$798,000
Investment Summary
- Monthly Cash Flow
- -$2,097
- Cap Rate
- 3.0%
- Cash-on-Cash Return
- -13.7%
- Debt Coverage Ratio
- 0.49
- Internal Rate of Return (5 years)
- -9.3%
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
LAKEFRONT FARMHOUSE of your dreams on 9 ACRES and the ADDITION of a NEW 3 Bedroom/2 Bath MANUFACTURED HOME on the property, perfect for an ADU/SECOND HOME for family members or utilized as a rental! An additional 50 ACRES with a PRIVATE LAKE adjoining the property is available for purchase and has been approved for Conservation Use by Madison County for a 10 year period. Located just outside ATHENS in Madison County, you have finally found your little PIECE OF PARADISE! The rocking chair front porch welcomes you. As you enter, you immediately feel at home with OPEN CONCEPT living. This home was custom built, so there are too many UPGRADES to mention. The kitchen will WOW you with custom cabinets, a beautiful quartz island with extra storage, high end stainless appliances, subway tile backsplash, porcelain farmhouse sink, gas stove/oven, upgraded lighting and a pot filler faucet. The family room has tons of natural light, wood flooring throughout the main, recessed lighting and features a soaring custom beadboard ceiling with wooden beams. The floor-to-ceiling stone fireplace is stunning with a wood mantle and is ready to warm you on those cold winter nights! Just off the kitchen is a butler's pantry with tons of storage and a large laundry room with a utility sink. The Master Bedroom includes a high ceiling featuring beautiful chandelier lighting, a sliding farmhouse door and a large walk-in closet with custom shelving. The Master Bath has a dual vanity with beautiful cabinetry with a quartz countertop and a large subway tiled shower including a rain shower head. Also on the main level is an extra bedroom and an additional updated full bath. A black iron stair rail leads you to the secondary level of the home. You will love the dual-purpose BONUS/3rd bedroom which includes an office area, extra living space, a half bath and guest room. The exterior of the home features a LARGE SCREENED PORCH perfect for entertaining or drinking your morning coffee. Just off the sunroom is a nice deck for grilling out. The basement of the home includes unfinished space, currently utilized as a WORKSHOP. Multiple parcels which surround the private lake are included in the acreage for the sale of this property. The LIKE-NEW 32' x 60' MANUFACTURED HOME has TONS of natural light and LVP flooring in the main living area. It includes SO MANY WONDERFUL FEATURES including a kitchen with recessed lighting, custom white cabinets, an island, large pantry, vent hood, coffee bar and stainless appliances. The family room has high ceilings with a beautiful stone fireplace. The large master suite includes a walk-in closet, dual vanity with a knee hole, built-in linen closets and an over-sized shower. Also included is a dining area, large laundry room, two additional bedrooms and a full bath. Additional features include a NEW HVAC, a 10' x 12" DECK for entertaining, an 8" x 10" OUTBUILDING and a 20 x 20 CARPORT. It's time to buy your dream home!
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Location
Property Details
Parking
- Description: Parking Pad
- Details: Carport, Parking Pad
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 1
- # of Baths (Total): 2.5
Interior Features
- # of Stories: 2
- Basement: Yes
- Basement Description: Crawl Space, Exterior Entry, Unfinished
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Other
- Roof Type: Gable
- Roof Material: Composition, Metal
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0106049
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Style: Country/Rustic
- Year Built: 2020
Tax Information
- Annual Tax: $5,914
Utilities
- Water & Sewer: Private, Well
- Heating: Central
- Cooling: Ceiling Fan(s), Central Air
Location
- County: Madison
Listing Details
Investment Summary
- Monthly Cash Flow
- -$2,097
- Cap Rate
- 3.0%
- Cash-on-Cash Return
- -13.7%
- Debt Coverage Ratio
- 0.49
- Internal Rate of Return (5 years)
- -9.3%
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:
| $798,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$638,400 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $159,600 |
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:
| $23,940 |
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:
| $183,540 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,428 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $329 |
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:
| $1.48 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $638,400 |
|---|---|
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:
| $4,088 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $493 |
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:
| $252 |
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:
| $4,833 |
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:
| $3,600 | $43,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$216 | -$2,592 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,384 | $40,608 |
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. | 14% | -$493 | -$5,914 |
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% | -$252 | -$3,024 |
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% | -$288 | -$3,456 |
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% | -$180 | -$2,160 |
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% | -$180 | -$2,160 |
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 | 39% | -$1,393 | -$16,714 |
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:
| $1,991 | $23,892 |
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. | -$4,088 | -$49,056 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$2,097 | -$25,164 |