$1,155,000
Investment Summary
- Monthly Cash Flow
- -$4,868
- Cap Rate
- 1.2%
- Cash-on-Cash Return
- -22.0%
- Debt Coverage Ratio
- 0.20
- Internal Rate of Return (5 years)
- -17.2%
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 781 Boulevard, a rare opportunity to own a Sears, Roebuck and Co catalogue home, built in the early twentieth century in the hugely popular Boulevard Historic District in Athens, Georgia. This impressive 5 BR 2.5 BA home has been lovingly renovated with meticulous attention to original detail and style from top to bottom. A full list of impressive improvements available.The handsome wood frame home sits high on a lot overlooking vivacious Boulevard. The wide front porch spans the entire front of the home offering interesting vistas of the lively neighborhood. Entering the home there is a dedicated and gracious foyer with a front staircase. Beautiful and rich oiled pine floors run throughout the home. Charming details like wood columns, original millwork, solid wood doors, period hardware and updated custom high-end light fixtures can also be noted throughout the home. Living room is spacious with big sunny front facing windows and a hidden original fireplace ( that can be restored relatively easily ). The formal dining room is bathed in natural light and can accommodate a large table for gathering and features exterior glass doors. Hallway has butler staircase access, charming powder room as well as pantry or storage closet and custom laundry room with soaking sink. Every room has solid wood windows to let in an abundance of natural light. The modern kitchen is spacious and impressive. Custom cabinetry, hardware and eye-catching tile make this room pop. Beautiful sleek solid surface counter top and architectural cooktop hood accent this space. Large center island provides a great area for food prep, eating and working. There is also a dedicated office work station. The design of this room provides an impressive amount of storage and utility. Glass doors lead to large side screened porch with door to backyard. Upstairs the primary suite includes amazing views of the backyard from a bank of large windows providing fantastic light while still offering privacy. Cheery and bright spa-like bathroom with tiled step-in shower and generous vanity area. Water closet. Two closets and separate built-in desk area also in this primary wing. Additionally, there are three nice bedrooms and a pretty hall bathroom on this second floor. Third floor has large flex room that could be a fifth bedroom, media room, office or play area. Thoughtful skylight for additional light above. Spacious closet and storage area also here. Basement level has interior access. This space has been improved dramatically and encapsulated. Private fenced backyard is expansive and perfect for play or entertaining. Plenty of room to include additional accessory dwelling. Metal shipping container workshop at back of property is handy, but could be removed by future owner without HPC approval. Shared legally deeded easement driveway to the right of the property. Rear side double gate entrance for future car park. Plenty of street parking as well. Lovely plantings and mature tree canopy. Professionally designed future landscape plan available upon request. This property sits adjacent to award winning elementary school and walking distance to the thriving Prince Avenue corridor. This home is also a very short distance away from the Chase Street business area, downtown Athens as well as The Universty of Georgia.
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Location
Property Details
Parking
- Details: Off Street
- Garage Spaces: 4
- Spaces Total: 4
Bedroom Information
- # of Bedrooms: 5
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 1
- # of Baths (Total): 0.0
Interior Features
- # of Stories: 3
- Basement: Yes
- Basement Description: Crawl Space, Unfinished
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood
- Roof Type: Gable
- Roof Material: Metal
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 114D3A007
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Style: Traditional
- Year Built: 1912
Tax Information
- Annual Tax: $8,199
Utilities
- Water & Sewer: Public
- Heating: Electric
- Cooling: Electric
Location
- County: Clarke
Investment Summary
- Monthly Cash Flow
- -$4,868
- Cap Rate
- 1.2%
- Cash-on-Cash Return
- -22.0%
- Debt Coverage Ratio
- 0.20
- Internal Rate of Return (5 years)
- -17.2%
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:
| $1,155,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$924,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $231,000 |
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:
| $34,650 |
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:
| $265,650 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,618 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $441 |
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:
| $1.03 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $924,000 |
|---|---|
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:
| 6.840% |
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:
| $6,048 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $683 |
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:
| $189 |
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:
| $6,920 |
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:
| $2,700 | $32,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$162 | -$1,944 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,538 | $30,456 |
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. | 25% | -$683 | -$8,199 |
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% | -$189 | -$2,268 |
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% | -$216 | -$2,592 |
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% | -$135 | -$1,620 |
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% | -$135 | -$1,620 |
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 | 50% | -$1,358 | -$16,299 |
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:
| $1,180 | $14,160 |
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. | -$6,048 | -$72,576 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $4,868 | $58,416 |