$2,399,000
Investment Summary
- Monthly Cash Flow
- -$6,401
- Cap Rate
- 2.9%
- Cash-on-Cash Return
- -13.9%
- Debt Coverage Ratio
- 0.47
- Internal Rate of Return (5 years)
- -9.5%
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
The Beautiful Gunite Pool with Spa Features and Beach Rights to the lovely South Harbor Beach, add to the allure of this stunning, North Fork Farmhouse, cleverly Re-imagined and Restored in 2023! Start your tour as you step across the expansive covered Front Porch and enter the Elegant Entry Hall featuring wonderfully Preserved, Decorative Wood Floors. As you pass through the hall, you'll admire the original 19th Century Bannister rising up along the Front Staircase. Continue into the Cozy Parlor featuring a Wood-burning Fireplace, accented by the Marble Mantelpiece. Take a moment to imagine sinking into the Sophisticated Country Ambiance enjoying a favorite vintage from one of the many award-winning wineries located within less than a mile. Look forward with delight, to dining and dancing in the adjacent spacious Great Room, a Large, Airy Space currently utilized as both the "art|vs" Art Salon, featuring the Original Gallery System for exhibiting fine work by renowned artists, and as the Breakfast Room for guests of the inn. The spacious 6 Bedroom, 5 1/2 Bath home includes: 3 Beautifully Detailed Ensuite Guest Rooms, including one on the Main Level, plus a 4th Guest Room with a dedicated Guest Bathroom. The 4 Guest Rooms are situated in the "Front of the House". Continue your tour on the main level, and pass through the original Vintage Swinging Door and enter the "Back of the House", with its modern Island-style Kitchen featuring 2 ovens, 2 dishwashers, refrigerator-freezer with craft ice-maker, induction cooktop and 2 convertible refrigerator-freezers in the pantry. Pass through the Mudroom/Laundry area, with 2 sets of stackable washers/dryers, to the living area of the "Innkeeper's Suite" including a Family Room, Powder Room, and private access to the outside, owner's Parking Area, the storage shed and the Garden/Pool/Spa area. Up the Back Staircase you'll find the Spacious Primary Suite including an Oversized Bedroom fit for a King with Sitting Area, plus a Separate Bedroom/Office and the Primary Bathroom with Shower and Soaking Tub. This iconic property, selected for the Northforker's "Dream Home" feature story, includes Bluestone Pool Patio Surround with Pergola, Outdoor Shower, and separate Fire Pit gathering area. There is Plenty of Parking for Guests, Privacy Fencing, Front Hedging, plus ample Lawn Space for Games, Gardening and/or Pet play. The solar-panel roof system provides much of the electrical energy in the fully air-conditioned residence, while also providing peace of mind with a substantial back-up Sonnen battery system. Mini-Split AC/Heat units allow individual climate control in the primary and guest bedrooms. Enjoy this convenient location just down the road from the charming shoppes and eateries at Southold's village center and the Historic, Maritime Village of Greenport a few minutes drive east. Occupancy 11/1/2025. Please inquire about the additional offering of the B&B contents.
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Location
Property Details
Parking
- Description: Private, Driveway, Off Street
- Details: Private, Driveway, Off Street
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 6
Bathroom Information
- # of Baths (Full): 5
- # of Baths (Partial): 1
- # of Baths (Total): 6.0
Interior Features
- # of Rooms: 10
- Basement: Yes
- Basement Description: Unfinished
- Fireplace: Yes
Exterior Features
- Pool: Yes
- Solar Panels: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 1000069.0006.00011.000
- Lot Size: 21780 sqft
Property Information
- Property Type: Single Family Residence
- Style: Farmhouse
- Year Built: 1857
Tax Information
- Annual Tax: $13,210
Utilities
- Water & Sewer: Public
- Heating: Natural Gas, Forced Air
- Cooling: Central Air, Ductless
Location
- County: Suffolk
Listing Details
Investment Summary
- Monthly Cash Flow
- -$6,401
- Cap Rate
- 2.9%
- Cash-on-Cash Return
- -13.9%
- Debt Coverage Ratio
- 0.47
- Internal Rate of Return (5 years)
- -9.5%
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:
| $2,399,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,919,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $479,800 |
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:
| $71,970 |
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:
| $551,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,630 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $661 |
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:
| $2.73 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,919,200 |
|---|---|
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:
| $12,131 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,101 |
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:
| $693 |
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:
| $13,925 |
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:
| $9,900 | $118,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$594 | -$7,128 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $9,306 | $111,672 |
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% | -$1,101 | -$13,210 |
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% | -$693 | -$8,316 |
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% | -$792 | -$9,504 |
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% | -$495 | -$5,940 |
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% | -$495 | -$5,940 |
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% | -$3,576 | -$42,910 |
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:
| $5,730 | $68,760 |
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. | -$12,131 | -$145,572 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $6,401 | $76,812 |