$579,900
Investment Summary
- Monthly Cash Flow
- -$1,736
- Cap Rate
- 2.5%
- Cash-on-Cash Return
- -15.6%
- Debt Coverage Ratio
- 0.41
- Internal Rate of Return (5 years)
- -11.1%
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
Rare opportunity to own two distinct homes on a single lot, both overlooking the Esopus Creek. Whether you're seeking an investment property, a multi-generational living setup, or a private retreat, this dual home offering provides endless potential! The stone home, formally known as the Lanigan House, was built as a fort and originally constructed around 1700. This historic beauty sits on the banks of the Esopus Creek and retains much of its original character. The home has been nicely updated with all new major operating systems (roof, 200 amp service, hot water heater, and boiler installed in 2023/2024) and offers a unique opportunity for buyers seeking a home with charm, hand-hewn beamed ceilings, and a desire to restore it to its original splendor. The stone exterior provides timeless appeal and exceptional durability, making it a standout property. With no furnishings inside, this home is a blank canvas waiting for someone to bring it to life. The interior features a new kitchen, a living room, and a family room, both with fireplaces for added warmth and ambiance. The second floor offers four spacious bedrooms with a full bath and ample closet space. Whether you're looking to renovate or simply add your personal touch, the open layout presents endless possibilities. Overall updates include a new roof, hot water heater, boiler, new cabinets, countertops, some flooring, 200-amp electrical service, and repointing of both chimneys. The second residence, the White Cape, was completely gutted with a full second-floor expansion, framed, rewired, insulated, and renovated in 2016, offering comfort and practicality from day one. Boasting three bedrooms and two and a half baths, the layout is perfect for those seeking extra space. The main floor provides a cozy living room, a half bath, a dining area, and a well-equipped kitchen with a large pantry—great for anyone who loves to cook, featuring new cabinets, stone counters, and generous counter space. A washer/dryer off the kitchen adds first-floor convenience. Upstairs, you'll find three bright and spacious bedrooms and a beautifully renovated full bath with tile and stone accents. The primary bedroom boasts a wall of closets and great storage, along with another custom full bath. This room overlooks the creek and waterfall—open the windows and fall asleep to the soothing sounds of the creek cascading over the dam. One of the highlights of this home is the lovely fenced-in yard, featuring a tremendous garden with raised beds, meandering walkways, and a firepit. Steps lead up to a deck, ideal for outdoor dining, entertaining guests, or enjoying privacy. A newer outdoor shed provides ample space to store your toys and outdoor equipment. There's plenty of parking for each home, and spaces could be more formally divided if desired. Whether you're looking for a home office, guest house, or rental potential (long or short-term), this property offers versatility to suit your lifestyle. Located just minutes from the Village of Saugerties, with restaurants, shops, cafes, HITS, and easy access to local parks, hiking, and the Hudson River, this property is a must-see! The stone home will remain vacant and is very easy to show. A confirmed appointment is required for showings. Additional Information: HeatingFuel:Oil Above Ground** ACCEPTED OFFER 8/22 **
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Location
Property Details
Parking
- Details: Driveway, Off Street
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 7
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 1
- # of Baths (Total): 5.0
Interior Features
- # of Rooms: 14
- # of Stories: 2
- Basement: Yes
- Basement Description: None
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Rock, Stone
Land Information
- Land Use: Residential
- Land Use Subtype: Multi-Family Dwellings (any combination 2+)
Lot Information
- Parcel ID: 51488928.11220.520
- Lot Size: 29621 sqft
Property Information
- Property Type: Single Family Residence
- Style: Other
- Year Built: 1800
Tax Information
- Annual Tax: $7,173
Utilities
- Water & Sewer: Private, Public, Well
- Heating: Oil, Wood, Forced Air
- Cooling: Wall/Window Unit(s)
Location
- County: Ulster
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,736
- Cap Rate
- 2.5%
- Cash-on-Cash Return
- -15.6%
- Debt Coverage Ratio
- 0.41
- Internal Rate of Return (5 years)
- -11.1%
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:
| $579,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$463,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $115,980 |
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:
| $17,397 |
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:
| $133,377 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,464 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $167 |
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:
| $0.75 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $463,920 |
|---|---|
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:
| 6.500% |
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:
| $2,932 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $598 |
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:
| $182 |
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:
| $3,712 |
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:
| $2,600 | $31,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$156 | -$1,872 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,444 | $29,328 |
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. | 23% | -$598 | -$7,173 |
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% | -$182 | -$2,184 |
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% | -$208 | -$2,496 |
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% | -$130 | -$1,560 |
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% | -$130 | -$1,560 |
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 | 48% | -$1,248 | -$14,973 |
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:
| $1,196 | $14,352 |
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. | -$2,932 | -$35,184 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,736 | $20,832 |