$595,800
Investment Summary
- Monthly Cash Flow
- -$1,355
- Cap Rate
- 3.0%
- Cash-on-Cash Return
- -11.9%
- Debt Coverage Ratio
- 0.52
- Internal Rate of Return (5 years)
- -7.5%
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
Welcome home to 3307 E Oak Island Drive where you will find a beautiful home that offers a modernistic vibe to the relaxed cottage style living that Oak Island is known for all along the East Coast. This home has been remodeled to gift you with a fresh, and clean palette of white. The cottage style inspiration will allow you a clean slate to add accents of your favorite coastal colors! This 3 bedroom/2 bathroom, one-level, fully-furnished home w/2 car garage that is perfectly situated on two lots with one of those lots serving as a corner lot to give you plenty of outdoor entertaining space is waiting for you. The gorgeous floorplan of your new beach home is open and airy for the perfect classic coastal living design. As you arrive at your new home, you will immediately notice the large southern living inspired front porch just waiting to welcome you! This porch is the perfect place to enjoy your morning coffee while you listen to the birds sing. Once inside, you will be greeted by a quaint foyer that will lead you to your remodeled kitchen with gorgeous hardware and custom tile backsplash, breakfast nook, large pantry, whitewashed brick fireplace, open-concept living and dining area and laundry room. You will love your new tranquil and delightful space! This is truly a home with heart! Your living and dining area have access to your sunroom and open back deck. The warm summer breezes and the sound of the swaying leaves are calling you outside to remind you that you have chosen the island life to be outside! Do you crave room to relax? Your new beach cottage will provide you with 2 large guest-rooms with a spa inspired bathroom as well as a large and dreamy primary ensuite that will welcome you for a nap after sunbathing all day or in the evening after dining and dancing under the stars on your graciously sized back deck. You are also going to love all the closet and storage space! This home was designed for living! This home's energy is fueled by relaxed cottage style and the home's modern elegance. This home would be perfect as your primary residence, cozy retreat, or it could serve as a rental property. This home's mature landscaping will make you or any of your guests feel at peace and at home! If you get tired of rest and relaxation, you may choose to venture out of your gorgeous home, so that you can find that there are many things to do just a short distance away! Just a few of those activities include going to the beach, skydiving, playing golf, and visiting one of the many great local boutiques, restaurants, or coffee shops on the island. You might also want to enjoy a concert in the park on OKI or cool off at OKI's splash-pad. You may choose to grab some ice cream and take a walk to find the most beautiful sea glass in the afternoon and then, take a blanket to the beach in the evening and watch a gorgeous sunset that only a South-facing beach can gift to you! You might also decide to take a short drive over to the Historic District of Southport and take a stroll along the tree-lined sidewalks as you window shop! Did you know that Coastal Living Magazine named Oak Island as one of the "Top Ten Beach Towns?" This! This is what you have worked so hard for in your life! You are HOME! It is time to LIVE YOUR DREAMS! What makes Oak Island so special? Why do artists, actors, directors, and authors seek out this island for inspiration? You must come see for yourself! Oak Island is known for its golden sand beaches, blue waters, friendly community, and its close proximity to the Historic Cities of Southport, NC, Wilmington, NC, and Myrtle Beach, SC. The island life on Oak Island is like no other! There are many wonderful attractions and parks on the island. OKI is especially known for its Middleton Park which is home to the famous Oak Island Summer Concert Series. OKI also offers a Splashpad, tennis/pickleball courts, restaurants, cute coffee and ice cream shops, grocery stores, boutiques, and so much more! There is an abundance of all things adventurous to do on Oak Island as well! You are just a short distance from the Cape Fear Regional Jetport (Skydiving anyone?), OKI Lighthouse, and OKI Golf Club! Hurry and you can start living your best island life right now! It's time to start LIVING...the Coastal way!
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Location
Property Details
Parking
- Description: Attached, Garage Door Opener, On Street, On Site, Off Street, Garage Faces Front, Covered, Concrete, Golf Cart Parking
- Details: Concrete, On Site
- Garage Spaces: 2
- Spaces Total: 2
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 7
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood Shingle
- Foundation: Brick/Mortar
- Roof Type: IRR/Cathedral
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 235NF019
- Lot Size: 15290 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 1983
Tax Information
- Annual Tax: $3,945
Utilities
- Heating: Electric, Heat Pump
- Cooling: Ceiling Fan(s), Central Air
Location
- County: Brunswick
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,355
- Cap Rate
- 3.0%
- Cash-on-Cash Return
- -11.9%
- Debt Coverage Ratio
- 0.52
- Internal Rate of Return (5 years)
- -7.5%
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:
| $595,800 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$476,640 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $119,160 |
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:
| $17,874 |
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:
| $137,034 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,358 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $439 |
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:
| $1.91 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $476,640 |
|---|---|
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:
| $2,820 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $329 |
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:
| $182 |
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:
| $3,331 |
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:
| $2,600 | $31,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$156 | -$1,872 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,444 | $29,328 |
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. | 13% | -$329 | -$3,945 |
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% | -$182 | -$2,184 |
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% | -$208 | -$2,496 |
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% | -$130 | -$1,560 |
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% | -$130 | -$1,560 |
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 | 38% | -$979 | -$11,745 |
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:
| $1,465 | $17,580 |
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. | -$2,820 | -$33,840 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,355 | $16,260 |