804 Spruce Street

804 & 820 Spruce Street. THERE ARE TWO DETACHED HOMES. LIVE IN ONE, RENT THE OTHER! Offered together at $425,000, 820 and 804 Spruce Street provide a rare opportunity to own two separate detached one-bedroom, one-bath cottages on an approximately 6,000-square-foot parcel. The approximately 820-square-foot main residence at 820 Spruce and beautifully renovated 520-square-foot cottage at 804 Spruce each have their own address, driveway and utilities, providing the privacy and independence of two individual homes in an attractive landscaped setting. For an owner-occupant, the second cottage can substantially change the economics of ownership. With 10% down, an illustrative $382,500 mortgage financed for 15 years at 6.5% would have a monthly principal-and-interest payment of approximately $3,332 and would be completely paid off at the end of the 15-year term. Meanwhile, rental income of just $1,350 per month from 804 Spruce would generate approximately $243,000 over those 15 years more than the approximately $217,000 of total interest paid over the entire life of the mortgage, even assuming no rent increases. Live in one, collect income from the other, and in 15 years own two detached homes free of mortgage debt. It is an unusual combination of affordable owner occupancy, immediate rental income and long-term equity building.