$2,995,000
Investment Summary
- Monthly Cash Flow
- -$18,014
- Cap Rate
- -1.5%
- Cash-on-Cash Return
- -31.4%
- Debt Coverage Ratio
- -0.27
- Internal Rate of Return (5 years)
- -26.2%
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
Overlooking Evanston's Greenwood Beach and Dawes Park, this 1889 "country home in the city," designed and built by prominent architect Joseph Lyman Silsbee, combines restored Victorian elegance as well as spectacular gardens and grounds. The home, set on over an acre of land, is approached down a curved paver-stone driveway and front walkway. A steel carriage step and a long, red-tiled front entry porch rest under a porte-cochere that extends over the driveway. The home is surrounded by mature trees as well as perennial gardens which have been designed and cared for by the present owners for 30 years. The vestibule and entrance hall combine the elegance of marble floors with the warmth of carved oak ceilings, wainscotting and a grand three story oak staircase which is overlooked by a one-story leaded glass window. First floor rooms view parks and Lake Michigan and comprise not only a formal living room and dining room (one with wood burning, the other with a gas fireplace) but also a music room, as well as a charming mahogany-clad, octagon-shaped library with gas fireplace for more intimate gatherings. There is a 1930s addition of a spectacular, tiled solarium overlooking the rose and east perennial gardens, as well the lake. Just beyond the dining room, there unfolds a custom de Guilio kitchen, flanked on one side by the original butler's pantry and on the other side a pastry pantry, both areas providing extensive storage. The eat-in kitchen boasts newer appliances, two dishwashers and two sinks, double oven, side-by-side refrigerator, custom cherry cabinets and granite counters, with under-and-over cabinet lighting. The first floor also has a large family room/office with a window seat bay area with views of the west perennial gardens. Beautiful wood floors throughout the home. There is a restored stone screened porch behind the dining room, which overlooks a charming gazebo for outdoor dining, as well as the gardens and back flagstone and granite patio that stretch out behind it. To help maintain the gardens and grounds, there is a corner-to-corner irrigation system. The second floor has a spacious master suite, an outdoor porch overlooking the north and east gardens and the lake, as well as a cedar dressing room and closets, and bathroom. Altogether the home has seven bedrooms, six and a half bathrooms, as well as various linen closets, storage areas and an expansive third floor with former billiard room and ballroom, now transformed into an office, a library and family room, as well as other areas for play, hobbies and study. Among many recent updates there is a new roof, new handlers and air conditioners, newer washer/dryer. Over time, the owners have curated many historical period fixtures (cabinet handles, doorknobs, lighting fixtures) to honor the age and style of the property. The basement is large and includes a wine room and abundant storage. There is also a spacious, three-bedroom coach house apartment over the four-car heated garage and former horse stable, which the owners have restored. The coach house is ideal for guests, family members and currently provides additional income from the rented apartment. 202 Greenwood is a spectacular property and offers future owners the rare opportunity to own a piece of Evanston's rich history so close to the lake. Discover a lifestyle of beauty and privacy when you reside in this remarkable, harmonious estate. Walk to beach, parks and beautiful downtown Evanston.
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Location
Property Details
Parking
- Description: Attached Garage
- Details: Garage Door Opener, Heated Garage, On Site, Detached, Garage, Driveway
- Garage Spaces: 4
- Spaces Total: 4
Bedroom Information
- # of Bedrooms: 7
Bathroom Information
- # of Baths (Full): 6
- # of Baths (Partial): 1
- # of Baths (Total): 7.0
Interior Features
- # of Rooms: 17
- # of Stories: 2
- Basement: Yes
- Basement Description: Unfinished, Exterior Entry, Full, Walk-Out Access
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood
- Roof Material: Shake
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 1118421005
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 1889
Tax Information
- Annual Tax: $86,664
Utilities
- Heating: Natural Gas, Steam
Location
- County: Cook
Listing Details
Investment Summary
- Monthly Cash Flow
- -$18,014
- Cap Rate
- -1.5%
- Cash-on-Cash Return
- -31.4%
- Debt Coverage Ratio
- -0.27
- Internal Rate of Return (5 years)
- -26.2%
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:
| $2,995,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,396,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $599,000 |
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:
| $89,850 |
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:
| $688,850 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 7,500 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $399 |
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:
| $0.65 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,396,000 |
|---|---|
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:
| 5.875% |
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:
| $14,173 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $7,222 |
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:
| $343 |
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:
| $21,738 |
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:
| $4,900 | $58,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$294 | -$3,528 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,606 | $55,272 |
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. | 147% | -$7,222 | -$86,665 |
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% | -$343 | -$4,116 |
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% | -$392 | -$4,704 |
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% | -$245 | -$2,940 |
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% | -$245 | -$2,940 |
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 | 172% | -$8,447 | -$101,365 |
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:
| -$3,841 | -$46,092 |
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. | -$14,173 | -$170,076 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $18,014 | $216,168 |