$214,900
Investment Summary
- Monthly Cash Flow
- $310
- Cap Rate
- 7.4%
- Cash-on-Cash Return
- 7.5%
- Debt Coverage Ratio
- 1.30
- Internal Rate of Return (5 years)
- 11.3%
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
Buyer was unable to obtain financing. Their loss may be your gain! Absolutely incredible opportunity to own a piece of Morris history! This 4+ bedroom home located in the heart of downtown Morris is ready for new owners to add their finishing touches and make it their own. There is so much to see! Lots of Original features to this home! Upon entering there are original doors, original crown molding and tile, gorgeous hardwood flooring, breathtaking staircase, stained glass windows, 2 marble fireplaces, pocket doors, glass door knobs and so much more! On the main level you will find a nicely sized foyer that leads to a living room featuring beautiful pocket doors that open to amazing hardwood floors that flow into the large dining room where you will find one of the marble fireplaces featured in this home. Off of the dining room you will find a doorway to a room that can either be a bedroom or an office that holds the second marble fireplace in the home. You can access this room from the foyer, the dining room, or the pantry. Back in the dining room, you can enter into the updated kitchen and you will find granite countertops, farmhouse style sink, tile backsplash, stainless steel appliances, and more. There is also an enormous pantry/dry kitchen behind the kitchen, as well as a full bath. You can access the second floor from one of two staircases, one near the front door, and one near the back door. The one near the front door is not to be missed. It is an extra wide and beautiful there is another feature of a stained glass window as you ascend to the second floor. As you reach the top of the stairs you will find 3 generously sized bedrooms and 2 bathrooms. The main bedroom highlights include more pocket doors to what will be a luxurious bathroom, and there is also a sitting room. Two more nicely sized bedrooms are on this level as well. There is also a kitchenette on the 2nd floor. There are some updates that have already been completed in this home. Some of these updates include, new plumbing, hot water heater, waterproofing of basement, kitchen updated, roof was new in 2010, new chimney cap, some new electrical, and more. The current owners were relocated for work in the midst of doing many updates at once. Many ongoing projects nearly completed, but not quite include, main bedroom bath upstairs, second bath upstairs, pantry on main floor, attic has been floored and finished as they were working on adding walls for bedrooms. Fixtures to finish most of the projects are in the home for the new owners. If you are nostalgic, have a love for older homes, and appreciate the finer touches of yesteryear, this may be the home for you! Home being sold AS IS.
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Location
Property Details
Parking
- Description: Garage
- Details: On Site, Detached, Garage
- Garage Spaces: 1
- Spaces Total: 1
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 7
- Basement: Yes
- Basement Description: Unfinished, Full
Land Information
- Land Use: Residential
- Land Use Subtype: General - Single
Lot Information
- Parcel ID: 0504437010
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Style: Victorian
- Year Built: 1900
Tax Information
- Annual Tax: $3,118
Utilities
- Water & Sewer: Public
- Heating: Hot Water
- Cooling: Wall Unit(s)
Location
- County: Grundy
Listing Details
Investment Summary
- Monthly Cash Flow
- $310
- Cap Rate
- 7.4%
- Cash-on-Cash Return
- 7.5%
- Debt Coverage Ratio
- 1.30
- Internal Rate of Return (5 years)
- 11.3%
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:
| $214,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$171,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $42,980 |
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:
| $6,447 |
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:
| $49,427 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,986 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $72 |
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:
| $0.77 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $171,920 |
|---|---|
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:
| 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:
| $1,017 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $260 |
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:
| $161 |
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:
| $1,438 |
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:
| $2,300 | $27,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$138 | -$1,656 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,162 | $25,944 |
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. | 11% | -$260 | -$3,118 |
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% | -$161 | -$1,932 |
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% | -$184 | -$2,208 |
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% | -$115 | -$1,380 |
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% | -$115 | -$1,380 |
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 | 36% | -$835 | -$10,018 |
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:
| $1,327 | $15,924 |
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. | -$1,017 | -$12,204 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $310 | $3,720 |