$595,000
Investment Summary
- Monthly Cash Flow
- -$1,558
- Cap Rate
- 3.1%
- Cash-on-Cash Return
- -13.7%
- Debt Coverage Ratio
- 0.50
- Internal Rate of Return (5 years)
- -9.2%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
The historically restored Duplex gives you free living with elegance. Live on one side and rent out the other side. Income producing property renting out both sides.The Duplex is listed on the historic registry, can be an investment for your retirement. Suitable as AirBnB for short or long term rentals. Perfect for a large extended group. The Duplex has undergone a complete renovation . All systems have been upgraded,are energy efficient and modern. Low energy bills as a result of modern A/C/heat pumps, gas stoves and dryers, rewired electricity. Low maintenance: the outside is glazed brick, never needs oiling or painting. Above the flood plain and 100 year mark. Side A: 2000 sq ft. :2 full baths, 3 bedrooms off a 6 foot wide hallway (work/play space), parlor, dining room, kitchen,full height basement. Solid wood pocket doors original to the Duplex provide optional access between Sides A and B in the front hallways,easily reopened to join the two sides into one very large home. Side B: 3500 sq ft includes full walk up 3rd floor,10 foot high cathedral ceilings (studio,workroom space, additional living area) and preparation for a bathroom. Side B 2nd floor: 3 bedrooms, 2 full baths. Ground floor: parlor, eat in kitchen with lot's of drawers and storage, a sunroom. A large pantry with easy access drawers, built in china cupboard. All cabinetry on both sides is high end custom made solid wood maple:bathroom and kitchen cupboards. Ground floor wheelchair accessible showers with teak gratings, and second floor washers and gas dryers. The basements on both sides have access from inside and outside. Large 6 foot high windows which open, 9 foot ceilings, and refinished hardwood floors. Shared back garden with large patio, parking pad, finished gardens and locked storage under shared back porch. Front porch is deep,shaded, shared between the two sides of the duplex. Entry into the house is through a common vestibule. Each side has its own secure door. This beautiful restored Duplex gives you free living with elegance. Live on one side of this historically restored home and rent out the other side to cover all your expenses. Or use as income producing property and rent out both sides and cover your mortgage payments. This Duplex, as it is known on the historic registry, can be an investment for your retirement. It's also suitable for use as an AirBnB for short or long term rentals, as well as perfect for a large extended family. You will enjoy the return on your investment as the Historic District of Riverside is developing and properties in this quaint neighborhood are experiencing increased appreciation of their value. Property taxes are low and the neighborhood is close to downtown New Bern without the high property costs and parking problems. The Duplex has undergone a complete renovation . All systems have been upgraded to be energy efficient and modern while retaining the historic fabric of the building . Low energy bills as a result of modern A/C/heatpumps, gas stoves and dryers, and rewired electricity. The renovation focused on low maintenance: the outside is glazed brick which never needs oiling or painting. The building is above the flood plain and 100 year mark. Side A is 2000 sq ft with 2 full baths, 3 bedrooms off of a 6 foot wide sunny hallway useable as a work or play space, dedicated parlor, dining room, kitchen and full height basement. Side A is a mirror image of Side B with a few changes. Solid wood pocket doors original to the Duplex provide optional access between Sides A and B in the front hallways. This can easily be reopened to join the two sides into one very large home. Side B is 3500 sq ft and includes a full walk up 3rd floor with 10 foot high cathedral ceilings which is suitable for studio or work room space, or additional living area. This third floor includes preparation for a bathroom. Side B's second floor has 3 bedrooms, 2 full baths, and the ground floor has a parlor, eat in kitchen with convenient drawers and storage, and a multipurpose sunroom. Discover some unusual features such as a large pantry with easy access drawers, a built in china cupboard, a hidden bank of drawers in the kitchen, an antique cast iron sink in the sunroom, a beautiful period fireplace in the parlor and restored beadboard in bathrooms, kitchen, and sunroom. All cabinets on both Side A and Side B are high end custom made solid maple wood. This includes bathroom cupboards as well as kitchen cupboards. Other special features are the ground floor walk in showers with teak gratings, custom tiling in bathrooms, and second floor washers and gas dryers. The basements on both sides of the house have access both from inside and outside. Large 6 foot high windows which open, 9 foot ceilings, and refinished hardwood floors throughout the house. The shared back garden boasts a large patio and parking pad, finished gardens and locked storage under the shared back porch. The front porch is deep and shaded, shared between the two sides of the duplex. Entry into the house is through a common vestibule and then each side has it's own secure door. Riverside is minutes away from downtown New Bern and the Neuse River. Enjoy 1920's atmosphere with 2023 living conditions!
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Location
Property Details
Parking
- Description: Off Street, Paved, On Site
- Details: Off Street, On Site, Paved
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 6
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 2
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 13
- # of Stories: 3
- Basement Description: Crawl Space, Partially Finished, Exterior Entry
Exterior Features
- Exterior Walls Materials: Brick Veneer
- Foundation: Brick/Mortar, Other
- Roof Type: Hip
- Roof Material: Metal
- Solar Panels: Yes
Land Information
- Land Use: Residential Income
- Land Use Subtype: Duplex
Lot Information
- Parcel ID: 8005128
- Lot Size: 7754 sqft
Property Information
- Property Type: Duplex
- Year Built: 1920
Tax Information
- Annual Tax: $1,177
Utilities
- Water & Sewer: Public
- Heating: Passive Solar, Forced Air, Heat Pump, Natural Gas, Zoned
- Cooling: Ceiling Fan(s), Central Air, Zoned
Location
- County: Craven
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,558
- Cap Rate
- 3.1%
- Cash-on-Cash Return
- -13.7%
- Debt Coverage Ratio
- 0.50
- Internal Rate of Return (5 years)
- -9.2%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $595,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$476,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $119,000 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $17,850 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $136,850 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 0 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| n/a |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| n/a |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $476,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.840% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $3,116 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $98 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $168 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $3,382 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $2,400 | $28,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$144 | -$1,728 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,256 | $27,072 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 4% | -$98 | -$1,178 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$168 | -$2,016 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$192 | -$2,304 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$120 | -$1,440 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$120 | -$1,440 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | n/a | n/a | n/a |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 29% | -$698 | -$8,378 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $1,558 | $18,696 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$3,116 | -$37,392 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,558 | $18,696 |