Versatile Two-Family Home in a Prime Block Island Location. This classic two-family home offers a rare opportunity for both flexible living and solid rental income. The main house spans three levels and features two distinct living spaces, each with private entry, charming interiors, and comfortable layouts. The main and second floors include full kitchens, open living/dining areas, and well-proportioned bedrooms with ample natural light. The second-floor apartment includes a small private deck, offering a quiet outdoor spot for morning coffee or evening air. The third level, with its own entrance, provides additional living space ideal for a home office, guest suite, or overflow accommodations. Outdoors, the property features a peaceful yard shaded by mature trees and inviting sitting areas. A second detached building offers potential for expansion, studio use, or workshop space with the appropriate approvals. Whether you're seeking a full-time residence, a summer getaway, or an investment with rental appeal, this centrally located property meets a range of goals. Just a short distance from the shops, restaurants, and ferry in Old Harbor, and minutes from some of Block Island's beloved beaches, this home makes enjoying everything the Island has to offer effortless. With its adaptable layout, income potential, and prime location, it presents a rare opportunity to own a piece of Block Island that balances convenience, comfort, and possibility.
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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 Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $1,836,000 | $1,836,000 | $1,836,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 4.750% | 5.625% | 5.375% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 5.878% | 5.732% | 5.555% |
| Monthly Tax Payment | $444 | $444 | $444 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $9,577 | $10,569 | $14,880 |
| Total Monthly Payment | $10,146 | $11,138 | $15,449 |
* 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.