$350,000
Investment Summary
- Monthly Cash Flow
- -$954
- Cap Rate
- 3.0%
- Cash-on-Cash Return
- -14.2%
- Debt Coverage Ratio
- 0.48
- Internal Rate of Return (5 years)
- -9.8%
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
TOTAL TRANQUILITY is what you will feel inside & out of this thoughtfully restored & completely renovated home! The discerning buyer will appreciate the warmth, quality & detail everywhere in this very special home! The current owner's connection to nature, is the inspiration and essence throughout! You will marvel at the beautifully designed & custom built, eat-in Kirshman kitchen, including granite counters & eating bar, vaulted ceilings w/ skylights & much more! The second floor, totally renovated, offers two bedrooms, one with skylight, & features a luxurious bathroom you dream of with a soaking tub under the skylight & separate custom shower! Private yard and deck, your own oasis! For a truly healing experience, relax and nourish yourself in the custom built cedar sauna! This thoughtfully restored and renovated 1923 Bungalow in Kalamazoo Township awaits its next steward in this special turn key home. Whether you're a discerning buyer or casual home shopper, you will appreciate the warmth and attention to detail in this most unique home. Clean, stylish and move in ready! It showcases original golden oak floors and moldings (all restored). As kitchens have evolved, so has this beautifully designed and custom built, eat-in Kirshman kitchen. Included are many hidden gems, full height granite, vaulted ceilings w/ skylights, SS appliances and under cabinet lighting. French doors facing west invite beautiful sunsets inside! Relax and enjoy gatherings with friends and family out on the spacious deck around the firepit! Cooking out will be a a regular lifestyle with all this back yard has to offer! For a truly healing experience, included is a custom built cedar sauna perfectly placed and equipped for at home relaxation and nourishment. This quaint, fenced in backyard has it all, an 8' privacy fence, new and established plantings! You can also relax with a cup of coffee or a glass of wine and enjoy sunrises and bug free summer nights on the inviting glassed porch! The main floor is an open concept with stunning 9'5" ceilings. It includes a dining room, fireplace room and tv room. All are tastefully coordinated and capture abundant light. The living room fireplace is stone and was reimagined and with it the wood stove (and electric blower) were added along with a new chimney liner, tasteful cultured stone and a custom built, black walnut mantle. The dining room offers an abundance of room for your special dinner parties or just everyday casual dining! A beautiful wooden corner hutch displays all your collectibles! The main floor bathroom has two artistic, ceramic vessel sinks, both locally made, unique and set atop a custom built, primitive style pine wood vanity. Tall ceilings, natural Limestone tile and walk in double shower w/ tall, glass shower enclosure. The first floor has blown in insulation and original windows (restored)in great condition and have 3 track storm windows. The second floor was renovated in 2014. Bathing in this slipper style clawfoot bathtub, under the starlight, is but one way that this space soothes the soul. Every fixture, to include the sinks and tub, are vintage style Signature Hardware. There are two sinks nestled perfectly into some very old and repurposed wood. A stylish custom subway tile shower enclosure shows off exposed plumbing fixtures. Most unique are the 2 original windows retaining their integrity. Other stunning features are the vaulted ceilings, 2, 4"x4" west facing skylights, the original, old growth Douglas fir Pine floors and an exposed brick chimney. Heritage Co. and Pottery Barn light fixtures throughout.. Lots of charming sconces. Plaster walls, spray foam insulation and Pella windows make this space tight, warm and very sound proof. (Formerly used as Airbnb-upstairs) The main upstairs bedroom is one you will never want to leave! Very spacious, with vaulted ceilings, and with the bed tucked under the skylight, you will love being so cozy and comfy! The closet is a generous open walk-in that can accommodate all your clothes and accessories! The second upstairs bedroom also offer nice closet space and double windows for nice fresh air! This basement is very clean and finished creatively and tastefully to be thoroughly enjoyed as an additional living space. The basement has glass block windows all around with great natural light, as well as 7'7" tall ceilings, 2 dedicated storage rooms, a workshop with built in workbench, a large space for laundry with hookups and a surprising natural slate shower enclosure. There is plenty of space to expand this into a half bath or full bath, whatever you prefer! This is not your ordinary home! Every room you enter, everywhere you look, this home is amazingly and beautifully crafted and designed! It's not just a home.....it is an experience filled with peace and tranquility, both inside and out! 220V exterior outlet for electric car charging. Kalamazoo Promise Schools! Waling distance to K College, WMU, restaurants & downtown! Minutes to highways and shopping!
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Location
Property Details
Parking
- Description: 1, Detached
- Details: Garage Door Opener, Detached, Unpaved
- Garage Spaces: 1
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 1
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 8
- # of Stories: 2
- Basement: Yes
- Basement Description: Full, Partially Finished
- Fireplace: Yes
Exterior Features
- Roof Material: Asphalt
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0617291150
- Lot Size: 5227 sqft
Property Information
- Property Type: Single Family Residence
- Style: Traditional
- Year Built: 1920
Tax Information
- Annual Tax: $3,526
Utilities
- Water & Sewer: Public
- Heating: Natural Gas, Forced Air, Wood Stove
- Cooling: Ceiling Fan(s), Central Air
Location
- County: Kalamazoo
Listing Details
Investment Summary
- Monthly Cash Flow
- -$954
- Cap Rate
- 3.0%
- Cash-on-Cash Return
- -14.2%
- Debt Coverage Ratio
- 0.48
- Internal Rate of Return (5 years)
- -9.8%
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:
| $350,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$280,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $70,000 |
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:
| $10,500 |
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:
| $80,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,588 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $220 |
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:
| $1.07 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $280,000 |
|---|---|
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:
| 6.840% |
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:
| $1,833 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $294 |
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:
| $119 |
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:
| $2,246 |
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:
| $1,700 | $20,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$102 | -$1,224 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $1,598 | $19,176 |
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. | 17% | -$294 | -$3,526 |
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% | -$119 | -$1,428 |
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% | -$136 | -$1,632 |
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% | -$85 | -$1,020 |
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% | -$85 | -$1,020 |
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 | 42% | -$719 | -$8,626 |
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:
| $879 | $10,548 |
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. | -$1,833 | -$21,996 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $954 | $11,448 |