$1,497,000
Investment Summary
- Monthly Cash Flow
- -$7,135
- Cap Rate
- 0.5%
- Cash-on-Cash Return
- -24.9%
- Debt Coverage Ratio
- 0.09
- Internal Rate of Return (5 years)
- -20.0%
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
This is a beautiful customized home of brick, stone and marble designed & crafted by award-winning artist David Ellison and set on a premium 1.5-acre lot in a protected wooded area in the desirable Upper Glade neighborhood. The level of architectural detail and craftsmanship in the home are unsurpassed. The circle drive from the quiet cul-de-sac welcomes you with a view of the beautiful brick courtyard with stone porch, and 8-foot mahogany door entry. Brazilian cherry floors on main level accent a stunning great room, with a 2-story coffered ceiling & dramatic floor-to-ceiling Jerusalem stone fireplace, and multiple French doors opening to covered rear deck. The formal dining room, study, or music room has rich cherry paneling with a wall of windows up to the cathedral 2-story ceiling. The gourmet kitchen is highlighted by an elegant marble center island and striking overhead wrought iron chandelier, custom cherry cabinets, and granite countertops, and a ceiling capped with handcrafted ornamental crown. The cozy sundrenched family room with a travertine stone wall features a carved bas relief pattern fireplace, 2 walls of windows & easy access to the covered rear deck with inviting eating/lounging area, overlooking the private backyard and wooded common area. The 1st floor primary suite is a tranquil sanctuary that includes a sitting area, vaulted hallway leading to master bath, arched marble fireplace, 2 walk-in closets, and access to the covered rear deck with picturesque views of the outdoors. The master bathroom is extraordinary showcasing a vaulted walk-in shower, a jacuzzi surrounded by onyx, heated marble floor, and intricate carved stone accents and pillars. There is a convenient laundry room near the primary bathroom. The stone workmanship in the 1st floor powder room and mud room entrance from the garage is particularly unique in their finishing. A custom crafted stairway leads to a 2nd floor with 3 bedrooms, one ensuite, and the other two sharing a buddy bath, plus a huge, finished bonus room. The tall ceilings and a rear wall of windows and French doors to patio in the walkout lower level open into an expansive and lush back lawn. It has been well planned for future finishing with radiant heated floors and roughed-in plumbing for bath, wet bar, and bedroom. A large 4.5 car garage with an epoxy floor has 2-sided access for convenience. This is an incredibly special home that must be seen in its totality to truly appreciate its artistry and breathtaking elements in each and every room of the home. Ann Arbor mailing, Scio Township taxes and Dexter schools. Enjoy the night skies only minutes to downtown Ann Arbor & Dexterthe perfect location!
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Location
Property Details
Parking
- Description: Garage
- Details: Garage Door Opener, Garage Faces Side, Garage Faces Front, Attached, Concrete
- Garage Spaces: 4
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 1
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 9
- # of Stories: 2
- Basement: Yes
- Basement Description: Full, Walk-Out Access, Bath/Stubbed, Sump Pump
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Combination
- Roof Material: Asphalt
HOA
- Has HOA: Yes
- HOA Fee: $786/annually
- Additional HOA Fee: $786
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: H0811245038
- Lot Size: 67954 sqft
Property Information
- Property Type: Single Family Residence
- Style: Other
- Year Built: 2007
Tax Information
- Annual Tax: $23,338
Utilities
- Water & Sewer: Private, Well
- Heating: Natural Gas, Forced Air, Radiant
- Cooling: Ceiling Fan(s), Central Air
Location
- County: Washtenaw
Listing Details
Investment Summary
- Monthly Cash Flow
- -$7,135
- Cap Rate
- 0.5%
- Cash-on-Cash Return
- -24.9%
- Debt Coverage Ratio
- 0.09
- Internal Rate of Return (5 years)
- -20.0%
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:
| $1,497,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,197,600 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $299,400 |
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:
| $44,910 |
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:
| $344,310 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,458 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $433 |
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:
| $1.13 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,197,600 |
|---|---|
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:
| 6.810% |
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:
| $7,815 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,945 |
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.
Insurance:
| $273 |
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:
| $10,033 |
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:
| $3,900 | $46,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$234 | -$2,808 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,666 | $43,992 |
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% | -$1,945 | -$23,338 |
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% | -$273 | -$3,276 |
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% | -$312 | -$3,744 |
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% | -$195 | -$2,340 |
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% | -$195 | -$2,340 |
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. | 2% | -$66 | -$792 |
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 | 77% | -$2,986 | -$35,830 |
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:
| $680 | $8,160 |
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. | -$7,815 | -$93,780 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $7,135 | $85,620 |