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$649,900

Under Contract
47 Moffatt Rd, Salem, MA 01970
4 Beds
1 Bath
1,440 Square Feet
0.17 Acres Lot
Built in 1922
Under Contract
Units n/a
Checked: 24 hours ago
Updated: Jun 19, 2025 at 03:19AM

Investment Summary


Monthly Cash Flow
-$1,155
Cap Rate
3.5%
Cash-on-Cash Return
-9.3%
Debt Coverage Ratio
0.62
Internal Rate of Return (5 years)
-5.0%

Property Description


0.17 Acres Lot
Built in 1922
Under Contract
Units n/a

Bathed in natural sunlight, this gracious 1922 colonial radiates warmth and possibility. A welcoming entry that flows into the family room with a stately brick fireplace sets the stage for cherished gatherings. Charming built in china cabinet graces the dining room, which has a French door that leads to a deck with awning for comfortable outdoor living. The kitchen features stainless steel appliances & new flooring. A distinctive butler’s staircase adds architectural interest, providing secondary access to the upper level. Fresh paint brightens the upstairs bedrooms.The fourth upstairs bedroom, currently a laundry room, offers flexibility as a home office or potential bathroom expansion. Storage solutions abound with basement, garage, & attic spaces. A private yard provides a peaceful retreat for outdoor enjoyment. The timeless appeal of this classic colonial is enhanced by its setting in one of Salem’s most desirable, well established neighborhoods & close to all that Salem offers.

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Location


Property Details


Parking

  • Description: Detached Garage
  • Details: Paved, Detached, Off Street
  • Garage Spaces: 2
  • Spaces Total: 5

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Partial): 0
  • # of Baths (Total): 1.0

Interior Features

  • # of Rooms: 7
  • # of Stories: 2
  • Basement: Yes
  • Basement Description: Full, Interior Entry, Sump Pump, Concrete, Unfinished
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Foundation: Stone
  • Roof Type: Gable
  • Roof Material: Shingle
  • Pool: Yes

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: SALEM:22L:0131
  • Lot Size: 7261 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Colonial
  • Year Built: 1922

Tax Information

  • Annual Tax: $6,760

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas, Steam
  • Cooling: None

Location

  • County: Essex

Investment Summary


Monthly Cash Flow
-$1,155
Cap Rate
3.5%
Cash-on-Cash Return
-9.3%
Debt Coverage Ratio
0.62
Internal Rate of Return (5 years)
-5.0%

Purchase Details

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Purchase price:
$649,900
Amount financed:
-$519,920
Down payment:
$129,980
Closing costs:
$19,497
Rehab costs:
$0
Initial cash invested:
$149,477
Square feet:
1,440
Cost per square foot:
$451
Monthly rent per square foot:
$2.50

Financing Details

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Loan amount:
$519,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$3,076
Property tax:
$563
Insurance:
$252
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,891

Operating Income

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% Rent Monthly Yearly
Gross rent:
$3,600 $43,200
Vacancy loss: (6%)
6% -$216 -$2,592
Operating income:
$3,384 $40,608

Operating Expenses


% Rent Monthly Yearly
Property taxes: (16%)
16%-$563-$6,760
Insurance: (7%)
7%-$252-$3,024
Property management: (8%)
8%-$288-$3,456
Repairs & maintenance: (5%)
5%-$180-$2,160
Capital expenditures: (5%)
5%-$180-$2,160
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (41%)
41%-$1,463-$17,560

Cash Flow


Monthly Yearly
Net operating income:
$1,921 $23,052
Mortgage payments:
-$3,076 -$36,912
Cash flow:
$1,155 $13,860