Beautiful Birmingham metro with Instant Equity! [Code: 186]
- ~$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
- 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 Specifications | 1 |
| Bedrooms | 3 |
| Bathrooms | 2 |
| Square Feet | 1714 |
| Year Built | 2018 |
| Garage Size | 2 |
| Schools Rating (on scale of A-C) | A |
| Lot size (sq ft) | 6751 |
| Purchase Assumptions | My 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 date | 10/18/23 |
| DOM (days on market – TODAY) | 48 |
| Financing Assumptions | |||
| Down Payment (%) | 50% | ||
| Down Payment Amount | $147,500 | ||
| Financed Amount | $147,500 | ||
| Interest Rate | 7.375% | ||
| Mortgage Term (Years) | 30 | ||
| Monthly Mortgage Payment | $1,019 | ||
| Cash Outlay (Total Out of Pocket) | $157,371 | ||
| $1,800 | $1,850 | $22,200 | |
| Rent (lower)* | $1,750 | $21,000 | ||
| Property Taxes | $245 | $2,940 | ||
| Insurance | $145 | $1,740 | ||
| Repairs | 75 | $75 | $900 | |
| Property Management Monthly (%) | 8.0% | |||
| Property Management Monthly ($) | $144 | $1,728 | ||
| Leasing Fee | 60% | $45.0 | $540 | |
| HOA or Fixed Costs | $20 | $240 | ||
| Vacancy Rate | 4.0% | |||
| Total Fixed Expenses | 41% | $740 | $8,883 | |
| Total Expenses (Fixed + Mortgage) | $1,759 | $21,108 | ||
| Financial Analysis / Deal Attractiveness | |||||
| Years: | 5 | 10 | 15 | 20 | |
| Cap Rate | 0.9% | 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 ROI | 54.4% | 128.8% | 227.8% | 357.1% | |
| Annual ROI | 10.9% | 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 Property | FAVORABLE / INSUFFICIENT | ||
| Schools | A | A | FAVORABLE | ||
| Square Feet | 1,000 | 1,714 | FAVORABLE | ||
| Bedrooms | 3 | 3 | FAVORABLE | ||
| Bathrooms | 2 | 2 | FAVORABLE | ||
| Year Built | 1970 | 2018 | FAVORABLE | ||
| Average Cash Flow (at year 5) | $125 | $118 | INSUFFICIENT | ||
| Average ROI (at year 5) | 15% | 10.9% | INSUFFICIENT | ||
| 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 | ||
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.