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$599,999

For Sale - Active
121 S Barker St, New Buffalo, MI 49117
3 Beds
2 Baths
1,609 Square Feet
0.20 Acres Lot
Built in 1915
For Sale - Active
Units n/a
Checked: 18 hours ago
Updated: Jul 17, 2025 at 04:13AM

Investment Summary


Monthly Cash Flow
-$1,609
Cap Rate
2.9%
Cash-on-Cash Return
-14.0%
Debt Coverage Ratio
0.48
Internal Rate of Return (5 years)
-9.5%

Property Description


0.20 Acres Lot
Built in 1915
For Sale - Active
Units n/a

Welcome to this beautifully renovated home that perfectly blends modern design with functionality. Located a few blocks from the beach, shopping, restaurants, and the train station, this home offers the ideal combination of style, convenience, and comfort. This home has been meticulously remodeled from top to bottom. Enjoy peace of mind with a new HVAC system, updated electrical and plumbing throughout the home. The open layout features plank flooring, enhancing the spacious feel of the home. A bright and cheerful kitchen is equipped with new appliances, quartz countertops, a central island, and ample storage, perfect for culinary enthusiasts. Two generously sized bedrooms, plus a versatile room can be used as a guest room or an office. The heated, attached garage provides additional storage options. Don't miss out on the opportunity to make this stunning property your own!

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Location


Property Details


Parking

  • Description: Door Opener, Attached
  • Details: Garage Door Opener, Garage Faces Front, Attached, Concrete
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

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

Interior Features

  • # of Rooms: 7
  • # of Stories: 1
  • Basement Description: Crawl Space

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Roof Material: Composition

Land Information

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

Lot Information

  • Parcel ID: 6203400405005
  • Lot Size: 8722 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Ranch
  • Year Built: 1915

Tax Information

  • Annual Tax: $5,615

Utilities

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

Location

  • County: Berrien

Listing Details


Listed by:
James Garrison
Keller Williams Realty SWM
(269) 612-7013

Source:
Southwestern Michigan Association of REALTORS
MLS#: 25025547
Southwestern Michigan Association of REALTORS

Investment Summary


Monthly Cash Flow
-$1,609
Cap Rate
2.9%
Cash-on-Cash Return
-14.0%
Debt Coverage Ratio
0.48
Internal Rate of Return (5 years)
-9.5%

Purchase Details

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Purchase price:
$599,999
Amount financed:
-$479,999
Down payment:
$120,000
Closing costs:
$18,000
Rehab costs:
$0
Initial cash invested:
$138,000
Square feet:
1,609
Cost per square foot:
$373
Monthly rent per square foot:
$1.74

Financing Details

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Loan amount:
$479,999
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$3,073
Property tax:
$468
Insurance:
$196
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,737

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,800 $33,600
Vacancy loss: (6%)
6% -$168 -$2,016
Operating income:
$2,632 $31,584

Operating Expenses


% Rent Monthly Yearly
Property taxes: (17%)
17%-$468-$5,615
Insurance: (7%)
7%-$196-$2,352
Property management: (8%)
8%-$224-$2,688
Repairs & maintenance: (5%)
5%-$140-$1,680
Capital expenditures: (5%)
5%-$140-$1,680
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (42%)
42%-$1,168-$14,015

Cash Flow


Monthly Yearly
Net operating income:
$1,464 $17,568
Mortgage payments:
-$3,073 -$36,876
Cash flow:
$1,609 $19,308