payments calculated on a 20-year amortization ($663.68/month) then the Debt Service Coverage Ratio is 1.34%, which will meet any lender's underwriting requirements.
Call me. Denise Evans, JD, CCIM, Real Estate Broker. 205-310-3799
Location:
2356 24th St W, Birmingham, AL 35208
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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.
** Current rent and projected rent are provided by the lister.
† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.
‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.
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