Minneapolis HouseHack Analysis
| PROPERTY INFO | |
| Property Address | 3120 4th Avenue S Minneapolis MN 55408-4302 |
| MLS# | 5618212 |
| Property Listing Price | $ 350,000.00 |
| Number of Units (Duplex, Triplex, 4plex) | 2 |
| Square Footage | 2,794 |
| Rehab Needed? (None/Light/Medium/Heavy/Full) | Medium |
| Bedrooms/Bathrooms | 6/4 |
| Crime Level (Low/Medium/High) | Medium |
| Your Offer Price | $ 350,000.00 |
| Rehab Price/Square Foot (Refer to Key on Right) | $ 25.00 |
| Total Rehab Estimate | $ 69,850.00 |
| Total Cost (Purchase + Rehab) | $ 419,850.00 |
| MINIMUM Down Payment Required for Purchase | $ 14,694.75 |
| Conventional Loan Amount (Total - Down payment) | $ 405,155.25 |
| . . |
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| FULL OCCUPANCY CASH FLOW | |
| Est. Monthly Rent (using Rentometer) | $ 4,040.00 |
| 1% Rule (Rent should be 1% of Purchase + Rehab) | $ 4,198.50 |
| Does this PASS the 1% Rule? | NO |
| Est. Monthly Payment (PITI + PMI) - Mortg. Calculator | $ 2,787.92 |
| Est. Monthly OpEx (PITI + PMI + Utilities + Reserves) | $ 3,835.52 |
| Est. Monthly Cash flow (Rent - OpEx) | $ 204.48 |
| CoCRoI | 16.7% |
| . . |
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| EQUITY AND PROFIT | |
| After Repair Value | $ 430,000.00 |
| Flip "Profit" (Equity) | $ 24,844.75 |
| Return on Down Payment Investment | 169.07% |
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ASSUMPTIONS
| Utilities (Varies by Property) | ||
| Electricity | ||
| Water & Sewer | 100.00 | |
| Garbage | 60.00 | |
| Shoveling/Lawn Care | 120 | |
| Total | $ 280.00 | |
| . . |
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| Reserves | ||
| Vacancy (%) | 5.00% | $ 202.00 |
| Repairs & Maintenance (%) | 7.00% | $ 282.80 |
| CapEx (%) | 7.00% | $ 282.80 |
| Management Fees (%) | $ - | |
| Total | $ 767.60 |
Rent is from Rentometer, which estimates $2,020 per 3/1.5 unit in this area.
ARV based on only one comp in the area. The comp was a 3/2 at $445,000, but it had a nicer interior than what I project rehab would make this one.
Looks good to me, meets my $100/door/mth cashflow requirement
Minneapolis/Saint Paul Househackers, what are your thoughts?