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RARE FIND in the Birmingham Metro. Don’t miss this opportunity! [Code: 2747]

Posted by Powered by Simply Do It on July 1, 2024
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Why THIS deal??
  • ~$269/mo. cash flow once you can refi to 6.0% 
  • Cash flows at ~$177/mo. at today's rates of 6.75%

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  • Single Family Home with 4 bedrooms and 3 full bathrooms
  • They have received an offer yesterday that they are reviewing
  • Originally listed for $299,900.  Price has been dropped $30K since the original listing date
  • Great location with quick access to major commuting routes, shopping and schools
  • Appears to have a fully finished basement WITH second kitchen and bathroom included on lower level!
  • Highly appreciating area with strong rental market
  • Local agent has spoken to the sellers agent and seller's have communicated they are firm on asking price
  • Good schools
  • New Paint 2024
  • Water heater was replaced in 2017 
  • New roof in 2021
  • No HOA charges
  • #cashflow  #appreciation  #Turnkey

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

  • Built: 2000
  • Size:2,488 square foot home
  • Low Crime, Desirable Community, A/B 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: Carter  – email directly at birm1@simplydoit.net

Code: 2747

Property Specifications1
 Bedrooms4
 Bathrooms3
 Square Feet2488
 Year Built2000
 Garage Size2
 Schools Rating (scale 3-30, 30 is best)20
Lot size (sq ft)6,098

Purchase AssumptionsMy Offer
Offer used for analysis$269,900
Suggested offer (low)$259,900
Suggested offer (high)$269,900
Asking$269,900
Market Value (after improvements)$300,000
Estimated Improvements (lower)$3,000
Estimated Improvements (upper)$6,000
Estimated Closing Costs$2,699
Estimated Mortgage Costs$2,173
Other Fees At Closing (pts, . . . )$1,889
Total Cost (estimated)$281,161

Financing Assumptions 
 Down Payment (%) 30%
 Down Payment Amount$80,970
 Financed Amount$188,930
 Interest Rate 6.750%
 Mortgage Term (Years)30
 Monthly Mortgage Payment61.3%$1,225
 Cash Outlay (Total Out of Pocket) $92,231

Estimated Financial Assumptions
  Monthly  Yearly
Rent (upper)*$2,000$2,100$25,200
Rent (lower)*$1,900$22,800
    
Property Taxes $200$2,400
Insurance $130$1,560
Repairs75$75$900
Property Management Monthly (%)8.0% 
Property Management Monthly ($)$160$1,920
Leasing Fee60%$50.0$600
HOA or Fixed Costs$0$0
Vacancy Rate 4.0% 
Total Fixed Expenses34.4%$689$8,263
Total Expenses (Fixed + Mortgage)$1,914$22,968

Financial Analysis / Deal Attractiveness   
Years:5101520
 Cap Rate2.3%3.9%5.7%7.7%
 Net Cash Flow$10,599$36,165$79,244$142,807
 Equity Increase$76,567$171,845$290,737$439,549
 Total Gain$87,166$208,009$369,981$582,356
      
 Average Cash Flow/Year$2,120$3,616$5,283$7,140
 Average Cash Flow/Month$177$301$440$595
 Average Gain/Year$17,433$20,801$24,665$29,118
 Average ROI94.5%225.5%401.1%631.4%
 Annual ROI18.9%22.6%26.7%31.6%
 Projected Property Value$364,996$444,073$540,283$657,337

Property Ratings Suggestions
 Item   Suggested Criteria (Min.)This PropertyFAVORABLE /
INSUFFICIENT
 Schools (scale of 3-30, 30 is the best) 1420FAVORABLE
 Square Feet  1,0002,488FAVORABLE
 Bedrooms  34FAVORABLE
 Bathrooms  23FAVORABLE
 Year Built  19702000FAVORABLE
 Average Cash Flow (at year 5)  $125$177FAVORABLE
 Average ROI (at year 5)  15%18.9%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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