$260,999
Investment Summary
- Monthly Cash Flow
- -$373
- Cap Rate
- 4.6%
- Cash-on-Cash Return
- -7.5%
- Debt Coverage Ratio
- 0.73
- Internal Rate of Return (5 years)
- -3.2%
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
Welcome to 747 Garfield Ave Unit C, Libertyville, IL 60048 - a beautifully updated and move-in-ready 3-bedroom, 2-bath second-floor end unit, perfectly nestled in the highly sought-after and tranquil Cambridge Square subdivision of Libertyville. This sun-filled condo offers a rare combination of modern finishes, functional layout, and unbeatable location, making it ideal for first-time buyers, downsizers, or anyone looking for comfort and convenience in one of Lake County's most desirable communities. Step inside and you're immediately welcomed by a bright and inviting eat-in kitchen, thoughtfully updated with stainless steel appliances, contemporary shaker-style cabinetry, neutral-toned countertops, and ample cabinet and prep space. Whether you're enjoying a casual breakfast or entertaining guests, the kitchen's layout provides the ideal hub for daily life. A large window fills the space with natural light, making it feel open and airy. As you continue into the heart of the home, you'll find a spacious open-concept living and dining area designed for both relaxing and entertaining. Large south-facing windows pour in sunshine, highlighting the newer, soft-toned neutral carpeting that flows throughout the main living spaces. The layout easily accommodates full-sized furniture and offers great flexibility for your personal design touch, whether you're hosting guests or enjoying a quiet evening at home. Tucked away for privacy on the opposite side of the condo, the primary suite is generously sized and features a large closet, plush carpet, en-suite bathroom with a modern vanity, sleek fixtures, and updated finishes that create a spa-like atmosphere. Two additional bedrooms provide versatile options for guest rooms, home office, or flex spaces, and both share access to a well-appointed full hallway bath-perfect for families or visiting guests. Additional highlights include in-unit full-size laundry, central air, a 1-car attached garage with private entry, and a private storage closet, providing space for all your extras. As an end unit, this condo offers enhanced privacy and an extra sense of space and quiet that is rare to find. But the lifestyle doesn't stop at the front door-this prime Libertyville location offers everything you need just minutes away. Enjoy easy access to downtown Libertyville, known for its charming shops, award-winning restaurants, cafes, festivals, and farmers markets. Commuters will love the quick access to Metra Rail, I-294, Route 137, and Milwaukee Avenue, making travel to downtown Chicago and surrounding suburbs a breeze. Top medical care is just moments away at Advocate Condell Medical Center, and families will appreciate proximity to top-rated Libertyville schools. Outdoor enthusiasts will fall in love with the abundance of nearby parks and recreational options, including Nicholas Dowden Memorial Park, Libertyville's Butler Lake Park, and the stunning Independence Grove Forest Preserve, featuring walking trails, bike paths, picnic areas, a lake for kayaking, and more. Golfers will appreciate proximity to Pine Meadow Golf Course, a beautifully maintained 18-hole championship course offering a fantastic challenge for players of all skill levels. Whether you're looking to downsize without compromise, invest in a low-maintenance lifestyle, or simply enjoy the comfort of a move-in-ready home in a peaceful, friendly community, 747 Garfield Ave Unit C delivers on second level. Don't miss this rare opportunity to own an end-unit condo in one of Libertyville's best-kept secrets-schedule your private showing today and fall in love with the warmth, space, and lifestyle that awaits!
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Location
Property Details
Parking
- Description: Garage Door Opener(s), Transmitter(s)
- Details: Asphalt, Garage Door Opener, On Site, Detached, Driveway, Garage
- Garage Spaces: 1
- Spaces Total: 2
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 7
- # of Stories: 2
- Basement Description: None
- Fireplace: Yes
Exterior Features
- Foundation: Concrete Perimeter
- Roof Material: Asphalt
HOA
- Has HOA: Yes
- HOA Fee: $347/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 1121311148
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 1977
Tax Information
- Annual Tax: $4,606
Utilities
- Heating: Electric, Forced Air
- Cooling: Ceiling Fan(s), Central Air
Location
- County: Lake
Listing Details
Investment Summary
- Monthly Cash Flow
- -$373
- Cap Rate
- 4.6%
- Cash-on-Cash Return
- -7.5%
- Debt Coverage Ratio
- 0.73
- Internal Rate of Return (5 years)
- -3.2%
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:
| $260,999 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$208,799 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $52,200 |
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:
| $7,830 |
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:
| $60,030 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,203 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $217 |
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:
| $2.08 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $208,799 |
|---|---|
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:
| $1,367 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $384 |
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:
| $175 |
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:
| $1,926 |
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:
| $2,500 | $30,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$150 | -$1,800 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,350 | $28,200 |
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% | -$384 | -$4,606 |
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% | -$175 | -$2,100 |
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% | -$200 | -$2,400 |
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% | -$125 | -$1,500 |
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% | -$125 | -$1,500 |
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. | 14% | -$347 | -$4,164 |
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 | 54% | -$1,356 | -$16,270 |
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:
| $994 | $11,928 |
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. | -$1,367 | -$16,404 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $373 | $4,476 |