$198,000
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$137
- Cap Rate
- 5.4%
- Cash-on-Cash Return
- -3.6%
- Debt Coverage Ratio
- 0.87
- Internal Rate of Return (5 years)
- 0.5%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
This beautiful 1/1 ground floor unit, close to downtown Sarasota, impresses with expansive water views and a prime location right next to all the community amenities. The updated condo is situated in a serene setting in the back of the building and offers splendid water views from every room. There is new luxury vinyl flooring throughout the unit. You'll like the open feel of the living and dining room combo with crown molding right as you enter the home. The kitchen comes equipped with hardwood cabinets & plenty of storage space that will make every home chef happy. A breakfast bar makes the perfect spot to entertain guests or enjoy a quick meal and adds to the open feel. Double doors lead to the primary bedroom, which features a spacious walk-in closet. The bathroom with garden tub was fully updated with a new toilet, a new modern vanity and a new light fixture. You can access your bathroom from either the hallway or the bedroom. Enjoy the convenience of your own laundry room off the kitchen with a washer and dryer. An office nook in the center of the unit gives you a nice retreat for all your work needs or can be used as extra storage. Glass sliding doors lead out to your private lanai and flood the unit with lots of natural light. Relish a fresh cup of coffee in the morning outside, while enjoying the pond view and watching Florida's wildlife. Upgraded fans and light fixtures give the unit a modern finishing touch. Calm your maintenance fears knowing that both the hot water heater as well as the AC unit were just replaced. The unit is nestled within the gated Villagio condominium association, minutes away from downtown Sarasota, shopping and the beautiful beaches, with easy access to 301, I75 and public transportation. Community amenities include a heated resort-style pool, tennis court, fenced in dog park, playground and gym. The community just had all the buildings painted in 2024 and all the tile roofs in the community were replaced in 2021. Whether you are looking for a full-time home, a winter escape or an investment property - Call today to set up your showing or virtual tour.
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Location
Property Details
Parking
- Description: Guest, Open
- Details: Guest, Open
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 1
Bathroom Information
- # of Baths (Full): 1
- # of Baths (Total): 1.0
Interior Features
- # of Rooms: 4
- # of Stories: 2
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Hip
- Roof Material: Tile
HOA
- Association: Christine Gillett
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 2022121310
- Lot Size: 1299752 sqft
Property Information
- Property Type: Condominium
- Style: Mediterranean
- Year Built: 2002
Tax Information
- Annual Tax: $2,483
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Sarasota
Listing Details
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$137
- Cap Rate
- 5.4%
- Cash-on-Cash Return
- -3.6%
- Debt Coverage Ratio
- 0.87
- Internal Rate of Return (5 years)
- 0.5%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $198,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$158,400 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $39,600 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $5,940 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $45,540 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 822 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $241 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $1.95 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $158,400 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.810% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $1,034 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $207 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $112 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $1,353 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $1,600 | $19,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$96 | -$1,152 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $1,504 | $18,048 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 13% | -$207 | -$2,483 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$112 | -$1,344 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$128 | -$1,536 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$80 | -$960 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$80 | -$960 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | n/a | n/a | n/a |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 38% | -$607 | -$7,283 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $897 | $10,764 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$1,034 | -$12,408 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $137 | $1,644 |