This one was worth the wait. One of a kind offering a rare investment opportunity. One of two parcels in Madison designated as "Transitional Zone". Special permit approved to legalize historical use of (3) three-unit dwelling as a Planned Residential Development. This property does not need to be owner occupied. Live in one unit and rent the other two units or rent all three. Does not require owner occupancy for the units to be rented. The main home resting on a gentle knoll is a duplex with separate entrances, electric meters, heating, parking, and mailboxes. Largest unit of the duplex has three bedrooms, one on the first floor and two on the second floor. There is a family room, kitchen, dining room, sitting room with fireplace, and family room on second floor. This unit has natural gas and separate electric meter. The smaller unit in the duplex is a one-bedroom unit, family room with fireplace, eating nook, office, and modest kitchen. It is heated with oil and has separate electric meter. A second meter to transfer to natural gas was installed for future use. The detached red barn is the third unit comprised of one bedroom; family room open to eat-in kitchen area. This unit has separate electric meter, propane and electric baseboard heat. The duplex and red barn have separate septic systems. The septic system was cleaned and inspected in 2022. Property priced to be sold as is. Inspections are for informational purposes only.
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William Raveis Real Estate
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William Raveis Mortgage, LLC
Phone: 203.415.2989
Brian.Skelly@raveis.com
NMLS Mortgage Loan Originator ID 793093
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $412,000 | $412,000 | $412,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.125% | 6.125% | 5.250% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.398% | 6.285% | 5.510% |
Monthly Tax Payment | $635 | $635 | $635 |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $2,503 | $2,503 | $3,312 |
Total Monthly Payment | $3,230 | $3,230 | $4,039 |
* 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.