$4,075,000
Investment Summary
- Monthly Cash Flow
- -$19,282
- Cap Rate
- 0.4%
- Cash-on-Cash Return
- -24.7%
- Debt Coverage Ratio
- 0.06
- Internal Rate of Return (5 years)
- -19.8%
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
Located in the heart of the Snedens Landing Historic District, this original 1938 home has been thoughtfully renovated to enhance its timeless character and bucolic charm. The property retains its original stone facade and slate roof, while modern touches, including a mid-century style extension, have brought space and light to the residence. The highlight of the home is a bright glass room that is bathed in natural light. From here, glass doors open to a spacious brick patio covered by a trellis draped in mature kiwi vines, creating a serene outdoor space for a shaded al fresco lunch or drinks. The patio overlooks a free-form in-ground pool, which is completely fenced, the contours softened by clematis and climbing hydrangea. The surrounding cottage style gardens are planted with a range of mature specimen trees and a wild profusion of perennial plantings. Drifts of narcissi, grape hyacinth and daffodils surround the gardens in early spring, giving way to peonies and allium in May. There is a raised bed set up for a kitchen vegetable and herb garden. On the edge of the property there is a hand-built treehouse and beyond a fenced area originally used for chickens and other pets. Inside, the home offers an open country kitchen, complete with exposed stone walls and cork flooring. There is a Viking stove/oven and a classic Sub-Zero refrigerator. The kitchen seamlessly flows into a spacious living room with a Russian oak floor featuring a wood-burning fireplace, making it a perfect spot for cozy gatherings. The adjacent dining area is ideal for enjoying casual meals with family and friends. The first floor also includes a small bedroom with a full bath, in addition to a den that can flexibly serve as an office or an additional bedroom, with an adjacent half bath. Progressing to the second floor, a wide landing leads to the primary bedroom with a very generous adjacent full bathroom. A second double bedroom shares this floor, along with another full bath. On the edge of the property is a freestanding garage with a large upstairs studio with a wood burning stove and walk in closet. Currently configured as a work from home office suite there is a bathroom/shower on the lower level making it an ideal separate apartment for a nanny or overnight guests. This property is steeped in history, with its location in the Historic District offering a unique connection to the past, particularly the Revolutionary War era. Quaintly described in Historic Houses of Palisades as “The House That Jack Built”, the architect Wallace Heath has added a creative touch to this home, making it an appealing haven for artists. Former residents include Pinchas Zuckerman and Tuesday Weld. The home is a short walk from the Snedens Landing Tennis Association, the Palisades Free Library, and local favorite, The Filling Station restaurant. The location is excellent for hiking and biking as this private road ends in a trail that leads to the village of Piermont and beyond. Snedens Landing is conveniently located just a 12 mile drive from the George Washington Bridge or a 10-minute drive from the Mario Cuomo Bridge, making it an excellent choice for those who need easy access to the city while enjoying the tranquility of a historic and artistic retreat.
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Location
Property Details
Parking
- Description: Carport
- Details: Detached, Driveway, Private
- Garage Spaces: 1
- Spaces Total: 1
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 5.0
Interior Features
- # of Rooms: 8
- # of Stories: 1
- Basement: Yes
- Basement Description: Full
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Multi-Family Dwellings (any combination 2+)
Lot Information
- Parcel ID: 39248978.18134
- Lot Size: 52272 sqft
Property Information
- Property Type: Single Family Residence
- Style: Cape Cod
- Year Built: 1938
Tax Information
- Annual Tax: $42,082
Utilities
- Water & Sewer: Public
- Heating: Wood Stove, Forced Air, Natural Gas
- Cooling: Central Air
Location
- County: Rockland
Listing Details
Investment Summary
- Monthly Cash Flow
- -$19,282
- Cap Rate
- 0.4%
- Cash-on-Cash Return
- -24.7%
- Debt Coverage Ratio
- 0.06
- Internal Rate of Return (5 years)
- -19.8%
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:
| $4,075,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$3,260,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $815,000 |
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:
| $122,250 |
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:
| $937,250 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,850 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $1,430 |
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:
| $2.46 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $3,260,000 |
|---|---|
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:
| 6.500% |
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:
| $20,605 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $3,507 |
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:
| $490 |
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:
| $24,602 |
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:
| $7,000 | $84,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$420 | -$5,040 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,580 | $78,960 |
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. | 50% | -$3,507 | -$42,083 |
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% | -$490 | -$5,880 |
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% | -$560 | -$6,720 |
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% | -$350 | -$4,200 |
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% | -$350 | -$4,200 |
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 | 75% | -$5,257 | -$63,083 |
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:
| $1,323 | $15,876 |
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. | -$20,605 | -$247,260 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$19,282 | -$231,384 |