$449,900
Investment Summary
- Monthly Cash Flow
- $140
- Cap Rate
- 6.4%
- Cash-on-Cash Return
- 1.6%
- Debt Coverage Ratio
- 1.06
- Internal Rate of Return (5 years)
- 5.6%
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
Dreamt of owning a home by the lake discover this beautiful fully renovated cottage located within the serene Putnam Lake Community. Make this home your weekend retreat or full time residence and have an idyllic summer at the lake. Soaking in the summer sun, swimming in the crisp blue water and kayaking in the morning as the world awakens. The home’s inviting new open floor plan welcomes you as you take in its high beamed ceiling, new flooring, glass sliding doors and picturesque lake view. The newly renovated kitchen is enhanced by stainless steel appliances, crisp white and blue cabinets, a center island and subway tile backsplash. The sun-drenched kitchen’s design provides a joyful place to prep meals while conversing with guests. Outside, the spacious deck complements this lovely cottage and extends your enjoyment-begin your day with tranquility as you sip your morning coffee overlooking the lake, eat al fresco or simply relax and enjoy the changing of the seasons lakeside. The light and bright design continues to the first floor bedroom with its higher ceilings, dual closets and new flooring. The decor of the full bath, just steps away from the bedroom, continues to delight with new vanity, sparkling glass enclosed tub and shower and gleaming tiled accents. Continue downstairs to the second bedroom with its recessed lighting, new flooring and freshly tiled glass enclosed walk-in shower. All this plus access to a private patio. Turn into a guest suite, family room, exercise room or office, the choice is yours! Additional amenities include new efficient mini split units air conditioning, energy efficient spray foam, new roof, windows, siding, electrical, new washer and dryer, an EV car charger and driveway. The Putnam Lake Community provides lake and beach rights for its residents. Whether it's kayaking, fishing or lazing away a warm summer’s day on one of its two beaches, the lake’s peaceful beauty will surely enchant you. This charming cottage is perfect for a weekend retreat or year round home. An easy commute: only 90 minutes to NYC and minutes away from several MetroNorth stations. This home’s convenient location also provides access to shopping, skiing, restaurants, wineries, parks, bike and walking trails and so much more. This appealing Cottage has been renovated from top to bottom with nothing to do but move in, unpack and make this house your home.
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Location
Property Details
Parking
- Description: Driveway, Electric Vehicle Charging Station(s)
- Details: Driveway, Electric Vehicle Charging Station(s)
- Garage Spaces: 0
- Spaces Total: 2
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 4
- # of Stories: 2
- Basement Description: None
Exterior Features
- Exterior Walls Materials: Siding (Alum/Vinyl)
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 37240036.23113
- Lot Size: 8276 sqft
Property Information
- Property Type: Single Family Residence
- Style: Cottage
- Year Built: 1931
Tax Information
- Annual Tax: $4,140
Utilities
- Water & Sewer: Private, Well
- Heating: Baseboard, Electric, Other, See Remarks
- Cooling: Ductless
Location
- County: Putnam
Listing Details
Investment Summary
- Monthly Cash Flow
- $140
- Cap Rate
- 6.4%
- Cash-on-Cash Return
- 1.6%
- Debt Coverage Ratio
- 1.06
- Internal Rate of Return (5 years)
- 5.6%
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:
| $449,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$359,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $89,980 |
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:
| $13,497 |
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:
| $103,477 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,068 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $421 |
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:
| $3.75 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $359,920 |
|---|---|
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:
| 6.500% |
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:
| $2,275 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $345 |
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:
| $280 |
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:
| $2,900 |
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:
| $4,000 | $48,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$240 | -$2,880 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,760 | $45,120 |
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. | 9% | -$345 | -$4,140 |
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% | -$280 | -$3,360 |
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% | -$320 | -$3,840 |
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% | -$200 | -$2,400 |
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% | -$200 | -$2,400 |
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 | 34% | -$1,345 | -$16,140 |
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:
| $2,415 | $28,980 |
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. | -$2,275 | -$27,300 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $140 | $1,680 |