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UPDATED and Still Available Tenant Occupied Opportunity in Birmingham Metro! [Code: 1288]

Posted by Powered by Simply Do It on January 29, 2024
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Why THIS deal??
  • ~$518/mo. cash flow once you can refi to 5.25% 
  • Cash flows at ~$319/mo. at today's rates of 6.75%
  • 166 Days on the Market.  
  • Currently leased for $2,250
  • Single family home with 4 bedrooms and 2 bathrooms
  • Price has already been reduced by $25,100K since original listing date
  • Great location with quick access to major commuting routes, shopping and schools
  • Highly appreciating area
  • Property has been on the market 166+ days
  • Great schools
  • Community Pool and other amenities
  • Currently leased at $2,250/mo!
  • Low HOA charges
  • Hard flooring in all major living spaces. Perfect for families and pets!
  • Attached 2-car garage

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

  • Built: 2006
  • Size: 2,102 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: 1288

Property Specifications1
 Bedrooms4
 Bathrooms2
 Square Feet2102
 Year Built2006
 Garage Size2
 Schools Rating (scale 3-30, 30 is best)19
Lot size (sq ft)7405

Purchase AssumptionsMy Offer
Offer used for analysis$295,000
Suggested offer (low)$285,000
Suggested offer (high)$295,000
Asking$299,900
Market Value (after improvements)$295,000
Estimated Improvements (lower)$5,500
Estimated Improvements (upper)$7,000
Estimated Closing Costs$2,950
Estimated Mortgage Costs$2,375
Other Fees At Closing (pts, . . . )$2,065
Total Cost (estimated)$308,640
Original listing date8/16/2023
DOM (days on market – TODAY)166

Financing Assumptions 
 Down Payment (%)30%
 Down Payment Amount$88,500
 Financed Amount$206,500
 Interest Rate6.750%
 Mortgage Term (Years)30
 Monthly Mortgage Payment$1,339
 Cash Outlay (Total Out of Pocket)$102,140

Estimated Financial Assumptions
MonthlyYearly
Rent (upper)*$2,250$2,250$27,000
Rent (lower)*$2,250$27,000
 
Property Taxes$145$1,740
Insurance$130$1,560
Repairs75$75$900
Property Management Monthly (%)8.0%
Property Management Monthly ($)$180$2,160
Leasing Fee60%$56.3$675
HOA or Fixed Costs$28$336
Vacancy Rate4.0%
Total Fixed Expenses31%$697$8,365
 Total Expenses (Fixed + Mortgage)$2,036$24,437

Financial Analysis / Deal Attractiveness    
Years:5101520
 Cap Rate3.7%5.4%7.3%9.4%
 Net Cash Flow$19,124$55,591$112,317$192,703
 Equity Increase$76,560$172,026$291,425$441,240
 Total Gain$95,684$227,617$403,742$633,943
 Average Cash Flow/Year$3,825$5,559$7,488$9,635
 Average Cash Flow/Month$319$463$624$803
 Average Gain/Year$19,137$22,762$26,916$31,697
 Average ROI93.7%222.8%395.3%620.7%
 Annual ROI18.7%22.3%26.4%31.0%
 Projected Property Value$358,913$436,672$531,278$646,381

Property Ratings Suggestions
 Item Suggested Criteria (Min.)This PropertyFAVORABLE /
INSUFFICIENT
 Schools (scale of 3-30, 30 is the best)1419FAVORABLE
 Square Feet1,0002,102FAVORABLE
 Bedrooms34FAVORABLE
 Bathrooms22FAVORABLE
 Year Built19702006FAVORABLE
 Average Cash Flow (at year 5)$125$319FAVORABLE
 Average ROI (at year 5)15%18.7%FAVORABLE
 Rent/Price (%)00.76%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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