$1,199,000
Investment Summary
- Monthly Cash Flow
- -$3,497
- Cap Rate
- 2.8%
- Cash-on-Cash Return
- -15.2%
- Debt Coverage Ratio
- 0.44
- Internal Rate of Return (5 years)
- -10.7%
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
Architect-Designed, Engineer-Built Coastal Fortress - A Rare Custom Masterpiece Seller offering $10K use as you choose! No expense was spared in the design and construction of this one-of-a-kind custom home—a true labor of love from the ground up. With over 600 bonus square feet not counted in the total, this architectural gem was built by the owner, a Robotics Engineer who served as Architect and General Contractor. This is not your standard builder-grade home—it's a meticulously crafted residence built with passion, precision, and purpose. One of the key design intentions was resilience, with the entire home engineered to withstand a Category 5 hurricane using only the highest-grade materials. From the sealed, insulated, and air-controlled crawl space to the 50-year architectural shingles and spray-foam fortified roof insulation, every detail is built for durability and comfort. Inside, enjoy three programmable climate zones powered by two dual-source HVAC units (automatically switching between electric and gas). The chef's kitchen boasts 32 feet of granite countertops, gas stovetop, electric convection oven, built-in microwave, paneled Sub-Zero refrigerator, paneled dishwasher, and bar fridge—beautifully integrated into custom cabinetry. The formal dining room is accented with hardwood flooring and a custom tile inlay, while tile continues through the kitchen, pantry, laundry room, and bathrooms. The living room includes two large Pella windows with built-in blinds, a stylish fireplace with rear game room heating, and in-wall conduit for clean media cable management. The bathrooms are thoughtfully designed with fully tiled, doorless showers with matching tile floors, and a guest bath complete with a jacuzzi tub, dual sinks, and a stunning stained-glass window. The expansive game room and adjacent office offer ample space for pool, ping pong, shuffleboard, slot machines, or a private retreat. And that's just the beginning.. The Ultimate Garage + Workshop Experience Descending from the office is a massive, 6-inch walled garage/man-castle, formerly a fully equipped machine shop. It's prepped with HVAC ducting nearby for easy finishing, offering a customizable dream workshop or hobby space. In front is a Boat/RV garage large enough to house a 34' motorhome with slides extended, complete with full hookups (water, electric, and septic). An 18-foot garage door ensures even your biggest toys fit with ease. Beyond that is yet another oversized garage, accessible from both ends with dual 9' garage doors, capable of storing 3 more vehicles, a boat, or being converted into additional living space. Outdoor Oasis + Entertainer's Paradise To the left of the RV space lies a garden shed that opens into a full-fledged Tiki Bar, complete with thatched roofing, ceiling fans, screened-in guest space, sink, cabinetry, half bath, indoor seating, and electric retractable walls to protect from the elements. It's a backyard destination in its own right! The backyard itself is designed for a future inground pool, with low-maintenance PVC decking, aluminum rails, and a concrete patio all in pristine condition. Three-Story Potential + Expansion Ready Above the garage, a staircase leads to a versatile 2nd floor workshop or flex space, and then up to a 3rd-floor crow's nest/MIL suite. The finished room opens to a large, unfinished space that could easily be transformed into a studio, guest quarters, or an additional suitewith septic and utility connections already within reach. And here's where this home truly stands apart: The extra garage area has enough soaring space and quality so significant that you could build an entirely separate home within the existing roofline. Whether you dream of multigenerational living, rental potential, or a creative sanctuary, the volume and strength of this structure are truly unmatched. Location, Location, Lifestyle Nestled beside Ironclad Golf Course and within walking distance of Harbor Village Marina (with boat slips available for purchase), this home sits in one of the most scenic neighborhoods around. Daily strolls offer views of the Intracoastal Waterway, lakes, and fairways, while conveniences like grocery stores, restaurants, and top-rated Topsail schools are minutes away. With low HOA dues and just a short drive to Topsail Island or Wilmington, this home represents a rare blend of luxury, lifestyle, and limitless potential.
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Location
Property Details
Parking
- Description: Concrete, Garage Door Opener, Lighted, Garage Faces Side, Garage Faces Rear, Garage Faces Front, Golf Cart Parking
- Details: Concrete, Garage Door Opener, Paved
- Garage Spaces: 5
- Spaces Total: 5
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 2
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 11
- # of Stories: 3
- Basement Description: None
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Asbestos Shingle
- Roof Material: See Remarks
HOA
- Has HOA: Yes
- Association: Belvedere Plantation Property Owners Association
- HOA Fee: $45/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 42039418600000
- Lot Size: 27007 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 2008
Tax Information
- Annual Tax: $2,998
Utilities
- Heating: Propane, Fireplace(s), Electric, Heat Pump, Zoned
- Cooling: Ceiling Fan(s), Central Air, Zoned
Location
- County: Pender
Listing Details
Investment Summary
- Monthly Cash Flow
- -$3,497
- Cap Rate
- 2.8%
- Cash-on-Cash Return
- -15.2%
- Debt Coverage Ratio
- 0.44
- Internal Rate of Return (5 years)
- -10.7%
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:
| $1,199,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$959,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $239,800 |
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:
| $35,970 |
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:
| $275,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,645 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $329 |
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:
| $1.21 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $959,200 |
|---|---|
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:
| $6,279 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $250 |
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:
| $308 |
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:
| $6,837 |
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:
| $4,400 | $52,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$264 | -$3,168 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,136 | $49,632 |
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. | 6% | -$250 | -$2,998 |
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% | -$308 | -$3,696 |
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% | -$352 | -$4,224 |
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% | -$220 | -$2,640 |
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% | -$220 | -$2,640 |
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. | 0% | -$4 | -$48 |
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 | 31% | -$1,354 | -$16,246 |
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:
| $2,782 | $33,384 |
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. | -$6,279 | -$75,348 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $3,497 | $41,964 |