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Beautiful Birmingham metro with Instant Equity! [Code: 186]

Posted by Powered by Simply Do It on December 5, 2023
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Why THIS deal??
  • ~$252/mo. cash flow once you can refi to 6.0% 
  • Cash flows at ~$118/mo at today's rates of 7.375%
  • Price has been dropped by $15K since original listing date
  • Aggressive offer provides $20K-$30K INSTANT equity
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  • 3 bedroom, 2 bath Detached Single Family home 
  • Great location with quick access to shopping and schools
  • Highly sought after neighborhood
  • A rated schools
  • Low HOA charges
  • Quiet residential street
  • At 10-years, this property is estimated to NET $202,721 (not counting any tax benefits)
  • Attached 2-car garage
  • 6,751 square foot lot


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

  • Built: 2018
  • Size: 1,714 square foot attached home
  • Low Crime, Desirable Community, A 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: Birmingham

Team: Joel  – email directly at bir2@simplydoit.net

Code: 186

Property Specifications1
 Bedrooms3
 Bathrooms2
 Square Feet1714
 Year Built2018
 Garage Size2
 Schools Rating (on scale of A-C)A
Lot size (sq ft)6751

Purchase AssumptionsMy Offer
Offer used for analysis$295,000
Suggested offer (low)$295,000
Suggested offer (high)$305,000
Asking$315,000
Market Value (after improvements)$325,000
Estimated Improvements (lower)$2,500
Estimated Improvements (upper)$5,000
Estimated Closing Costs$2,950
Estimated Mortgage Costs$1,696
Other Fees At Closing (pts, . . . )$1,475
Total Cost (estimated)$304,871
Original listing date10/18/23
DOM (days on market – TODAY)48

Financing Assumptions 
 Down Payment (%)50%
 Down Payment Amount$147,500
 Financed Amount$147,500
 Interest Rate7.375%
 Mortgage Term (Years)30
 Monthly Mortgage Payment$1,019
 Cash Outlay (Total Out of Pocket)$157,371

Rent (upper)*
$1,800$1,850$22,200
Rent (lower)*$1,750$21,000
 
Property Taxes$245$2,940
Insurance$145$1,740
Repairs75$75$900
Property Management Monthly (%)8.0%
Property Management Monthly ($)$144$1,728
Leasing Fee60%$45.0$540
HOA or Fixed Costs$20$240
Vacancy Rate4.0%
Total Fixed Expenses41%$740$8,883
 Total Expenses (Fixed + Mortgage)$1,759$21,108

Financial Analysis / Deal Attractiveness    
Years:5101520
 Cap Rate0.9%1.7%2.6%3.6%
 Net Cash Flow$7,061$26,808$61,453$113,579
 Equity Increase$78,526$175,912$297,065$448,320
 Total Gain$85,587$202,721$358,519$561,899
 Average Cash Flow/Year$1,412$2,681$4,097$5,679
 Average Cash Flow/Month$118$223$341$473
 Average Gain/Year$17,117$20,272$23,901$28,095
 Average ROI54.4%128.8%227.8%357.1%
 Annual ROI10.9%12.9%15.2%17.9%
 Projected Property Value$395,412$481,079$585,307$712,115

Property Ratings Suggestions
 Item Suggested Criteria (Min.)This PropertyFAVORABLE /
INSUFFICIENT
 SchoolsAAFAVORABLE
 Square Feet1,0001,714FAVORABLE
 Bedrooms33FAVORABLE
 Bathrooms22FAVORABLE
 Year Built19702018FAVORABLE
 Average Cash Flow (at year 5)$125$118INSUFFICIENT
 Average ROI (at year 5)15%10.9%INSUFFICIENT

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Mortgage Acceleration
Applying annual Cash flow (EPP*)$1,412
Applying monthly Cash flow (EPP*)$118
Years to payoff mortgage 21
Interest paid over 30 years$217,008
Int. paid in 21 yrs, using EPP$144,522
Your int. savings$72,486
If you make an extra payment every year of $1,412 you will pay off your mortgage in 21 years, and save $72,486 on interest.
*extra principal payment
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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. 

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