$1,995,000
Investment Summary
- Monthly Cash Flow
- -$9,375
- Cap Rate
- 0.4%
- Cash-on-Cash Return
- -24.5%
- Debt Coverage Ratio
- 0.07
- Internal Rate of Return (5 years)
- -19.6%
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
A Once-in-a-Generation Estate Opportunity on Mt. Holly Road, Katonah-Lewisboro School District. Set on four pastoral acres in one of Northern Westchester’s most iconic and sought-after addresses, Bellwether Farm presents an exceptionally rare development opportunity: the chance to establish a legacy estate on storied Mt. Holly Road. Defined by rolling meadows, ancient stone walls, and classic white horse fencing, the property evokes the spirit of a bygone era — a return to the quiet elegance of 19th-century farm life. Once a thriving working farm, the land remains a pristine tableau of open, level fields and enduring natural beauty. At the heart of the property stands a curated collection of three historic structures — the Barn, Carriage House, and Milk House — each in various stages of thoughtful restoration by designer Tom Givone and ideal for guest accommodations, creative spaces, or auxiliary living. The Main House has been fully gutted, providing a blank architectural canvas for redevelopment. Together, they offer a rare convergence of heritage and possibility — the opportunity to honor the past while creating a bespoke, multi-structure country estate infused with modern luxury. The Barn, a striking marriage of rustic charm and contemporary upgrades, retains historic details such as wavy glass diamond-paned windows and oversized barn doors. A fully renovated two-bedroom accessory apartment includes an updated kitchen, recessed lighting, and a new full bath. Below, a flexible open studio space with floor-to-ceiling windows and a half bath awaits final transformation. Additional upgrades include new plumbing and electric, Bosch HVAC, Fujitsu mini-splits, and a whole-house generator. A dramatic 26-foot-wide wall of storefront glass has been custom-fabricated to maximize morning light and panoramic views, and is ready for installation at the new owner's discretion. All plans for the Barn have been filed with and permitted by the Town of Bedford. The Carriage House, reimagined from the foundation up, blends original architectural details with modernist sensibility. Large swaths of commercial glass flood the open plan interiors with natural light and create a dramatic contrast with ancient hand-hewn beams, restored antique brick flooring, and original wavy glass windows – ideal for creative living. Cedar shake siding, a standing seam metal roof, new footers, all-new electric, and split-level HVAC provide long-term functionality. All Carriage House plans have been filed with and permitted by the Town of Bedford. The charming and compact Milk House features original beadboard interiors, antique brick floors, and wavy glass windows, all set beneath a new standing-seam metal roof. It is perfectly suited for conversion into a writer’s studio, guest retreat, or garden cottage. The Main House presents an exceptional opportunity to create a custom dream residence from the ground up. For those seeking inspiration, architectural plans for a bespoke modernist home seamlessly integrating stunning architecture into the bucolic landscape are available for consideration. The land has been cleared and improved, with a seven-bedroom septic system approved by the Board of Health, offering a streamlined path to development. Just one hour north of Manhattan, Bellwether Farm is more than land and buildings; it is a pastoral sanctuary, a generational property of rare provenance and potential. In a region celebrated for its distinguished country homes, the opportunity to create a multi-structure compound of this scale and character on Mt. Holly’s historic dirt road is truly vanishing. Current zoning would no longer allow such a development, making this an irreplaceable offering. Visit 310mtholly.com for more information on the property.
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Location
Property Details
Parking
- Description: Carport
- Garage Spaces: 1
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 1
- # of Baths (Total): 1.0
Interior Features
- # of Rooms: 5
- Basement Description: Partial, Storage Space, Unfinished
Land Information
- Land Use: Residential
- Land Use Subtype: Multi-Family Dwellings (any combination 2+)
Lot Information
- Parcel ID: 55200039.2019
- Lot Size: 174240 sqft
Property Information
- Property Type: Single Family Residence
- Style: Farmhouse
- Year Built: 1850
Tax Information
- Annual Tax: $20,421
Utilities
- Water & Sewer: Public, Private, Well
- Heating: Heat Pump
- Cooling: Ductless
Location
- County: Westchester
Listing Details
Investment Summary
- Monthly Cash Flow
- -$9,375
- Cap Rate
- 0.4%
- Cash-on-Cash Return
- -24.5%
- Debt Coverage Ratio
- 0.07
- Internal Rate of Return (5 years)
- -19.6%
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:
| $1,995,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,596,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $399,000 |
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:
| $59,850 |
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:
| $458,850 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,187 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $1,681 |
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:
| $2.95 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,596,000 |
|---|---|
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:
| $10,088 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,702 |
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:
| $245 |
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:
| $12,035 |
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:
| $3,500 | $42,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$210 | -$2,520 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,290 | $39,480 |
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. | 49% | -$1,702 | -$20,421 |
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% | -$245 | -$2,940 |
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% | -$280 | -$3,360 |
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% | -$175 | -$2,100 |
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% | -$175 | -$2,100 |
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 | 74% | -$2,577 | -$30,921 |
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:
| $713 | $8,556 |
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. | -$10,088 | -$121,056 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $9,375 | $112,500 |