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$279,900

Sold
2229 Richmond Ln, Pelham, AL 35124
3 Beds
2 Baths
1,767 Square Feet
0.00 Acres Lot
Built in 1985
Sold
Units n/a
Checked: 14 hours ago
Updated: Aug 22, 2025 at 06:22AM

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
$55
Cap Rate
5.9%
Cash-on-Cash Return
1.0%
Debt Coverage Ratio
1.04
Internal Rate of Return (5 years)
5.0%

Property Description


0.00 Acres Lot
Built in 1985
Sold
Units n/a

BACK ON THE MARKET!!!! Pelham living on a corner lot for under $300k?? This 3/2 with a newly remodeled master bath, huge fenced in back yard and 2 level deck is a MUST SEE! Quiet Neighborhood nessled between Helena and Pelham with no through trafic. Just minutes from all the shopping, entertainment and restauraunts in Hoover or Alabaster. Some of the recent updates. Master Bath- 2025, HVAC- 2020, Dishwasher & Hot Water Heater 2025! New Fence -2021, Roof 2021. Schedule your showing before its too late!!

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Location


Property Details


Parking

  • Description: Attached, Driveway Parking, On Street Parking, Side
  • Details: On Street, Attached
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Stories: 1
  • Basement Description: Crawl Space
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Masonry

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 131012002074000
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: 1-Story
  • Year Built: 1985

Tax Information

  • Annual Tax: $0

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Shelby

Listing Details


Listed by:
Terrence Forman
Keller Williams Realty Hoover
(205) 240-2311

Source:
Greater Alabama MLS
MLS#: 21412463
Greater Alabama MLS

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
$55
Cap Rate
5.9%
Cash-on-Cash Return
1.0%
Debt Coverage Ratio
1.04
Internal Rate of Return (5 years)
5.0%

Purchase Details

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Purchase price:
$279,900
Amount financed:
-$223,920
Down payment:
$55,980
Closing costs:
$8,397
Rehab costs:
$0
Initial cash invested:
$64,377
Square feet:
1,767
Cost per square foot:
$158
Monthly rent per square foot:
$1.13

Financing Details

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Loan amount:
$223,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,325
Property tax:
$0
Insurance:
$140
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,465

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,000 $24,000
Vacancy loss: (6%)
6% -$120 -$1,440
Operating income:
$1,880 $22,560

Operating Expenses


% Rent Monthly Yearly
Property taxes: (n/a)
n/an/an/a
Insurance: (7%)
7%-$140-$1,680
Property management: (8%)
8%-$160-$1,920
Repairs & maintenance: (5%)
5%-$100-$1,200
Capital expenditures: (5%)
5%-$100-$1,200
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (25%)
25%-$500-$6,000

Cash Flow


Monthly Yearly
Net operating income:
$1,380 $16,560
Mortgage payments:
-$1,325 -$15,900
Cash flow:
$55 $660