Updated over 5 years ago on . Most recent reply
NE Minneapolis Househack Analysis
| Property Address | 2318 2nd St NE, MPLS 55418 |
| MLS# | 5539941 |
| Number of Units (Duplex, Triplex, 4plex) | 2 |
| Crime Rating (Low/Medium/High) | Low |
| Property Listing Price | $ 300,000.00 |
| Rehab Needed? (None/Light/Medium/Heavy/Full) | None |
| Square Footage | 2,070 |
| Rehab Price/Square Foot (Refer to Key on Right) | $ - |
| Total Rehab Estimate | $ - |
| Total Cost (Purchase + Rehab) | $ 300,000.00 |
| MINIMUM Down Payment Required for Purchase | $ 15,000.00 |
| Conventional Loan Amount (Total - Down payment) | $ 285,000.00 |
| FULL OCCUPANCY CASH FLOW | |
| Est. Monthly Rent (using www.myrentrates.com) | $ 2,910.00 (from listing) |
| 1% Rule (Rent should be 1% of Purchase + Rehab) | $ 3,000.00 |
| Does this PASS the 1% Rule? | NO |
| Est. Monthly Payment (PITI + PMI) - Mortg. Calculator | $ 1,873.53 |
| Est. Monthly OpEx (PITI + PMI + Utilities + Reserves) | $ 2,706.43 |
| Est. Monthly Cash flow (Rent - OpEx) | $ 203.57 |
| CoCRoI | 16.3% |
...
| HOUSEHACKING CASH FLOW | |
| Est. Monthly Rents | $ 2,175.00 |
| 1% Rule | $ 3,000.00 |
| Does this PASS the 1% Rule? | NO |
| Est. Monthly Payment | $ 1,873.53 |
| Est. Monthly OpEx | $ 2,706.43 |
| Est. Monthly Cash flow | $ (411.43) |
| CoCRoI | -32.9% |
...
ASSUMPTIONS
| Utilities (Varies by Property) | ||
| Electricity | ||
| Water & Sewer | 100.00 | |
| Garbage | 60.00 | |
| Shoveling/Lawn Care | 120 | |
| Total | $ 280.00 | |
| Reserves | ||
| Vacancy (%) | 5.00% | $ 145.50 |
| Repairs & Maintenance (%) | 7.00% | $ 203.70 |
| CapEx (%) | 7.00% | $ 203.70 |
| Management Fees (%) | $ - | |
| Total | $ 552.90 |
...
Minneapolis Househackers, interested in your thoughts on this deal.
I think this one has potential.
Each side is 2br/1ba.
I think the rents of $1455/side seem a bit high for a 2br. I checked the listing and MyRentRates.com and it seems to check out for the area, but would love to get your thoughts on the rents for sure.
AJ