$589,000
Investment Summary
- Monthly Cash Flow
- -$1,988
- Cap Rate
- 2.2%
- Cash-on-Cash Return
- -17.6%
- Debt Coverage Ratio
- 0.36
- Internal Rate of Return (5 years)
- -13.0%
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
Very Unique, Intown Property, located one block from Downtown Athens, with 2 homes, an Artfully Restored Historic Bunalow, and a 2-story Modern Guest House. Additionally, theres a large storage building/workshop, 4 patios ( one for each structure on property ), a large 3 tall stone raised bed garden area in center of courtyard, a cobblestone walkway, 4 patios, both front and back yards are fenced, and theres a concrete driveway thats approximately 15 x 70. The yard is landscaped with a plethora of fruiting trees: Fig, Peach, Nectarine, Apple, Pear, as well as Blueberry bushes, and a Grape Arbor. Local Artists and Craftsfolk have contributed an array of creative touches throughout the property, inside and out: theres custom decorative metal railing on back porch of main house, a metal sunflower balcony and porch railing on guest house porch and balcony, colorful tile murals in bathroom, sunroom floor, and kitchen backsplash, a variety of wood species on walls, ceilings, floors, and wainscot. The historic primary house has had walls removed to create open floor plan; one enters the front gate into a patio/courtyard, and enters front door into a sunroom wrapped in windows on 3 sides, with tile floor and sunflower mosaic, wood ceiling, and 2 large French doors that open to the whole right side of the house, which has tall ceilings, beautiful wood floors, European style shutter windows that are hinged on sides. At the rear of this large living area sits the kitchen, with new stainless appliances, custom mosaic tile backsplash, and the window over sink overlooks back porch and courtyard. To left of kitchen, another wall was opened up, connecting it to a Great Room with a vaulted natural wood ceiling, walls, floors, huge windows, and an artfully designed, newly built, exposed brick chimney, with stone accents. In the center of the house theres a 2 room wood and tile bathroom, which features a colorful tile mosaic in the shower, and a transom over shower provides natural light. This bathroom connects to the primary BR, the great room, and kitchen. One of the 2 rooms in this bath could be converted into a 2nd or half bath, or possibly a pantry for kitchen. Returning to Great room, it opens to a back porch with custom metal railing, and sits up high above courtyard, a beautiful area. From the courtyard, one can exit a wooden privacy gate to access guest house. Upstairs has a studio apartment with a porch and balcony; the interior is entirely open, all wood floors, walls, and vaulted ceiling, theres a small, functional kitchen and a full bath with tile floors and shower. A unique 2 piece barn door with colored glass panes opens to them balcony, which has more of them sunflower metal railing. On the primary level, accessed independently from upstairs, it too is one big room with its own full bath and w/d. It provides an excellent flex space which has a diversity of potential uses: a guest space, teen suite, home office or art studio, gym space, band practice/music studio, home hair salon, ( use your imagination ). A 3rd structure is a large storage space or workshop. This Artisan Urban Farm Sanctuary is just blocks from, not only the heart of Downtown, and the UGA Arches/North Campus, but also the Civic Center, multiple Parks, the Oconee River, Trail Creek, the Greenway and Firefly Trails, Sanford Stadium, and a vibrant and eclectic array of live entertainment, an internationally recognized music/arts scene, and diverse culinary offerings, along with local breweries/pubs. Finding such a unique, arts-centric, property, especially this close to Downtown is a rarity. Location, Location, Location.
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Location
Property Details
Parking
- Description: Garage
- Details: Off Street
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 0
- # of Baths (Total): 0.0
Interior Features
- # of Rooms: 4
- # of Stories: 2
- Basement Description: Crawl Space, Exterior Entry
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Asbestos Shingle
- Foundation: Slab
- Roof Type: Gable
- Roof Material: Metal
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 164C3B015
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Style: Bungalow/Cottage, Contemporary
- Year Built: 1945
Tax Information
- Annual Tax: $1,754
Utilities
- Water & Sewer: Public
- Heating: Other
- Cooling: Window Unit(s)
Location
- County: Clarke
Investment Summary
- Monthly Cash Flow
- -$1,988
- Cap Rate
- 2.2%
- Cash-on-Cash Return
- -17.6%
- Debt Coverage Ratio
- 0.36
- Internal Rate of Return (5 years)
- -13.0%
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:
| $589,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$471,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $117,800 |
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:
| $17,670 |
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:
| $135,470 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,600 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $368 |
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:
| $1.12 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $471,200 |
|---|---|
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:
| $3,084 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $146 |
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:
| $126 |
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:
| $3,356 |
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:
| $1,800 | $21,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$108 | -$1,296 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $1,692 | $20,304 |
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. | 8% | -$146 | -$1,754 |
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% | -$126 | -$1,512 |
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% | -$144 | -$1,728 |
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% | -$90 | -$1,080 |
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% | -$90 | -$1,080 |
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 | 33% | -$596 | -$7,154 |
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:
| $1,096 | $13,152 |
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. | -$3,084 | -$37,008 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,988 | $23,856 |