What if you could your iPhone had an app to to help you analyze multi-Family rental properties!? Wouldn’t it be neat to use an iPhone to find to locate and buy these properties?!
Thanks to an app called Property Evaluator you can indeed analyze a Campbell properties to help you make your investment decisions.
This FREE app developed by Utah based investor turned entrepreneur Joel Grasmeyer offers Purchase Analysis in addition to Buy and Hold Strategy. All you will need to do is to enter the property specific information into this app and the rest is magic.
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 San Jose 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 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 Campbell 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.
The app covers majority of applicable scenarios for small investment purchases such as 1st and 2nd mortgages in addition to Property Management expenses. This well designed app even had features to add Unit numbers which are great for analyzing multi-family units specially since each unit would have different income amounts.
Have you used this app!? Let us know what you think?