Advanced Search
Your search results

Double the Fun…Double the Returns! 2 Houses on One Lot.

Posted by Powered by Simply Do It on September 18, 2024
0
 

Why THIS deal?

  • ~$563/mo. cash flow once you can refi to 5.25% 
  • Cash flows at ~$435/mo. at today’s rates of 6.0%
 

SDI logo.jpg

  • 2 separate dwellings on one lot with 4 bedrooms and 2 full bathrooms (main house has 2 beds/1 bath and secondary house has 1 bedroom/1 bath)
  • Main dwelling can easily convert to a 3 bedroom/1 bathroom
  • Almost all schools in this area will not be highly rated.  This is typical for the area and it does not prohibit rentability
  • Location has quick access to major commuting routes, shopping and schools
  • This location is highly desirable and in an area which is on a fast upward trajectory
  • Dani has personally owned in this area and recommends investing here
  • 1-Car garage for the main unit
  • Highly appreciating area with a strong rental market
  • Property is off-market and a single agent will be representing both parties
  • If there is not interest from a SDI investor, this will be going on the market next week
  • Fully renovated including new roofs and some mechanical updates as well as many cosmetic updates
  • The secondary house has a separate alleyway entrance
  • You can almost double your money in 5 years!! 
  • This is a HUGE opportunity in this metro with the cash flow, once rented! 
  • No HOA charges
  • The seller currently lives in the main house and has used the second dwelling as an office. They want to sell to an investor to avoid the hassle of preparing for a retail transaction, such as cleaning and staging. The asking price reflects this approach.
  • #cashflow  #appreciation  #turnkey  #multiplex

 

 

Why should you consider this house / what makes it a good investment?

  • Built: 1950 (renovated 2024)
  • Size:1,912 square foot home(s)
  • Low Crime, Desirable Community, C Rated Schools

             

What’s next?

Email/text for address, analysis and to get connected to Simply Do It’s local team that handles this transaction.

Metro:  Tampa

Team: Tali  – email directly at tmp1@simplydoit.net

Code: Tampa2

 


 

Property Specifications

2Per Door
 Bedrooms32 main/1
 Bathrooms21.0
 Square Feet1912956
 Year Built1950Reno 2024
 Garage Size1Main house
 Schools Rating (scale 3-30, 30 is best)5 
Lot size (sq ft)11,025 

Purchase Assumptions

My OfferPer Door
Offer used for analysis$385,000$192,500
Suggested offer (low)$385,000$192,500
Suggested offer (high)$398,000$199,000
Asking$398,000$199,000
Market Value (after improvements)$398,000 
Day-1 Equity$13,000 
Estimated Improvements (lower)$2,000$1,000
Estimated Improvements (upper)$6,000$3,000
Estimated Closing Costs$7,700 
Estimated Mortgage Costs$5,390$2,695
Other Fees At Closing (pts, . . . )$2,6957%
Total Cost (estimated)$404,785$2,695

Financing Assumptions

 
 Down Payment (%) 30%
 Down Payment Amount$115,500
 Financed Amount$269,500
 Interest Rate  6.000%
 Mortgage Term (Years) 30
 Monthly Mortgage Payment $1,616
 Cash Outlay (Total Out of Pocket) $135,285

Estimated Financial Assumptions

MonthlyYearly
Rent (upper)* $3,300$39,600
Rent (lower)*$3,000$36,000
    
Property Taxes $400$4,800
Insurance $175$2,100
Repairs $150$1,800
Property Management Monthly (%)9.0% 
Property Management Monthly ($)$284$3,402
Leasing Fee $111.6$1,339
HOA or Fixed Costs$0$0
Vacancy Rate 4.0% 
Total Fixed Expenses $1,235$14,817
Total Expenses (Fixed + Mortgage)$2,851$34,206

Financial Analysis / Deal Attractiveness

   
Years:5101520
 Cap Rate3.9%5.5%7.4%9.4%
 Net Cash Flow$26,129$74,745$149,729$255,611
 Equity Increase$104,946$235,104$396,799$598,028
 Total Gain$131,076$309,849$546,528$853,639
      
 Average Cash Flow/Year$5,226$7,474$9,982$12,781
 Average Cash Flow/Month$435$623$832$1,065
 Average Gain/Year$26,215$30,985$36,435$42,682
 Average ROI96.9%229.0%404.0%631.0%
 Annual ROI19.4%22.9%26.9%31.5%
 Projected Property Value$484,228$589,137$716,776$872,067

 


image.png


image.png


image.png


image.png 


Secondary Dwelling

 
image.png

 
image.png

 
image.png

 
image.png

image.png

 
image.png

 
 
SDI logo.jpg

Disclaimer

Information contained herein was obtained from sources deemed reliable, however, Simply Do It and/or the owner(s) of the property make no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of the property is offered subject to errors, omissions, changes in price and/or terms, prior sale or lease or removal from the market for any reason without notice.

The analysis is provided “As Is”. All the information is believed to be accurate (except for the small effects of some simplifying assumptions), but is not guaranteed, and depends on the values entered for the property. This analysis is intended for the purpose of illustrative projections. The information provided is not intended to replace or substitute for any legal, accounting, investment, real estate, tax, or other professional advice, consultation, or service. Simply Do It and/or the owner(s) are not responsible nor liable for any damages arising from the use of the analysis info. 

Leave a Reply

  • Contact Form

    Compare Listings

    TitlePriceStatusTypeAreaPurposeBedroomsBathrooms

    Compare Listings