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MASSIVE Price Drop! Great Equity Buy!! [Code: 168]

Posted by Powered by Simply Do It on March 5, 2024
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Why THIS deal??
  • ~$328/mo. cash flow once you can refi to 5.25% 
  • Cash flows at ~$87/mo. at today's rates of 6.99%
  • MASSIVE PRICE DROP OF $20k.  This hasn't been advertised yet, so get in before everyone else finds out about it!
  • Great opportunity for an equity buy! 
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  • Single family home with 4 bedrooms and 2.5 bathrooms
  • There's a smaller property on the same street on the market for $329K.
  • Great location with quick access to major commuting routes, shopping and schools
  • Highly appreciating area and strong rental market
  • Property has been on the market 250+ days.  Great Negotiation Tool! 
  • Great schools!
  • Fully fenced backyard
  • Motivated Sellers
  • Low HOA charges
  • Hard flooring in all major living spaces. Perfect for families and pets!
  • Attached 2-car garage
  • #equity

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

  • Built: 2017
  • Size: 2,342 square foot 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: 168

Property Specifications1
 Bedrooms4
 Bathrooms2.5
 Square Feet2342
 Year Built2017
 Garage Size2
 Schools Rating (scale 3-30, 30 is best)25
Lot size (sq ft)5663

Purchase AssumptionsMy Offer
Offer used for analysis$306,000
Suggested offer (low)$306,000
Suggested offer (high)$306,000
Asking$306,000
Market Value (after improvements)$306,000
Estimated Improvements (lower)$6,500
Estimated Improvements (upper)$8,500
Estimated Closing Costs$3,060
Estimated Mortgage Costs$2,463
Other Fees At Closing (pts, . . . )$2,142
Total Cost (estimated)$321,165
Original listing date6/23/2023
DOM (days on market – TODAY)256

Financing Assumptions 
 Down Payment (%)30%
 Down Payment Amount$91,800
 Financed Amount$214,200
 Interest Rate6.990%
 Mortgage Term (Years)30
 Monthly Mortgage Payment$1,424
 Cash Outlay (Total Out of Pocket)$106,965

Estimated Financial Assumptions
 MonthlyYearly
Rent (upper)*$2,150$2,200$26,400
Rent (lower)*$2,100$25,200
 
Property Taxes$167$2,004
Insurance$150$1,800
Repairs75$75$900
Property Management Monthly (%)8.0%
Property Management Monthly ($)$172$2,064
Leasing Fee60%$53.8$645
HOA or Fixed Costs$40$480
Vacancy Rate4.0%
Total Fixed Expenses34%$737$8,842
 Total Expenses (Fixed + Mortgage)$2,161$25,926

Financial Analysis / Deal Attractiveness    
Years:5101520
 Cap Rate1.0%2.5%4.2%6.0%
 Net Cash Flow$5,224$26,560$66,747$128,981
 Equity Increase$78,887$177,388$300,802$456,016
 Total Gain$84,112$203,948$367,549$584,997
 Average Cash Flow/Year$1,045$2,656$4,450$6,449
 Average Cash Flow/Month$87$221$371$537
 Average Gain/Year$16,822$20,395$24,503$29,250
 Average ROI78.6%190.7%343.6%546.9%
 Annual ROI15.7%19.1%22.9%27.3%
 Projected Property Value$372,296$452,955$551,089$670,484

Property Ratings Suggestions
 Item Suggested Criteria (Min.)This PropertyFAVORABLE /
INSUFFICIENT
 Schools (scale of 3-30, 30 is the best)1425FAVORABLE
 Square Feet1,0002,342FAVORABLE
 Bedrooms34FAVORABLE
 Bathrooms22.5FAVORABLE
 Year Built19702017FAVORABLE
 Average Cash Flow (at year 5)$125$87INSUFFICIENT
 Average ROI (at year 5)15%15.7%FAVORABLE

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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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