$398,000
Investment Summary
- Monthly Cash Flow
- -$374
- Cap Rate
- 4.5%
- Cash-on-Cash Return
- -4.9%
- Debt Coverage Ratio
- 0.80
- Internal Rate of Return (5 years)
- -0.8%
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
Tucked within the quiet heart of Chenoa, Illinois, a rare legacy stands waiting for its next chapter. Built at the turn of the century by Jesse King -an influential developer and co-owner of the King & Hamilton Co.-this stately Queen Anne Victorian was more than a home. It was a declaration of success, a cornerstone in the fabric of Chenoa's early growth, and a reflection of the opulence and craftsmanship of its era. Constructed in 1899 with meticulous stone masonry and refined architectural detail, this iconic residence once overlooked six acres of estate land. Though the original parcel has long since been divided, the home still commands presence on a generous .6-acre corner lot-quiet, elegant, and brimming with possibility. Today, the "Old King House has been restored not only with care but with reverence. While every inch of the finished living spaces have been brought up to modern standards of luxury, its soul remains intact. From the soaring 10-foot ceilings on the main level, to the custom woodwork and hand carved ornate columns matching the preserved original fireplace mantle, the home blends turn-of-the-century romance with contemporary style in perfect harmony. Step inside to find 3,160 square feet of finished living space (6,120 sq ft total including attic and basement), where light dances across brand new floors and flows through oversized picture windows. The centerpiece kitchen is a culinary dream-boasting custom soft-close cabinetry, black granite countertops, a walk-in pantry, built-in coffee bar, and new stainless steel appliances. With 4-5 bedrooms, including a main floor Den/bedroom suite, and two fully renovated bathrooms featuring custom tilework and floating glass shower walls, every inch of the home has been reimagined for modern comfort. Second floor laundry and a newly finished four-season room with full heating and air adds even more functional space and a cozy retreat for year-round enjoyment. The home has been completely rewired, including the installation of a new electrical panels. Brand new drywall now spans all walls and ceilings throughout the home. All faulty plumbing was removed and replaced with new fixtures. The original wood accents and decorative trim outdoors have been carefully restored and painted to match the newly installed roof and trims, adding an elegant contrast to the home's historic exterior. New siding, soffits, fascia, gutters, designer lighting, ceiling fans in every bedroom, and a tankless water heater are just a few of the modern touches. The entire lawn has been landscaped and reseeded to complete the outdoor transformation. The crown jewel? A sprawling 1,500 sq ft attic with 9-foot ceilings, primed for expansion-an artist's loft, a luxury guest retreat, or an additional full bath await your vision. Below, a freshly solid basement with stone foundation and brick inner walls offers equal square footage with endless potential. Outside, the historic Carriage House is solid and has been improved, professionally repainted, and features a two-car garage with a massive 900 sq ft unfinished extra room space above-perfect for a private office, studio, guest suite, or future apartment. With timeless style, generous space, and a past that reads like a storybook, this home isn't just a residence-it's a statement and an anchor in history. Located just:1.5 hours to Downtown Chicago45 minutes to Bloomington35 minutes to Pontiac1 hour to Peoria Under 3 hours to St. Louis. This is your chance to own a piece of Illinois history-modernized for today, but forever rooted in the grandeur of its origin. Welcome to 732 E Cemetery Avenue. Welcome Home.
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Location
Property Details
Parking
- Details: Gravel, No Garage, On Site, Detached, Garage
- Garage Spaces: 2
- Spaces Total: 2
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 1
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 10
- # of Stories: 2
- Basement: Yes
- Basement Description: Unfinished, Full
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood Siding
- Foundation: Brick/Mortar
- Roof Material: Asphalt
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0301364002
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Style: Queen Anne, Victorian
- Year Built: 1899
Tax Information
- Annual Tax: $5,073
Utilities
- Water & Sewer: Public
- Heating: Natural Gas, Steam
- Cooling: Wall Unit(s)
Location
- County: Mc Lean
Listing Details
Investment Summary
- Monthly Cash Flow
- -$374
- Cap Rate
- 4.5%
- Cash-on-Cash Return
- -4.9%
- Debt Coverage Ratio
- 0.80
- Internal Rate of Return (5 years)
- -0.8%
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:
| $398,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$318,400 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $79,600 |
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:
| $11,940 |
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:
| $91,540 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 6,120 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $65 |
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:
| $0.46 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $318,400 |
|---|---|
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:
| 5.875% |
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:
| $1,883 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $423 |
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:
| $196 |
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:
| $2,502 |
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:
| $2,800 | $33,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$168 | -$2,016 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,632 | $31,584 |
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. | 15% | -$423 | -$5,074 |
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% | -$196 | -$2,352 |
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% | -$224 | -$2,688 |
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% | -$140 | -$1,680 |
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% | -$140 | -$1,680 |
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 | 40% | -$1,123 | -$13,474 |
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:
| $1,509 | $18,108 |
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. | -$1,883 | -$22,596 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$374 | -$4,488 |