GREAT INVESTMENT OPPORTUNITY!! Experience the best in this unique property, nestled in the town of Newport, within walking distance to downtown and all it has to offer. This expansive 22-acre estate offers many opportunities for development, with 233 feet of road frontage and access to town water and sewer. Situated in a quiet neighborhood, this home has a new roof installed in 2020 and all exterior wood trim was painted this year. Attached is an impressive 2 story barn, with 2 additional lofts, offering plenty of space for storage of equipment, recreational vehicles and tools. There are workshops on the first and second levels. The home itself is currently divided into 3 separate one bedroom living quarters, providing a nice income. However, great care was taken by the owner who lives onsite, to design the spaces in such a way that the property could easily be returned to a single family home or keep one apartment for income while living in a 2 bedroom home with ensuite baths. Currently there are 3 bedrooms and 3-1/2 baths and laundry rooms on the first and second floor. The first floor master suite has a dressing room and master bath. The attached 2 bay garage and workshop, offer endless possibilities with plenty of storage and work space. From the back patio, you can enjoy the peaceful views of the woods and lush lawns which surround the house.
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5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $559,920 | $559,920 | $559,920 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.250% | 6.990% | 6.000% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.945% | 7.159% | 6.286% |
Monthly Tax Payment | $562 | $562 | $562 |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $3,820 | $3,721 | $4,725 |
Total Monthly Payment | $4,474 | $4,375 | $5,379 |
* 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.