$2,550,000
Investment Summary
- Monthly Cash Flow
- -$9,941
- Cap Rate
- 1.4%
- Cash-on-Cash Return
- -20.3%
- Debt Coverage Ratio
- 0.23
- Internal Rate of Return (5 years)
- -15.6%
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
The Joshua Martin House, locally known as the Judy Tomkins House, is an exemplary late 18th century stone and clapboard home that's been sensitively restored by its current owners. It sits on a knoll with seasonal views of the Hudson River, in a magnificent and private landscape. The property is located in the Snedens Landing neighborhood, a historic district, on a narrow, winding road, that was designed for carts and horses in the old days, and is part of Palisades, NY. The home is turnkey and has such an amazing, comfortable vibe, and rich provenance. It's an excellent example of the vernacular architecture erected in Palisades during the late 18th, early 19th century. It features hand hewn beams, a Federal style fireplace mantel in the library and old wide board pine floors. The house features a simple layout with a large gallery/living room with fireplace and doors that lead to the stone patio and garden in the rear yard. An old world eat in kitchen with concrete countertops, old fashion cupboards, super wide board floors and a back staircase, that faces south and west for sunlight almost all day long. An awesome library with hand hewn beams, wide board floors, a Federal style fireplace mantel and an old style window that looks out to the yard. The primary suite on the main level with access to the garden and features the third working fireplace, bath, and its own private screened in porch. The second floor offers an additional three bedrooms and three baths. Joshua Martin built the house and lived in it for about 60 years as did Judy Tomkins. In keeping with the Snedens tradition of having a strong association with the arts, it became a second home to some of the most important figures of American contemporary art when Tomkins owned it. Through Leo Castelli’s gallery in Manhattan where she exhibited her acclaimed photographs, she befriended Jasper Johns and Robert Rauschenberg, among others, and for over a quarter of a century they gathered at this property to celebrate Thanksgiving and Easter in their “favorite house on the Hudson” with a woman they credited with influencing much of their life and style. Judy was a writer, having published several books, a very talented photographer, who exhibited her work in many shows, and later in life she literally helped change the landscape of Snedens Landing, becoming a leading landscape designer in the area. A remarkable woman! The cliffs of the Palisades which rise high along the Hudson River north of the GW Bridge, on its west bank, suddenly break, just south of Snedens Landing, and the land goes down to the river, which is the first break in the mighty Palisades. Snedens Landing came about in the 1600s by the Snedens Family (who also married with the Dobbs family), who ran the ferry across the river to Dobbs Ferry. The 27th mayor of NYC, William Merritt, owned a property at this time on the Hudson. Merritt was part of the Dobbs family, who first ran the ferry across the river, which is probably how the Snedens Landing ferry first started. It ran until the early 1940s. There are 3,000 acres of parkland accessible from Snedens Landing for hiking, walking and enjoying. The Joshua Martin House is a short walk to the Hudson River, The Snedens Landing tennis court, parklands, the Palisades Library, the Palisades Community Center, The Market and NYC transportation is within walking distance. Snedens Landing is only 25 minutes from the Upper West side and 40 minutes from Tribeca. It looks and feels like the county but it's amazingly close to "the city". Nothing Compares to Snedens Landing.
Build Your Team
Quickly find investor-friendly professionals who can help you succeed in real estate investing at any stage of the investing journey.
Agents
Match with investor-friendly agents who can help you find, analyze, and close your next deal
Lenders
Get the best funding…find investor-friendly lenders who specialize in your deal strategy
Property Managers
Transition to passive investing. Find a trusted property management partnership that lasts.
Tax Pros & Accountants
Taxes and financial reporting made easy—find experts to create tax savings strategies, file taxes, and more
Location
Property Details
Parking
- Details: Driveway
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Partial): 1
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 8
- # of Stories: 1
- Basement: Yes
- Basement Description: Partial
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Rock, Stone
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 39248978.18115
- Lot Size: 36590 sqft
Property Information
- Property Type: Single Family Residence
- Style: Colonial
- Year Built: 1780
Tax Information
- Annual Tax: $29,145
Utilities
- Water & Sewer: Public
- Heating: Natural Gas, Radiant
- Cooling: Central Air
Location
- County: Rockland
Listing Details
Investment Summary
- Monthly Cash Flow
- -$9,941
- Cap Rate
- 1.4%
- Cash-on-Cash Return
- -20.3%
- Debt Coverage Ratio
- 0.23
- Internal Rate of Return (5 years)
- -15.6%
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:
| $2,550,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,040,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $510,000 |
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:
| $76,500 |
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:
| $586,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,600 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $981 |
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:
| $3.00 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,040,000 |
|---|---|
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:
| 6.500% |
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:
| $12,894 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,429 |
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:
| $546 |
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:
| $15,869 |
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:
| $7,800 | $93,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$468 | -$5,616 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $7,332 | $87,984 |
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. | 31% | -$2,429 | -$29,145 |
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% | -$546 | -$6,552 |
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% | -$624 | -$7,488 |
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% | -$390 | -$4,680 |
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% | -$390 | -$4,680 |
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 | 56% | -$4,379 | -$52,545 |
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:
| $2,953 | $35,436 |
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. | -$12,894 | -$154,728 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$9,941 | -$119,292 |