Fridley (Minneapolis) MN HouseHack Analysis
| Property Address | 7385 University Ave NE, Fridley |
| MLS# | 5500697 |
| Number of Units (Duplex, Triplex, 4plex) | 2 |
| Crime Rating (Low/Medium/High) | Low |
| Property Listing Price | $ 369,900.00 |
| Rehab Needed? (None/Light/Medium/Heavy/Full) | None |
| Square Footage | 2,248 |
| Rehab Price/Square Foot (Refer to Key on Right) | $ - |
| Total Rehab Estimate | $ - |
| Total Cost (Purchase + Rehab) | $ 369,900.00 |
| MINIMUM Down Payment Required for Purchase | $ 18,495.00 |
| Conventional Loan Amount (Total - Down payment) | $ 351,405.00 |
| FULL OCCUPANCY CASH FLOW | |
| Est. Monthly Rent (using www.myrentrates.com) | $ 3,600.00 (rent is from listing) |
| 1% Rule (Rent should be 1% of Purchase + Rehab) | $ 3,699.00 |
| Does this PASS the 1% Rule? | NO |
| Est. Monthly Payment (PITI + PMI) - Mortg. Calculator | $ 2,332.72 |
| Est. Monthly OpEx (PITI + PMI + Utilities + Reserves) | $ 3,196.72 |
| Est. Monthly Cash flow (Rent - OpEx) | $ 403.28 |
| CoCRoI | 26.2% |
| HOUSEHACKING CASH FLOW | |
| Est. Monthly Rents | $ 3,150.00 |
| 1% Rule | $ 3,699.00 |
| Does this PASS the 1% Rule? | NO |
| Est. Monthly Payment | $ 2,332.72 |
| Est. Monthly OpEx | $ 3,196.72 |
| Est. Monthly Cash flow | $ 73.28 |
| CoCRoI | 4.8% |
ASSUMPTIONS
| Utilities (Varies by Property) | ||
| Electricity | (paid by tenant in listing) | |
| Water & Sewer | (paid by tenant in listing) |
|
| Garbage | 60.00 | |
| Shoveling/Lawn Care | 120 | |
| Total | $ 180.00 | |
| Reserves | ||
| Vacancy (%) | 5.00% | $ 180.00 |
| Repairs & Maintenance (%) | 7.00% | $ 252.00 |
| CapEx (%) | 7.00% | $ 252.00 |
| Management Fees (%) | $ - | |
| Total | $ 684.00 |
Minneapolis HouseHackers/Investors, would love to get your feedback on this analysis.
I've listed the MLS # and the Property address so you can all take a look at the property for yourselves.
Reserves @ 19%
Most Popular Reply
I would triple check the rent for the property. $1800/unit seems *very* high for the location.