Galena, IL


$ 675,000 - Short Term Rental

11.0 bd | 9.0 ba | 7,374 sqft | 1875 yr | $ 1,870 Avg Rate

Cash on Cash
-3,785.49 %
IRR
0.00 %
Net Monthly Cashflow
$-608,635

Description

Galena Historic Mansion and Licensed Small Inn located on the corner of Hwy 20 & Oldenburg Lane. Includes a detached 3 car garage & also a 1 room cottage that rents out as well. Small Inn, great Wedding venue offering a partially finished ballroom on the 3rd level. Mansion is offered furnished w/ few personal exclusions, turn key business. Features include: Marble fireplaces in most rooms throughout. Wood burner for furnace as well as gas forced air. Ruby Red Czechoslovakian Door custom made for the mansion is aligned w/ Summer/Winter solstice-said to "Bring New Light into the Home". Circle windows in the ballroom are also aligned for Sun/Moon. Built in bookcases in the Library/Family Room. Laundry on 2nd level could be used as an additional bedroom. Improvements include:Kitchen remodel started including appliances 2019. Water heaters(2019). Water heater & HVAC in Cottage (2022). Well pump & pressure tank (2020). Mansion Roof replaced (2014)roof on garage(2016), side porch & gazebo roof(2021). New garage doors (2019).Chimney resealed (2021). HVAC in ballroom is new & was sprayed insulated & new plaster. There is a bell service from each room. There is still some work to be done &/or finished to Buyers needs & desires. Property is Landmarked! Qualified Buyers may call to schedule a showing.


Short Term Rental Analysis

  • Cash on Cash: -3,785.49 %
  • Net Monthly Cashflow: $-608,635
  • Daily Rent: $1,870

Financial Analysis

  • Loan Amnt: $ 543,750.00
  • All-in Cost: $ 736,687.50
  • Debt Coverage Ratio: -127.49 %
  • Total Out of Pocket: $ 192,937.50
  • Monthly Mortgage: $ 4,736.65

Expense Assumptions

  • Prop Insurance: $800
  • Co Hosting Fee: $40,953
  • Maintenance: $25,596
  • Occupany: 75.00 %

Financing Assumptions

  • Down Payment: $181,250
  • Interest Rate: 6.50 %
  • Loan Term Years: 15.00
  • Points: $5,438

Other Assumptions

  • Closing Cost: $6,250


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