$1,820,000
Investment Summary
- Monthly Cash Flow
- -$5,433
- Cap Rate
- 2.7%
- Cash-on-Cash Return
- -15.6%
- Debt Coverage Ratio
- 0.43
- Internal Rate of Return (5 years)
- -11.1%
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
Only a select few properties present themselves with such incomparable detail and artisanal craftsmanship that they can truly be called one-of-a-kind; however, Bankshaven holds its place in this rarified air with resolute distinction and impeccable execution as those involved in its architecture, construction, landscaping, and restoration are illustrious perfectionists that parlayed their craft and put it on full display throughout this world class demesne. Originally designed by architect Daniel Pratt, whose signature embellishments include faux finishes, and constructed in Haddock, Ga in 1827 the home was moved to its present location in Newnan, Ga around the 1960s where it began its new life among the surrounding gardens and grounds designed and implemented by distinguished landscape architect William C. Pauley. These include a plethora of fauna of which some heirloom species can be found. Many strains of boxwoods, holly, gardenias, magnolia, and roses dot the landscape and bloom throughout the seasons. Enchanted sitting areas and walkways lined with slate mined from the local quarry beckon for you to explore its winding paths as you drink in the peace and solitude they provide. Once you have meandered up the winding driveway you will find the Manor proper in all its 6,000+ square foot glory and marvel at the 25ft fluted columns capped with Doric accents and the primary exterior entrance that is still home to original wooden-chained posts. As you enter through the main door and gaze down the hallway you will be enlightened by the view out of a parallel back entrance which highlights Pearl Lake and is framed with boxwoods and the exterior columns on the back sitting area. Owned prior by the Gordon-Banks family, this view was how Mr. Williams Banks Jr. loved to welcome his guests and was usually accompanied by a chilled bottle of Pouilly-Fuisse and requisite cheese straws handmade by his chef. Cast your eyes upward and you will be enthralled with the three-story cantilevered staircase accented with original wooden balusters and banister. Venture to the left to enter the Grand Suite as it includes its own living room with fireplace, one and one-half bathrooms, walk-in closet, and an impeccably renovated main bathroom with stepless marble shower featuring a multi-jet Bluetooth shower system, custom vanities, and sitting area. The main bedroom is also graced with natural light through large windows that surrender your attention to the lake of which two are Dutch doors that lead to a covered porch area on the right as well as an ancillary garden on the left that is home to a triple-tiered marble fountain from Barnsley Gardens which pre-dates the Civil War. Saunter back out to the main hallway and further down you will encounter the large formal parlor with hand-lathed inset alcoves that was surely home to many philosophical conversations about writing and world affairs as Mr. Banks Jr. included published playwright and penned articles for Antiques Magazine among his accomplishments. Trek back across the main hallway and you will encounter the formal dining room with fireplace that is large enough to engulf a table that seats at least twelve to fifteen persons as well as the accompanying buffets and settings you require. Attached to the dining room is a separate library/law office with floor to ceiling bookshelves, fireplace, and separate half bathroom with a marble topped custom vanity. Continuing through the dining room you will first find a breakfast room with dual plaster alcoves which leads to an astoundingly renovated kitchen/bar/food prep area accented with its own sitting nook, multiple prep areas, industrial pipe shelving, ice maker, separate island with motion activated sink, six-burner gas stovetop with pot-filler spout, custom tile backsplashes and tiled hood, generous cabinet space with brushed-brass hardware and more! Full write-up is in the Associated Documents!! Contact Michael Prange 678-471-5200.
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Location
Property Details
Parking
- Description: Detached, Garage, Kitchen Level, Side/Rear Entrance
- Details: Detached, Garage, Kitchen Level
- Garage Spaces: 9
- Spaces Total: 9
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Partial): 3
- # of Baths (Total): 0.0
Interior Features
- # of Rooms: 10
- # of Stories: 3
- Basement: Yes
- Basement Description: Crawl Space, Partial, Unfinished
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood
- Roof Type: Gable
- Roof Material: Wood
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0762040002
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Style: Other
- Year Built: 1828
Tax Information
- Annual Tax: $9,613
Utilities
- Water & Sewer: Private, Well
- Heating: Central, Natural Gas, Zoned
- Cooling: Central Air, Zoned
Location
- County: Coweta
Investment Summary
- Monthly Cash Flow
- -$5,433
- Cap Rate
- 2.7%
- Cash-on-Cash Return
- -15.6%
- Debt Coverage Ratio
- 0.43
- Internal Rate of Return (5 years)
- -11.1%
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:
| $1,820,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,456,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $364,000 |
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:
| $54,600 |
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:
| $418,600 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 6,300 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $289 |
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:
| $1.13 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,456,000 |
|---|---|
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:
| $9,531 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $801 |
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:
| $497 |
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:
| $10,829 |
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:
| $7,100 | $85,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$426 | -$5,112 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,674 | $80,088 |
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. | 11% | -$801 | -$9,613 |
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% | -$497 | -$5,964 |
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% | -$568 | -$6,816 |
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% | -$355 | -$4,260 |
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% | -$355 | -$4,260 |
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 | 36% | -$2,576 | -$30,913 |
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:
| $4,098 | $49,176 |
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. | -$9,531 | -$114,372 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $5,433 | $65,196 |