Multi-family
9,584 sqft. Interior
14,374 sqft. Exterior
20 Bathrooms
18 Doors
Property Location
9037 -9041 16th Avenue SW, Seattle, WA 98106
Washington,
Disclaimer:
As experts in property purchasing, we offer consultations and detailed analyses of rental income properties. However, the images, financial projections, and examples presented are for illustrative purposes only and do not guarantee returns or the expected profitability. The configurations and features of the properties may vary. We strongly recommend that you consider our guidance, but also conduct your own research and due diligence before making any investment decisions. Trust our expertise, but remember that all investments carry inherent risks. You are solely responsible for your investment decisions. Your trust is our priority.
Comprehensive Financial Details
At Great Front Door, transparency is key. We want you to have a clear understanding of all costs associated with your property investment. Below, we break down the pricing for Rental Income Property to help you make an informed decision
INVESTMENT DETAILS
- Description Amount
- Cash Due at Closing
- Down Payment: $ 630,000
- Agent Fees: $ 94,500
- Mortgage Fees: $ 25,200
- 1st Year's Insurance: $ 31,500
- 1st Year's Taxes: $ 31,500
- Total Closing Costs: $ 812,700
- Renovation Cost: $ 360,000
- Mortgage While Renovating: $ 33,126
- Property Management Fees: $ 33,963
- Total Initial Investment: $ 1,239,789
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INVESTORS CONSIDERATIONS
- Description Amount
- Listing Price: $ 3,150,000
- Days on Market: 45
- Fix and Flip Max Price: ----------
- After Repair Value (ARV): ----------
- Equity after Renovation (EaR): ----------
- Redfin YoY Home Price Growth in 98106 10.80%
- Zillow YoY Home Price Growth in 98106 3.90%
RENTAL COMPARISON AND CASH FLOW
- Description Amount
- Monthly Income
- Avg. Monthly Rent ( 18 x 1-bed, 1-bath, 566-sqft rental unit): $ 1,715
- Avg. Monthly Rent ( 2 x 0-bed, 1-bath, 363-sqft rental unit): $ 1,549
- TOTAL Avg. Monthly Rent: $ 33,963
- Monthly Expenses
- Monthly Mortgage Payment: $ 16,563
- Monthly HOA (if any): $ 0
- Monthly Insurance: $ 2,625
- Monthly Tax: $ 2,625
- Monthly Maintenance: $ 2,625
- Monthly Property Management Fees: $ 3,396
- Total Monthly Payment: $ 27,834
- Monthly Cash Flow: $ 6,128
- Annual Cash Flow: $ 73,540
- Return of Investment via Rental Cash Flow: 17 years
- Debt-Service Coverage Ratio (DSCR): 1.56
HOW WOULD I RETURN MY INITIAL INVESTMENT?
- Initial Investment: To acquire this property with listing price of $3,150,000 and maximize the rental potential of this property, you will need an initial investment of approximately $1,239,789. This includes closing costs totaling $812,700 which is a down payment of $630,000, agent fees of $94,500 and mortgage fees of $25,200. Initial investment also includes your renovation budget of $360,000 and mortgage payments during the renovation over 2 months totaling $33,126.
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ARV Comparison Data
Comparable Property Link After Repair Value (ARV) -
Rental Cash Flow:
This 1 bedroom, 1 bathroom, 566 square foot unit can be rented at an average of $1,715 per month. Comparable rents are $1,995, $1,450, $1,699 in this area. Monthly expenses total $27,834. That includes monthly mortgage $16,563, property management fees $3,396, HOA, and then monthly budgets for taxes $2,625, insurance $2,625 and maintenance $2,625. Monthly cash flow is $6,128 totaling to $73,540 in annual rental income. Returning a Total Initial Investment of $1,239,789 is estimated at 17 years.
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1-bed, 1-bath Monthly Rent Price Comparison Data
0-bed, 1-bath Monthly Rent Price Comparison Data
Rental Unit Link Rent Estimate Square Feet $ 1,995 564 $ 1,450 540 $ 1,699 596 Rental Unit Details Rental Unit Link: https://www.zillow.com/homedetails/2128-SW-Holden-St-APT-C107-Seattle-WA-98106/2080943083_zpid/
Rent Estimate: $ 1,995
Square Feet: 564Rental Unit Link: https://www.zillow.com/apartments/seattle-wa/lena-apartments/9VWYsk/#udp-2092054332
Rent Estimate: $ 1,450
Square Feet: 540Rental Unit Link: https://www.zillow.com/apartments/seattle-wa/blue-stone-apartments/CjMNvb/#udp-453442055
Rent Estimate: $ 1,699
Square Feet: 596Rental Unit Link Rent Estimate Square Feet $ 1,699 409 $ 1,550 356 $ 1,399 326 Rental Unit Details Rental Unit Link: https://www.zillow.com/apartments/seattle-wa/keystone-apartments/CncdLh/#unit-456289484
Rent Estimate: $ 1,699
Square Feet: 409Rental Unit Link: https://www.zillow.com/apartments/seattle-wa/bode-westwood/CjgzfJ/#unit-351523536
Rent Estimate: $ 1,550
Square Feet: 356Rental Unit Link: https://www.zillow.com/apartments/seattle-wa/livingstone/9VWb52/#udp-2056385740
Rent Estimate: $ 1,399
Square Feet: 326 - Return of Investment: Since there is positive Equity after the Renovation, you can perform a Cash Out Refinance with your mortgage assuming the After Renovation Value of $0 and get 80% of the $0 in Equity back in cash after the renovation totaling $0. This shortens the original Return of Investment duration of 17 years to 17 years because the entire Initial Investment of $1,239,789 which included Closing Costs, Renovation Budget and getting tenants in, can be cashed out of the property after the renovations and Cash Out Refinance are complete. With Total Monthly Expenses amounting to $27,834, including mortgage payments, taxes, insurance, and maintenance, you can anticipate a Monthly Cash flow of approximately $6,128, resulting in an Annual Cash Flow around $73,540 going forward.
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