Great E. Northport Cape w/ Legal Apartment

By
Real Estate Team Leader with Coldwell Banker Residential Brokerage Brilliant Results!

Just Reduced 10k - Now $ 369,900, Fabulous Opportunity in Northport School District # 4

Stop Renting!! - This Wonderful Cape Cod Style House has a Legal Accessory Apartment and the income (approx $ 1000 - 1200 per Month) can make your payment VERY reasonable. It's a Lovely Home, Great Yard, Friendly Neighborhood, Close to Shopping and Train Station.

Vist the website - Watch the Flipcam Tour - CALL for an appointment to visit.

28 Leonard Drive, E Npt

A Lovely Extended 4 Bed, 2 Bath Cape Home

Legal Accessory Appt ($1000-1200 rent roll).

List Price $ 369,000 ~ Taxes w/Star $ 6346

I asked a Mortgage Professional to work up some financing numbers for me - here is an over-view of what's possible - If a tenant is paying $ 1000 per month LOOK how LOW the monthly Mortgage Payment could be. ** Tax Benefit - confirm with your accountant.

The scenario’s below are based on buyer being in the 33% tax bracket

3 Payment Scenario’s ~ If House Sells for $ 379,000

FHA 3.5% Down as Low as $ 1422 per Month!

10% Down Conventional as Low as $ 1294 per Month!

20% Down Conventional as Low as $ 865 per Month!

FHA 3.5% down = 13,265 at 4.875% no points or originations[Mtg: 1954]+[Tax: 591]+[HO: 125]-[MIP: 274] = Total $ 2944 Mtg Interest and Property Tax write-off = $ 25,099 Back at the end of the year ~ $ 6,264 [monthly = $522] Net payment after tax benefit = $ 2,422 Subtract $ 1000 for rental income -

** Monthly Mortgage Payment Could be as Low as $ 1,422 per Month!

10% Down Conventional = 37,900 @ 4.875% interest no points[Mtg: 1,831]+[Tax: 591]+[HO: 125]+[PMI: 241] = Total $ 2,788 Mtg Interest and Property Tax write-off = 23,720 Back at the end of the year $ 5,928 [Monthly $494] Net payment after tax: $ 2,294 Subtract $ 1000 for rental income -

** Monthly Mortgage Payment Could be as Low as $ 1,294 per Month!

20% down conventional = 75,800 at 4.875% [Mtg: 1,604]+[tax: 591]+[HO: 125]-[PMI-N/A] = Total $ 2,320 Mtg Interest and Property Tax write-off = $ 21,873 Back at the end of the year ~ $ 5,460 [monthly $ 455] Net payment after tax ~ $ 1,865 Subtract $ 1000 for rental income -

** Monthly Mortgage Payment Could be as Low as $ 865 per Month!

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Topic:
Real Estate General Information
Location:
New York Suffolk County East Northport
Groups:
Americas Relocation Home Services - Our Mission is to Connect Home Buyers & Sellers With Local Real Estate Professionals
Outside Blogs
Posts to Localism
Tags:
east northport
northport
callpaulhome4sale
paul dougherty
open house
legal accessory apartment
northport school district

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Rainmaker
1,072,243
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Real Estate Services You can Trust!
Flexit Realty "Flexible Home Selling Solutions"

Hi Paul, Looks like a beautiful home. Good luck and much success at the open house today.

March 06, 2011 08:44 AM
Rainer
283,052
Keith Gilkey
410-920-7214, Re/Max Chesapeake
Re/Max Chesapeake

Paul, Congratulations on the proce reduction and hope you get a buyer at the open house.

March 06, 2011 09:13 AM
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Rainmaker
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the BRILLIANT real estate marketing team

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