$579,900
Investment Summary
- Monthly Cash Flow
- -$1,069
- Cap Rate
- 3.9%
- Cash-on-Cash Return
- -9.6%
- Debt Coverage Ratio
- 0.64
- Internal Rate of Return (5 years)
- -5.3%
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
What a rare opportunity to own this tropical beauty in Placida, Florida. This custom built house is just the perfect size! The leaded glass front door leads into the tiled front foyer and then onward to the heart of the home. The Living Room is accentuated by the soaring vaulted ceiling, providing a true feeling of spaciousness. The dining area is adjacent and with all of the windows and sliding glass doors in these two rooms, the view can't be beat! The kitchen has wood laminate flooring, ceiling fan, plenty of cabinetry and a closet pantry. Appliances include: GE French door refrigerator, Kitchen Aide dishwasher, GE microwave and GE stove. Master bedroom has carpeted flooring, tray ceiling with a fan, large walk in closet and sliding glass doors to the lanai. Master bath has a double basin vanity, skylight, privacy commode and a shower with glass door. <BR>This unique floor plan has a guest bath conveniently located across the hall from Guest bedroom #2. This Guest bath has tiled flooring, combo tub/shower, vanity with cultured marble top and a linen closet. Guest Bedroom #2 has tiled flooring, tray ceiling with a ceiling fan and a wall closet. The laundry closet is just off the foyer also. Guest Bedroom #3 is off the kitchen and is perfect for craft/office space, having wood laminate flooring, ceiling fan, built in storage (which could be removed) and wall closet. The rear screened lanai is the perfect place for morning coffee and to watch the sun rise. There are steps down to the lower level, and your very own water feature - enjoy sitting outside and listening to the soft soothing sound of the water trickling!<BR> There is a huge side entry garage and workshop area for a variety of uses, plus a front entry garage that is perfect for storing a boat! Windows are impact resistant, as well as the skylights. New soffit and vinyl siding, courtesy of Hurricane Ian. Concrete seawall and floating dock provide easy access to launch your KAYAK for a with easy access to the prettiest waterway around, Coral Creek. Currently, shallow draft boats have access to Coral Creek, but that will be for a limited time.(unknown at this time what the timeframe will be when access is restricted) For larger boats, check out the private marina at Placida Harbor Club, just 1/2 mile down the street! This club has many amenities to go hand in hand with our beautiful sunsets! <BR> The private ferry motors 10 minutes to Little Gasparilla Island and the private beach where you'll find a clubhouse and pool along with seven miles of sandy beaches perfect for shelling! Back at the deep water harbor on the mainland, there are two more pools and a hot tub, plus a beautiful Old Florida Clubhouse, complete with fitness facilities, a catering kitchen, card room and pool table. *(currently being renovated) Beautifully landscaped grounds lead you to the tennis and pickle ball courts. Placida Harbor Club is gated, with 67 deep water docks outfitted with power, water and storage, with direct access to the Intercoastal waterway available for an extra fee! This marina is getting a great makeover, and will be ready soon! Other activities abound- from fitness classes like yoga and water aerobics to classes in cooking and flower arranging! Social time is important too, with potlucks, cocktail parties and holiday gatherings at the Clubhouse. Buy not just the house, but also a lifestyle!
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Location
Property Details
Parking
- Description: Circular Driveway, Driveway, Garage Faces Side, Under Building, Workshop in Garage
- Details: Circular Driveway, Driveway, Garage Faces Side, Basement, Workshop in Garage, Attached
- Garage Spaces: 3
- 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
Exterior Features
- Exterior Walls Materials: Wood
- Foundation: Slab
- Roof Material: Metal
HOA
- Has HOA: Yes
- Association: Kathy Dressel
- HOA Fee: $300/quarterly
- Additional Association: Placida Harbor Club
- Additional HOA Fee: $1,385/quarterly
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 422011232002
- Lot Size: 15122 sqft
Property Information
- Property Type: Single Family Residence
- Style: Elevated, Florida, Key West
- Year Built: 1991
Tax Information
- Annual Tax: $3,550
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Charlotte
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,069
- Cap Rate
- 3.9%
- Cash-on-Cash Return
- -9.6%
- Debt Coverage Ratio
- 0.64
- Internal Rate of Return (5 years)
- -5.3%
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:
| $579,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$463,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $115,980 |
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:
| $17,397 |
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:
| $133,377 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,655 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $350 |
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:
| $2.42 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $463,920 |
|---|---|
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:
| $2,971 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $296 |
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:
| $280 |
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:
| $3,547 |
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:
| $4,000 | $48,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$240 | -$2,880 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,760 | $45,120 |
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. | 7% | -$296 | -$3,550 |
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% | -$280 | -$3,360 |
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% | -$320 | -$3,840 |
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% | -$200 | -$2,400 |
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% | -$200 | -$2,400 |
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. | 14% | -$562 | -$6,744 |
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 | 46% | -$1,858 | -$22,294 |
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:
| $1,902 | $22,824 |
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. | -$2,971 | -$35,652 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$1,069 | -$12,828 |