Explore this exceptional investment opportunity in Old Lyme, CT, ideally positioned right off I-95 and close to the picturesque White Sand Beach Town Beach. This property features two separate units, making it a versatile choice for investors interested in both long-term rentals and short-term accommodations such as Airbnb, or for owner-occupants seeking a residence that can also generate income. The front unit offers a practical layout with three bedrooms and one bathroom, perfect for families or individuals looking for accessible, comfortable living. The second unit includes two bedrooms and one bathroom, complemented by an attached garage, adding convenience and value. This arrangement is ideal for owner-occupants looking to offset their mortgage payments and increase cash flow through rental income. Located near a popular local attraction, the property's proximity to the beach enhances its appeal for short-term vacation rentals while maintaining steady demand for long-term leases. This strategic location not only provides excellent rental income potential but also offers flexibility in rental strategy to adapt to various market needs and preferences. Whether you're looking to expand your rental portfolio, start in real estate investment, or find a home that helps pay for itself, this multi-unit property in Old Lyme represents a smart buy with significant income potential, ideal for diversifying your investment approach.
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William Raveis Real Estate
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William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $372,000 | $372,000 | $372,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.125% | 7.125% | 6.375% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.867% | 7.282% | 6.623% |
Monthly Tax Payment | $369 | $369 | $369 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $2,506 | $2,506 | $3,215 |
Total Monthly Payment | $2,950 | $2,950 | $3,659 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.