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118 Wolcott Avenue, Middletown, RI, 02842 | $1,800,000
Attention investors! The solidly built and well-maintained ranch home is grandfathered to allow short-term rentals without a special permit or owner occupancy, and comes with an additional lot. As an added bonus, duplexes are allowed on either lot by special permit. Each lot is legally nonconforming with respect to frontage and lot width, but an administrative subdivision is required to remove a slight encroachment of the house over the common lot line. The administrative subdivision will increase the size of one lot to at least 20, 000 sf, which would allow an accessory dwelling unit by right if the proposed ordinance is adopted. The other lot will be approximately 16, 915 sf. The house features hardwood flooring, except for the eat-in kitchen (linoleum) and bathrooms (tile), an efficient 95% AFUE direct vent gas boiler (2015), attic fan, architectural shingles (2013), optional 1st floor washer/dryer hookups, huge back yard with 6' chain link fence, knotty pine breezeway to attached 2-car garage, tool shed, brick patio and front walkway, basement cedar closet, new efficient toilets, and window awnings on west side. The property is being offered as a package, but the owner will entertain selling individually (subject to approval of the administrative subdivision).
Features
- Amenities: Golf,Highway Access,Marina,Near Hospital,Near Schools,Recreation Area,Restaurant,Shopping,Tennis Court(s)
- Rooms: 6
- Bedrooms: 3
- Baths: 2 full
- Style: Ranch
- Year Built: 1953
- Garage: 2-car Attached,Garage
- Heating: Baseboard,Gas,Hot Water
- Cooling: Central Air
- Basement: Full,Interior Entry,Unfinished
- Approx Sq. Feet: 1,600
- Acreage: 0.85
- Est. Taxes: $6,878
- Lot Desc: Multiple lots
- Appliances: Dryer,Dishwasher,Exhaust Fan,Gas Water Heater,Oven,Range,Refrigerator,Range Hood,Washer
- MLS#: 1372308
- Website: https://www.raveis.com
/eprop/1372308/118wolcottavenue_middletown_ri?source=qrflyer
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William Raveis Family of Services
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888.699.8876
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Whitney RuggVP, Mortgage Banker, William Raveis Mortgage, LLC
NMLS Mortgage Loan Originator ID 7654
401.474.4879
Whitney.Rugg@raveis.com
Our Executive Mortgage Banker:
- Is available to meet with you in our office, your home or office, evenings or weekends
- Offers you pre-approval in minutes!
- Provides a guaranteed closing date that meets your needs
- Has access to hundreds of loan programs, all at competitive rates
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Robert ReadeRegional SVP Insurance Sales, William Raveis Insurance
860.690.5052
Robert.Reade@raveis.com
Our Insurance Division:
- Will Provide a home insurance quote within 24 hours
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Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable
118 Wolcott Avenue, Middletown, RI, 02842
$1,800,000
Customer Service
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Whitney Rugg
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 401.474.4879
Whitney.Rugg@raveis.com
NMLS Mortgage Loan Originator ID 7654
|
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $1,440,000 | $1,440,000 | $1,440,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.375% | 6.250% | 5.750% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.850% | 6.360% | 5.930% |
| Monthly Tax Payment | $573 | $573 | $573 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $8,064 | $8,866 | $11,958 |
| Total Monthly Payment | $8,762 | $9,564 | $12,656 |
* 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.
William Raveis Mortgage, LLC, NMLS ID 2630, 7 Trap Falls Road, Shelton, CT 06484
RI Mortgage Lender & Mortgage Broker #20051918LL & #20051919LB