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$475,000

For Sale - Active
1285 Salt Lake Dr, Tarpon Springs, FL 34689
3 Beds
2 Baths
1,685 Square Feet
0.14 Acres Lot
Built in 2001
For Sale - Active
1 Units
Checked: 21 hours ago
Updated: Jul 27, 2025 at 05:16AM

Investment Summary


Monthly Cash Flow
-$1,113
Cap Rate
3.3%
Cash-on-Cash Return
-12.2%
Debt Coverage Ratio
0.54
Internal Rate of Return (5 years)
-7.8%

Property Description


0.14 Acres Lot
Built in 2001
For Sale - Active
1 Units

Welcome to 1285 Salt Lake Drive—a picture-perfect home nestled in the serene, gated community of North Lake in Tarpon Springs. This peaceful enclave offers residents access to a scenic nature trail, a community pier overlooking tranquil Salt Lake, and unbeatable proximity to the vibrant culture, dining, and history of Tarpon Springs. Step inside to discover a bright, open split-bedroom layout accentuated by vaulted ceilings and stylish solid-surface flooring throughout. A rare double-sided fireplace brings warmth and character to both the main living area and the spacious primary bedroom—a perfect retreat for cozy evenings. The kitchen is thoughtfully designed with a gas range for the cooking enthusiast, ample cabinetry, and a sunny eat-in dining nook, complemented by a separate formal dining space ideal for entertaining. Enjoy modern conveniences like a natural gas water heater, and major updates including roof (2015) and HVAC (2016). The primary suite impresses with a large en-suite bath featuring dual vanities, a garden soaking tub, and a glass block walk-in shower with built-in seating for spa-like comfort. Outdoors, unwind in your screened lanai overlooking a private, PVC-fenced backyard, ideal for pets, play, or peaceful evenings in nature. Location is everything—and this home offers the best of both worlds: peaceful seclusion just off the beaten path, yet minutes to everything you need. Enjoy easy access to the Pinellas Trail extension (right next to the community), Lake Tarpon, major shopping centers, diverse restaurants, Howard Park Beach, and the iconic Sponge Docks of Tarpon Springs. Whether you're an outdoor enthusiast, retiree, or young family, this move-in-ready gem is your opportunity to enjoy the ultimate Florida lifestyle in a secure, welcoming community. Don’t miss this chance—schedule your private tour today and make 1285 Salt Lake Drive your next home!

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Location


Property Details


Parking

  • Description: Garage
  • Details: Attached
  • 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 Rooms: 9
  • # of Stories: 1
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Stucco
  • Foundation: Slab
  • Roof Type: Gable
  • Roof Material: Shingle

HOA

  • Has HOA: Yes
  • Association: Monarch Association Management/Susan Marino
  • HOA Fee: $738/semi-annually

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 072716608460000830
  • Lot Size: 6299 sqft

Property Information

  • Property Type: Single Family Residence
  • Year Built: 2001

Tax Information

  • Annual Tax: $5,861

Utilities

  • Water & Sewer: Public
  • Heating: Electric
  • Cooling: Central Air

Location

  • County: Pinellas

Listing Details


Listed by:
David Timmons
KELLER WILLIAMS REALTY- PALM H
(727) 480-5968

Source:
Stellar MLS
MLS#: TB8375529
Stellar MLS

Investment Summary


Monthly Cash Flow
-$1,113
Cap Rate
3.3%
Cash-on-Cash Return
-12.2%
Debt Coverage Ratio
0.54
Internal Rate of Return (5 years)
-7.8%

Purchase Details

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Purchase price:
$475,000
Amount financed:
-$380,000
Down payment:
$95,000
Closing costs:
$14,250
Rehab costs:
$0
Initial cash invested:
$109,250
Square feet:
1,685
Cost per square foot:
$282
Monthly rent per square foot:
$1.66

Financing Details

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Loan amount:
$380,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$2,433
Property tax:
$489
Insurance:
$196
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,118

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,800 $33,600
Vacancy loss: (6%)
6% -$168 -$2,016
Operating income:
$2,632 $31,584

Operating Expenses


% Rent Monthly Yearly
Property taxes: (17%)
17%-$489-$5,862
Insurance: (7%)
7%-$196-$2,352
Property management: (8%)
8%-$224-$2,688
Repairs & maintenance: (5%)
5%-$140-$1,680
Capital expenditures: (5%)
5%-$140-$1,680
HOA fees: (4%)
4%-$123-$1,476
Total operating expenses: (47%)
47%-$1,312-$15,738

Cash Flow


Monthly Yearly
Net operating income:
$1,320 $15,840
Mortgage payments:
-$2,433 -$29,196
Cash flow:
$1,113 $13,356