$975,000
Investment Summary
- Monthly Cash Flow
- -$4,015
- Cap Rate
- 1.3%
- Cash-on-Cash Return
- -21.5%
- Debt Coverage Ratio
- 0.21
- Internal Rate of Return (5 years)
- -16.7%
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
WALNUT HILL ~ Stunning 6 bed, 3.5 bath premier 5,000+ sq ft 1857 Historic home on 1.47 acres on Marshall's most beautiful street! Gracefully restored light-filled home w/towering ceilings, custom woodwork, large formal living & dining rooms, cozy family room, 2 fireplaces, a 45' x 20' gathering room w/custom bookcases & French doors overlooking expansive lush yard/gardens & incredible pond/waterfall. Large, updated kitchen opens to family, dining & gathering rooms w/built-in display & storage areas. Main-floor owner's suite/private retreat, w/jetted tub, huge walk-thru custom closet & private laundry. Perfect family & entertainment home! Hardwood floors, 3 furnaces, 2 A/C units, fenced yard, 3 car garages, large studio/office. Walk to downtown—just minutes from Blue Oval Battery Park MI! https://site.windowstill.com/602-N-Kalamazoo-Ave WALNUT HILL ~ Step into timeless elegance at 602 N Kalamazoo Avenue, a premier Marshall Historical residence nestled on Marshall's most beautiful street and just steps to downtown restaurants, festivals, etc. Listed at $975,000, this gracefully restored 1857 light-filled, traditional home spans over 5,000 finished square feet with towering ceilings, custom built-ins and cabinetry, elegant transom windows, custom window treatments,12" custom baseboards, chair rails, hardwood floors (ceramic floors in bathrooms) and a combination of recessed lighting and original elegant brass lighting fixtures, offering an unmatched blend of charm, comfort, elegance and sophistication. This home is perfect for both family living and entertainment! Boasting 6 bedrooms, 3.5 baths, and a thoughtful floor plan, the home includes large formal living room with fireplace, large dining room with 2 built-in & lighted China cabinets opening to kitchen and gathering room, cozy family room with fireplace and built-in cabinet storage that opens to a secondary brick walled patio, and a stunning windowed French door-lined (with Phantom Screens) 45' x 20' gathering room with custom shelving and cabinets and built-in area for huge flat screen, that seamlessly connects the living spaces while offering picturesque views of the expansive backyard. The massive main-level owner's suite is a private retreat featuring a spacious bedroom, a custom-built 15' x 11' walk-through closet with unlimited storage, jetted claw-footed tub in large and bright bathroom area, private laundry, and direct access to the main patio. The beautifully updated spacious kitchen opens to the family room, gathering room and dining room, and includes custom white wood curved cabinetry, granite countertops, built-in desk and pantry, with storage space galore. Off the kitchen is a staircase that provides secondary access to the upstairs bedrooms. The second downstairs bedroom can be used as an office with white custom curved cabinetry with built-in desk, drawers and cabinets. Upstairs are 4 bedrooms and 2 large baths with a Juliet balcony hallway that overlooks the foyer below. Set on 1.47 picturesque acres, the home features a huge, fenced backyard with a serene pond with waterfall, lush gardens, custom lighting, and a private fieldstone patio perfect for entertaining. You'll enjoy two detached garages with 3 total stalls, and a large, heated, high ceilinged, studio space above for work, fun or creativity. With three furnaces, two central air units, lawn sprinkler system, and a security system, comfort and efficiency meet beauty and function. Private well on-site can be used for pond and irrigation if desired to supplement municipal water to the home. Enjoy walkability to shops, restaurants, and schools, and proximity to Blue Oval Battery Park Michigan, making this an ideal location for modern living in a historic setting.
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Location
Property Details
Parking
- Description: 3, Attached
- Details: Detached, Asphalt, Paved
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 6
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 1
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 11
- # of Stories: 2
- Basement: Yes
- Basement Description: Partial
- Fireplace: Yes
Exterior Features
- Roof Material: Composition, Shingle
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 5300212400
- Lot Size: 64251 sqft
Property Information
- Property Type: Single Family Residence
- Style: Historic
- Year Built: 1858
Tax Information
- Annual Tax: $24,999
Utilities
- Water & Sewer: Public
- Heating: Natural Gas, Forced Air
- Cooling: Ceiling Fan(s), Central Air
Location
- County: Calhoun
Listing Details
Investment Summary
- Monthly Cash Flow
- -$4,015
- Cap Rate
- 1.3%
- Cash-on-Cash Return
- -21.5%
- Debt Coverage Ratio
- 0.21
- Internal Rate of Return (5 years)
- -16.7%
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:
| $975,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$780,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $195,000 |
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:
| $29,250 |
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:
| $224,250 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 5,155 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $189 |
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:
| $0.89 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $780,000 |
|---|---|
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:
| $5,106 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,083 |
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:
| $322 |
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:
| $7,511 |
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:
| $4,600 | $55,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$276 | -$3,312 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,324 | $51,888 |
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. | 45% | -$2,083 | -$24,999 |
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% | -$322 | -$3,864 |
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% | -$368 | -$4,416 |
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% | -$230 | -$2,760 |
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% | -$230 | -$2,760 |
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 | 70% | -$3,233 | -$38,799 |
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:
| $1,091 | $13,092 |
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. | -$5,106 | -$61,272 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $4,015 | $48,180 |