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$349,900

Sale Pending
60 Terrace Ln, Springfield, MA 01118
3 Beds
2 Baths
1,492 Square Feet
0.27 Acres Lot
Built in 1956
Sale Pending
Units n/a
Checked: 1 day ago
Updated: Jun 24, 2025 at 03:03AM

Investment Summary


Monthly Cash Flow
-$154
Cap Rate
5.2%
Cash-on-Cash Return
-2.3%
Debt Coverage Ratio
0.91
Internal Rate of Return (5 years)
1.8%

Property Description


0.27 Acres Lot
Built in 1956
Sale Pending
Units n/a

LOCATION LOCATION LOCATION. On one of East Forest Park's finest streets sits this 6 room ranch with an attached 2 car garage. This has been owned by the same family for over 60 years. There are 3 bedrooms with newly finished hardwood floors, eat-in kitchen with tile floor, formal DR/FR with hardwood floor, living room with new carpeting and a stone fireplace. There is a screened porch and the basement has a rec room and a half bath. The roof is 13 years old and the windows have been replaced. The interior has been newly painted. FWA heat with central air and gas hot water. Lawn Sprinkler System! This house will not last!! OPEN HOUSE on Saturday June 14 noon to 2PM.

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Location


Property Details


Parking

  • Description: Attached Garage
  • Details: Paved, Attached, Off Street
  • Garage Spaces: 2
  • Spaces Total: 4

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Partial): 1
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 6
  • # of Stories: 1
  • Basement: Yes
  • Basement Description: Full, Partially Finished
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Wood Siding
  • Foundation: Block
  • Roof Material: Shingle

Land Information

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

Lot Information

  • Parcel ID: SPRIS:11462P:0013
  • Lot Size: 11552 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Ranch
  • Year Built: 1956

Tax Information

  • Annual Tax: $5,159

Utilities

  • Water & Sewer: Public
  • Heating: Forced Air, Oil
  • Cooling: Central Air

Location

  • County: Hampden

Investment Summary


Monthly Cash Flow
-$154
Cap Rate
5.2%
Cash-on-Cash Return
-2.3%
Debt Coverage Ratio
0.91
Internal Rate of Return (5 years)
1.8%

Purchase Details

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Purchase price:
$349,900
Amount financed:
-$279,920
Down payment:
$69,980
Closing costs:
$10,497
Rehab costs:
$0
Initial cash invested:
$80,477
Square feet:
1,492
Cost per square foot:
$235
Monthly rent per square foot:
$1.88

Financing Details

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Loan amount:
$279,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,656
Property tax:
$430
Insurance:
$196
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,282

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,800 $33,600
Vacancy loss: (6%)
6% -$168 -$2,016
Operating income:
$2,632 $31,584

Operating Expenses


% Rent Monthly Yearly
Property taxes: (15%)
15%-$430-$5,159
Insurance: (7%)
7%-$196-$2,352
Property management: (8%)
8%-$224-$2,688
Repairs & maintenance: (5%)
5%-$140-$1,680
Capital expenditures: (5%)
5%-$140-$1,680
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (40%)
40%-$1,130-$13,559

Cash Flow


Monthly Yearly
Net operating income:
$1,502 $18,024
Mortgage payments:
-$1,656 -$19,872
Cash flow:
$154 $1,848