Updated about 5 years ago on . Most recent reply
Columbia Heights (Minneapolis) MN Househack Analysis
| PROPERTY INFO | |
| Property Address | 4506 Fillmore St NE, Columbia Heights 55421 |
| MLS# | 5540705 |
| Number of Units (Duplex, Triplex, 4plex) | 2 |
| Crime Rating (Low/Medium/High) | Low |
| Property Listing Price | $ 315,000.00 |
| Rehab Needed? (None/Light/Medium/Heavy/Full) | None |
| Square Footage | 2,900 |
| Rehab Price/Square Foot (Refer to Key on Right) | $ - |
| Total Rehab Estimate | $ - |
| Total Cost (Purchase + Rehab) | $ 315,000.00 |
| MINIMUM Down Payment Required for Purchase | $ 15,750.00 |
| Conventional Loan Amount (Total - Down payment) | $ 299,250.00 |
| FULL OCCUPANCY CASH FLOW | |
| Est. Monthly Rent (using www.myrentrates.com) | $ 3,200.00 (from listing) |
| 1% Rule (Rent should be 1% of Purchase + Rehab) | $ 3,150.00 |
| Does this PASS the 1% Rule? | YES |
| Est. Monthly Payment (PITI + PMI) - Mortg. Calculator | $ 2,060.12 |
| Est. Monthly OpEx (PITI + PMI + Utilities + Reserves) | $ 2,948.12 |
| Est. Monthly Cash flow (Rent - OpEx) | $ 251.88 |
| CoCRoI | 19.2% |
| HOUSEHACKING CASH FLOW | |
| Est. Monthly Rents | $ 2,666.67 |
| 1% Rule | $ 3,150.00 |
| Does this PASS the 1% Rule? | NO |
| Est. Monthly Payment | $ 2,060.12 |
| Est. Monthly OpEx | $ 2,948.12 |
| Est. Monthly Cash flow | $ (161.45) |
| CoCRoI | -12.3% |
ASSUMPTIONS
| Utilities (Varies by Property) | ||
| Electricity | ||
| Water & Sewer | 100.00 | |
| Garbage | 60.00 | |
| Shoveling/Lawn Care | 120 | |
| Total | $ 280.00 | |
| Reserves | ||
| Vacancy (%) | 5.00% | $ 160.00 |
| Repairs & Maintenance (%) | 7.00% | $ 224.00 |
| CapEx (%) | 7.00% | $ 224.00 |
| Management Fees (%) | $ - | |
| Total | $ 608.00 |
Minneapolis Househackers, would live your feedback on this analysis.
I feel pretty good about this one. Rents of ~$1600 per side seem reasonable for this area (per MyRentRates.com and the listing).
Each unit has 3br/1ba.
If you are familiar with the area, I hope you'll let me know how I can tweak my analysis to make it more accurate.
AJ
Most Popular Reply
Hi AJ - same note I posted on a previous analysis for you, $1600 seems very high for this area. $1400 seems optimistic, and I'd stress test it down to 12.