$325,000
Investment Summary
- Monthly Cash Flow
- -$352
- Cap Rate
- 4.8%
- Cash-on-Cash Return
- -5.7%
- Debt Coverage Ratio
- 0.79
- Internal Rate of Return (5 years)
- -1.5%
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
A Midcentury (Manchester) Time Capsule...we don't limit ourselves to only the fabulous Midcentury homes in ATL. We go to where the good-good is, and this time that search for the good-good took us to Manchester GA. You say you don't know where Manchester is? Well, read on my friend bc you will soon find yourself wishing you were already there. Built in 1968 and owned by the same couple for nearly 60 years, this beautiful residence is the textbook definition of pure, unadulterated, classic MCM architecture. Perched at the top of a secluded hill & built into the base of Pine Mountain Ridge, living here feels like living in North Ga Mountain country. Vistas of deep valleys, green pastures, & mountain views cradle the town of Manchester and make for some of the best hikes anywhere in GA. You think you've seen it all before, but this one is different. As you approach the property you notice the handmade zig-zag wooden fence bordering the yard. 624 is the ONLY home on the block & in the Fall & early Spring, you will be rewarded with the most fiery yellow-orange sunset views as the day turns to dark and the mountain ridge in the distance frames the setting sun. Rugged Post & Beam construction, the most *perfect* color of tannish-brown brick, & walls & walls of glass beckon you to park the car, get out, & come inside. THE ENTRY IS TO DIE FOR. Vintage wrought iron double gates open onto solid wooden double doors....opening these doors is like walking into another decade, a better life, & a new experience. A split-level wooden staircase leads you either down into a huge den/rec room with a bar & indoor grill, or up into the living room & the views you've been dreaming for every night as you search IG for your dream home. A full wall of glass, with sliders, draws you thru the living room & out onto the cantilevered deck where you realize you're 20 feet higher than your nearest neaighbor's roofline & you have COMPLETE privacy. It's possible you were so drawn to the views that you missed :: the brick wall punctuating the room which houses the minimalist fireplace, the built-in media cabinet, the new floors, and the *oh so perfectly patinated* vintage grasscloth wallpaper. The dining room, kitchen, and primary bedroom all afford you the exact same gorgeous views. The bathrooms. Not just one, but three & a half original tile baths, each one lovingly preserved: primary bathroom. IT. IS. HUGE. Walk-in shower, soaking tub, double closets, vaulted ceiling, this house had it all, decades before it circled back into style. The primary bath is literally larger than most primary bedrooms. Not even one hand-laid vintage square tile is cracked and not one single piece of grout has been lost. Two downstairs baths are equally perfect & the fixtures shine & gleam like they were installed just yesterday. Nothing cracked, nothing broken. Just pure midcentury design. What about the outside? Just as incredible. 1.5 acres. A covered porch off the kitchen. A full size workshop designed in the most fabulous Southern Gothic vernacular. Native azaleas, Japanese maples, rhododendron, poplar, oak, & ginkgo trees create the most inspiring landscape. The best part...a natural spring bubbles out of the ground and it feeds the most lush & beautiful ferns & ginger root plants that you have even seen. The next door neighbor ( whom you can't see) maintains 8+ acres of forest & tends it like a nature preserve. For 1/3 the cost of a North Ga Mountain retreat, you could own a 3BEDx3.5BATH, 3000+/- SQFT home, located less than 2 hours from ATL. A 12 minute drive to FRD's Little White House. 33 minute drive to Callaway Gardens. 22 minutes or less to the Flint River. 1 hour to Hartsfield Jackson ATL airport. Creeks, springs, hiking trails, and outdoor options all at your fingertips. There are so many details to experience. If you're curious (I know you are), come visit. It will be worth the drive. You will love it.
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Location
Property Details
Parking
- Description: Carport
- Details: Carport
- Garage Spaces: 0
- Spaces Total: 2
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 1
- # of Baths (Total): 3.5
Interior Features
- # of Rooms: 6
- # of Stories: 2
- Basement: Yes
- Basement Description: Daylight, Exterior Entry, Finished, Full
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Masonry
- Roof Type: Gable
- Roof Material: Composition
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: MA09049
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Style: Ranch, Other, A-frame
- Year Built: 1968
Tax Information
- Annual Tax: $3,286
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Ceiling Fan(s), Central Air
Location
- County: Meriwether
Listing Details
Investment Summary
- Monthly Cash Flow
- -$352
- Cap Rate
- 4.8%
- Cash-on-Cash Return
- -5.7%
- Debt Coverage Ratio
- 0.79
- Internal Rate of Return (5 years)
- -1.5%
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:
| $325,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$260,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $65,000 |
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:
| $9,750 |
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:
| $74,750 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,470 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $221 |
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:
| $1.56 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $260,000 |
|---|---|
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:
| 6.625% |
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:
| $1,665 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $274 |
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:
| $161 |
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:
| $2,100 |
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:
| $2,300 | $27,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$138 | -$1,656 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,162 | $25,944 |
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. | 12% | -$274 | -$3,286 |
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% | -$161 | -$1,932 |
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% | -$184 | -$2,208 |
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% | -$115 | -$1,380 |
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% | -$115 | -$1,380 |
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 | 37% | -$849 | -$10,186 |
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:
| $1,313 | $15,756 |
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. | -$1,665 | -$19,980 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $352 | $4,224 |