In our continued search to find our readers Mobil Apps on Real Estate we recently reviewed an app called House Plan. This app allows users to define floor plans, but it lacked tools for estimating repair costs. Today, we will review an iphone app which could be a neat if you are in the business of buying homes for flips! This application called Property Evaluator and is from a company called Wasatch Digital Media Inc.
This FREE app offer Purchase Analysis, Buy and Hold Strategy after the users enters the information about a specific property. The Standard (free version) offers users up to 3 Expense categories to add which might not be sufficient if your holding period is going to be longer than 5 years. The category of expense for the Free Version are:
1) Cleaning & Maintenance (0.8% of the purchase price)
2) Insurance (0.5% of purchase price).
3) Taxes (1% of purchase price)
The Assumption Sections has the following information which can be modified:
1) Appreciation Rate: 3%
2) Vacancy Rate: 8%
3) Income Inflation: 3% (We had to change this one since incomes have been stagnant for the past 10 years)
4) Expense Inflation: 3%
5) LTV for Refinance: 70%
6) Closing Costs:
8) Area Units: Sq Ft
9) Compounding Period : Monthly
The iPad version of the app was updated in July 11, 2013 which is good good indicator of the developers commitment to add new features. It was neat to enter a test property in Los Gatos for a purchase price of $1,000,000 with an equity of $250,000. The app offers 1st and 2nd mortgage input that users can add for the purchase of purchase analysis. The app offers 3 levels of upgrade options which are:
1) Pro Version at $39.99
2) Premium Version $19.99
3) Premium-to-Pro $19.99
We are not sure what the distinction between these versions were, but it’s suffice to say that the labeling and branding of these option were confusing enough to avoid the upgrade for this review. But the best part of app is the Buy and Hold Projections that in Year 20 with a projected Rental Income of $5,000 per month from this Los Gatos home, the market value of the property would be $2,257,639 offering the buyer an equity of $1,784,987. This is valuable information to have on each property for an investor who is interesting in Holding a property for rental income.
Have you used this app? Let us know what you think?