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RARE Tenant Occupied Gem in Birmingham Metro! [Code: 29]

Posted by Powered by Simply Do It on May 13, 2024
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Why THIS deal??
  • ~$293/mo. cash flow once you can refi to 6.0% 
  • Cash flows at ~$193/mo. at today's rates of 7.125%
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  • Single Family Home with 3 bedrooms and 2 full bathrooms
  • Property is currently tenant occupied until April 2025
  • Great location with quick access to major commuting routes, shopping and schools
  • Highly appreciating area with strong rental market
  • Property has been on the market for 52 days so there could be room for negotiations either before or after inspections
  • Good schools
  • Awaiting interior pictures and current rent being paid by tenant
  • Upper level has 1228 square feet, basement has 476 per MLS listing
  • No HOA charges
  • #cashflow  #appreciation

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

  • Built: 1973
  • Size:1,704 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: 29

Property Specifications1
 Bedrooms3
 Bathrooms2
 Square Feet1704
 Year Built1973
 Garage Size1
 Schools Rating (scale 3-30, 30 is best)16
Lot size (sq ft)               19,166

Purchase AssumptionsMy Offer
Offer used for analysis$191,500
Suggested offer (low)$191,500
Suggested offer (high)$201,500
Asking$201,500
Market Value (after improvements)$204,000
Estimated Improvements (lower)$5,000
Estimated Improvements (upper)$7,500
Estimated Closing Costs$1,915
Estimated Mortgage Costs$1,341
Other Fees At Closing (pts, . . . )$2,011
Total Cost (estimated)$203,016

Financing Assumptions 
 Down Payment (%) 30%
 Down Payment Amount$57,450
 Financed Amount$134,050
 Interest Rate 7.125%
 Mortgage Term (Years)30
 Monthly Mortgage Payment55.6%$903
 Cash Outlay (Total Out of Pocket) $68,966

Estimated Financial AssumptionsMonthlyYearly

Rent (upper)*
$1,625$1,700$20,400
Rent (lower)*$1,550$18,600
    
Property Taxes $145$1,740
Insurance $125$1,500
Repairs75$100$1,200
Property Management Monthly (%)8.0% 
Property Management Monthly ($)$130$1,560
Leasing Fee60%$40.6$488
HOA or Fixed Costs$0$0
Vacancy Rate 4.0% 
Total Fixed Expenses36.9%$600$7,205
Total Expenses (Fixed + Mortgage)$1,504$18,043

Financial Analysis / Deal Attractiveness   
Years:5101520
 Cap Rate3.4%5.1%7.0%9.2%
 Net Cash Flow$11,606$35,106$72,543$126,298
 Equity Increase$51,897$116,652$197,742$299,687
 Total Gain$63,503$151,759$270,285$425,985
      
 Average Cash Flow/Year$2,321$3,511$4,836$6,315
 Average Cash Flow/Month$193$293$403$526
 Average Gain/Year$12,701$15,176$18,019$21,299
 Average ROI92.1%220.0%391.9%617.7%
 Annual ROI18.4%22.0%26.1%30.9%
 Projected Property Value$248,197$301,970$367,392$446,989

Property Ratings Suggestions
 Item   Suggested Criteria (Min.)This PropertyFAVORABLE /
INSUFFICIENT
 Schools (scale of 3-30, 30 is the best) 1416FAVORABLE
 Square Feet  1,0001,704FAVORABLE
 Bedrooms  33FAVORABLE
 Bathrooms  22FAVORABLE
 Year Built  19701973FAVORABLE
 Average Cash Flow (at year 5)  $125$193FAVORABLE
 Average ROI (at year 5)  15%18.4%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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