$999,999
Investment Summary
- Monthly Cash Flow
- -$2,375
- Cap Rate
- 3.2%
- Cash-on-Cash Return
- -12.4%
- Debt Coverage Ratio
- 0.53
- Internal Rate of Return (5 years)
- -8.0%
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
PRICE INCLUDES CONVERTED CARRIAGE HOUSE; & BARN and A POSSIBLE BUILDING/SUB-DIVISION OPPORTUNITY! ... Nestled on 17.9 ACRES, this one of a kind, CHARMING COUNTRY HOME was LOVINGLY BUILT FROM A CONVERTED CARRIAGE BARN ORIGINALLY BUILT IN 1860. Now 2,400 sq. feet with 3 BEDROOMS & 3 BATHS, it was built within the original stone foundation with the hand hewn post and beams exposed to accent the ORIGINAL CHARM! BEAUTIFUL 10” PINE FLOORS, 9’ CEILINGS and many creative architectural details throughout. The first floor boasts a LARGE CUSTOM KITCHEN WITH A SUNNY SITTING/BREAKFAST ROOM, BEAUTIFUL GRANITE AND QUARTZ COUNTER TOPS, 5-BURNER GAS RANGE, STAINLESS STEEL BUILT-IN MICROWAVE, REFRIGERATOR AND DISHWASHER. SPACIOUS WALK-IN PANTRY! ..Enjoy the warmth and ambiance of the pellet stove. Adjacent to the kitchen is the sun filled dining room which overlooks the POOL and main barn. TWO SETS OF FRENCH DOORS LEAD INTO THE LIBRARY WITH COFFERED CEILING and WONDERFUL BUILT IN SHELVING. A powder room is conveniently situated next to the LARGE MUDROOM WITH ADDITIONAL BUILT IN STORAGE and the Laundry is also on the first floor. Two doors provide easy access to the POOL and COVERED OUTDOOR ENTERTAINING AREAS. Upstairs is the PRIMARY BEDROOM SUITE WITH CATHEDRAL CEILING & LOFT w/built in shelving, large walk-in closet and a beautiful ENSUITE BATH. TWO ADDITIONAL LARGE BEDROOMS, HOME OFFICE/YOGA ROOM/NURSERY and hallway SECOND FULL BATH complete the second floor. There is also a large finished attic. Looking past the wonderful and charming home, is the fantastic property, with wonderful old barns/outbuildings standing tall and proud since 1860! The large, open, main barn with stair access loft can be utilized for whatever interests you - ARTIST STUDIO, OFFICE, ULTIMATE PLAY SPACE - THERE IS EVEN AN INDOOR BASKETBALL COURT! Bring your HORSES and chickens and animals! Additional WORKSHOPS, TACK ROOM, 5+ STALLS, CHICKEN COOP, a heated mechanic's room and so much more are in the connected barns. THE WATER SUPPLY IS PLENTIFUL WITH A 90 GALLON/MINUTE ARTESIAN WELL PLUS A lovely SPRING-FED POND! A ONE BEDROOM CARETAKER’S APARTMENT offering pristine views and an over-sized deck! .. Perfect for peace of mind property oversight and maintenance for your WEEKEND GETAWAY home! This 17.9 acre property includes a possible future build or sub-division opportunity with nearly full forever-privacy surrounded by NJ State Parklands and a large farm with PDR status! Build for yourself or potentially sub-divide! Don't miss this QUINTESSENTIAL WARWICK property and all that it offers....COUNTRY FARMHOUSE LIVING AT ITS BEST! Meander down your own wooded, mature tree lined lane to the SPRING FED POND, LEAN-TO, RIDING TRAILS & BREATHTAKING ROLLING FIELDS which BUTT NJ PARK AND WILDLIFE PRESERVED LAND - less than 2% of this property has wetlands. Visit the many vibrant wineries, breweries, restaurants, orchards & shops Warwick and the surrounding area has to offer. ..... Close to NYC with convenient transportation options for commuters. ...Warwick Valley schools, a strong community, unparalleled scenic landscape and so much more make 88 Prices Switch Road in Warwick, NY THE PERFECT PLACE FOR YOUR YEAR-ROUND OR WEEKEND HOME.
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Location
Property Details
Parking
- Description: Carport, Covered, Detached, Driveway
- Details: Carport, Covered, Driveway
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 1
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 10
- # of Stories: 3
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Composition/Composite
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Rural/Agricultural
Lot Information
- Parcel ID: 33548940128.2
- Lot Size: 779724 sqft
Property Information
- Property Type: Single Family Residence
- Style: Carriage House, Cottage, Farmhouse
- Year Built: 1860
Tax Information
- Annual Tax: $13,352
Utilities
- Water & Sewer: Private, Spring
- Heating: Electric, Other, Propane, See Remarks
- Cooling: None
Location
- County: Orange
Listing Details
Investment Summary
- Monthly Cash Flow
- -$2,375
- Cap Rate
- 3.2%
- Cash-on-Cash Return
- -12.4%
- Debt Coverage Ratio
- 0.53
- Internal Rate of Return (5 years)
- -8.0%
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:
| $999,999 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$799,999 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $200,000 |
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:
| $30,000 |
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:
| $230,000 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,400 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $417 |
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:
| $2.29 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $799,999 |
|---|---|
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:
| $5,057 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,113 |
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:
| $385 |
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:
| $6,555 |
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:
| $5,500 | $66,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$330 | -$3,960 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,170 | $62,040 |
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. | 20% | -$1,113 | -$13,352 |
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% | -$385 | -$4,620 |
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% | -$440 | -$5,280 |
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% | -$275 | -$3,300 |
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% | -$275 | -$3,300 |
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 | 45% | -$2,488 | -$29,852 |
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:
| $2,682 | $32,184 |
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. | -$5,057 | -$60,684 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $2,375 | $28,500 |