$759,900
Investment Summary
- Monthly Cash Flow
- -$2,226
- Cap Rate
- 2.6%
- Cash-on-Cash Return
- -15.3%
- Debt Coverage Ratio
- 0.43
- Internal Rate of Return (5 years)
- -10.8%
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
SELLER WILL PAY QUARTERLY FEES & ANY ASSESSMENTS FOR 1 YEAR FROM THE DATE OF CLOSING, WITH THE RIGHT OFFER. A soothing coastal feel inside reflects the Gulf to Bay views from outside. This 2,062 sq ft under a/c condo with 3 bedrooms and 2 bathrooms is open & light fill. A secured elevator opens to a private foyer & double door entry. Once inside, your eyes are drawn out the wall of floor to ceiling impact sliders introducing you to sparkling water views of a 25-acre lake, the Bay & Gulf. Over 700 acres of preserve protect the mesmerizing views from future development and offer you a ‘ring-side seat’ to watch the many native birds resting in the mangroves. This condo features a centralized kitchen w/white Shaker cabinets, breakfast bar, granite tops, walk-in pantry, SS appliances & hood (the refrigerator was just replaces in 2024), tile backsplash and floating shelves. Because it is open to the living / dining room, the chef in the family can engage with guests while preparing meals and simultaneously enjoy nature’s vistas beyond. An approx. 300 sq ft screened and tiled lanai offers outdoor space to relax while taking in the views. Recently installed, Storm Smart shades offer peace of mind and a level of protection on top of the impact glass. The primary bedroom suite is located on one side of the split floor plan and has access to the lanai, 2 walk-in closets & in-suite bathroom w/updated & upgraded walk-in shower, 2 separate vanities, soaking tub and private water closet w/extra storage. Two guest bedrooms & a guest bathroom are on the opposite side from the primary suite providing privacy. A separate laundry room gives you ample space for day-to-day tasks. No carpet - tile is installed throughout all living and wet areas with new luxury vinyl flooring in the bedrooms. New ceiling fans add to the ambiance. This unit is being offered furnished w/ a few exceptions so you can move directly in after closing. Two under-building parking spaces & a de-humidified storage area convey with the sale. Located in a prime area close to FMB, Sanibel, restaurants, shops & grocery. Live the island lifestyle offered by Mastique, a low-density community. Situated on 25-acre Lake Mastique is a 6,000 sq ft clubhouse, resort style, salt-water pool and spa. A mile long shell path surrounds the crystal clear lake. Catch and release fishing is permitted. Paddle boat and kayaks are available to glide over the 35 ft deep water. Tennis and Pickleball courts offer more outdoor activity. For your furry family members, there is a dog park with one side for small dogs and the other for larger canines. Lush tropical landscape provides that island feel – as if you are away on a retreat or vacation yet actually you are home living your best day-to-day life. Come and join Mastique, the best staycation!
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Location
Property Details
Parking
- Description: Assigned, Attached, Driveway, Underground, Garage, Guest, Handicap, Paved, TwoSpaces
- Details: Assigned, Attached, Driveway, Underground, Garage, Guest, Paved
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Stories: 20
Exterior Features
- Foundation: Pillar/Post/Pier, Raised
- Roof Material: Built-Up, Flat, Tile
- Pool Community: Yes
HOA
- Has HOA: Yes
- HOA Fee: $1,540/quarterly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 1246230800000.1102
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Style: Other, High Rise
- Year Built: 2004
Tax Information
- Annual Tax: $7,790
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air, Ceiling Fan(s), Electric
Location
- County: Lee
Listing Details
Investment Summary
- Monthly Cash Flow
- -$2,226
- Cap Rate
- 2.6%
- Cash-on-Cash Return
- -15.3%
- Debt Coverage Ratio
- 0.43
- Internal Rate of Return (5 years)
- -10.8%
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:
| $759,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$607,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $151,980 |
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:
| $22,797 |
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:
| $174,777 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,956 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $389 |
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:
| $2.10 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $607,920 |
|---|---|
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:
| 6.625% |
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:
| $3,893 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $649 |
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:
| $287 |
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:
| $4,829 |
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:
| $4,100 | $49,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$246 | -$2,952 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,854 | $46,248 |
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. | 16% | -$649 | -$7,790 |
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% | -$287 | -$3,444 |
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% | -$328 | -$3,936 |
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% | -$205 | -$2,460 |
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% | -$205 | -$2,460 |
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. | 13% | -$513 | -$6,156 |
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 | 53% | -$2,187 | -$26,246 |
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:
| $1,667 | $20,004 |
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. | -$3,893 | -$46,716 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $2,226 | $26,712 |