$747,000
Investment Summary
- Monthly Cash Flow
- -$1,957
- Cap Rate
- 2.5%
- Cash-on-Cash Return
- -13.7%
- Debt Coverage Ratio
- 0.45
- Internal Rate of Return (5 years)
- -9.2%
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
Introducing a distinguished Acadian-style home in the prestigious Indigo Plantation & Marina community of Southport, NC. Blending rustic French and West Indian influences with modern conveniences, this three-bedroom, two & half bathroom residence offers timeless architecture and refined coastal living. Situated on a .47-acre, tree-lined cul-de-sac lot, the property provides privacy and charm. The steeply pitched roof and extra-wide soffits reflect classic Acadian design, enhancing both function and aesthetic while shedding rain and snow efficiently; an architectural upgrade. Teak steps on the front of the home are weathered to a silvered patina, reflecting a nod to the home's maritime roots and the historical Indigo Trade. Spanning over 2,100 square feet, the home features original hardwood flooring and handcrafted stair treads. The interior layout is ideal for entertaining, with seamless flow between the kitchen, dining area and family room. Step into your own personal retreat with the thoughtfully designed home bar, ideal for hosting friends and creating unforgettable memories. Outdoor living is equally inviting, with a wide covered front porch for peaceful mornings and a private screened-in back porch for relaxing evenings. The Gas Lanterns with an eternal flame lighting the driveway, were custom designed by the owner, imported from New Orleans, Louisiana, and provide a welcoming glow. The heat & air, the home's grill and fireplace are all powered by natural gas, offering a warmer heat and practicality. Indigo Plantation offers exceptional amenities including a clubhouse, lap pool, tennis courts and scenic walking trails. The nearby Indigo Marina offers boat slips for lease. Southport's historic downtown is just a golf cart ride away, featuring shops, restaurants, and fresh seafood markets. This Classic Residence is a rare opportunity to own a piece of architectural heritage in a vibrant coastal setting. By Appointment Only. Call Us for a Showing. Listing Agent had an extensive conversation with Chad Paul, the CEO and developer of the Indigo Project and the Waterway Community. He said that he had NO PLANS to purchase the 2.5 acres of the Prevatte land that runs behind this home and that it would NOT be incorporated into the Waterway Community. He said that it would remain a private residential lot with a private drive. Mr. Paul invited any agents with questions to call him at 910-457-7358 to further details. The question of impervious surface has also come up; this home has a gravel driveway and has not exceeded it's impervious surface area, so new buyers should not have any problem added a garage onto to the property. According to the owner, the home was built before the covenants were put into place addressing the impervious surfaces of the neighborhood and because of the year the home was built, that it is grandfathered out of this restriction. Please call agent with any questions.
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Location
Property Details
Parking
- Details: Unpaved
- Garage Spaces: 0
- 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: 7
- # of Stories: 2
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood Siding
- Foundation: See Remarks
- Roof Type: IRR/Cathedral
HOA
- Has HOA: Yes
- Association: Indigo POA: CEPCO
- HOA Fee: $1,000/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 237GA011
- Lot Size: 20343 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 1987
Tax Information
- Annual Tax: $3,246
Utilities
- Water & Sewer: Public
- Heating: Other, Electric, Heat Pump, Natural Gas
- Cooling: Ceiling Fan(s), Other, Central Air
Location
- County: Brunswick
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,957
- Cap Rate
- 2.5%
- Cash-on-Cash Return
- -13.7%
- Debt Coverage Ratio
- 0.45
- Internal Rate of Return (5 years)
- -9.2%
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:
| $747,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$597,600 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $149,400 |
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:
| $22,410 |
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:
| $171,810 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,166 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $345 |
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:
| $1.29 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $597,600 |
|---|---|
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:
| 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:
| $3,535 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $271 |
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:
| $196 |
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:
| $4,002 |
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:
| $2,800 | $33,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$168 | -$2,016 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,632 | $31,584 |
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. | 10% | -$271 | -$3,246 |
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% | -$196 | -$2,352 |
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% | -$224 | -$2,688 |
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% | -$140 | -$1,680 |
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% | -$140 | -$1,680 |
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. | 3% | -$83 | -$996 |
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% | -$1,054 | -$12,642 |
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:
| $1,578 | $18,936 |
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. | -$3,535 | -$42,420 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$1,957 | -$23,484 |