$209,999
Investment Summary
- Monthly Cash Flow
- -$650
- Cap Rate
- 2.4%
- Cash-on-Cash Return
- -16.1%
- Debt Coverage Ratio
- 0.40
- Internal Rate of Return (5 years)
- -11.6%
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
One or more photo(s) has been virtually staged. This IMMACULATE, FULLY UPDATED CONDO should be your first choice. Dock available with Floating jet ski dock. Welcome to 1335 Mineo Dr., Unit G, a beautifully updated waterfront condo perfectly situated in the sought-after Punta Gorda Isles. Just a short 12-minute boat ride to the picturesque harbor, this immaculate property is your gateway to the ultimate Florida coastal lifestyle. Love to fish and boat? Want a winter getaway with income potential? Impact windows and accordion shutters on the lanai make this 2nd floor unit secure. choice. Inside, you'll find a warm and inviting living space featuring charming beadboard wainscotings' chair railings, and durable luxury vinyl flooring that complements the coastal vibe. Step out onto the brick-tiled lanai for seamless indoor-outdoor living, all secured with convenient accordion hurricane shutters for peace of mind. This 2-bedroom, 1-bath home offers a well-designed interior with impact windows and doors for safety and energy efficiency. The modern kitchen is equipped with a full suite of top of the line 2019 GE Monogram appliances, including a convection oven, vented microwave, Bosch dishwasher, and a bottom freezer refrigerator with an ice maker. For pristine water quality, enjoy the undercounter reverse osmosis filtration system. The bathroom, renovated in 2021, boasts a luxurious rain shower head, a built-in shower seat, stainless steel towel racks, and hidden storage behind a sleek mirror. The second bedroom features a versatile barn door and a Murphy bed and cabinetry, maximizing space for guests, a home office, or your hobbies. In-unit laundry is made easy with a Samsung washer and dryer, plus additional shelving and storage. Modern comforts are already taken care of: a 2021 AC system, 2021 hot water heater, upgraded electrical panel, and ceiling fans in every room. The home has thoughtful upgrades, including a retractable front door screen, updated lighting fixtures, and the building has a durable metal roof installed in 2022. Additional features include an air-conditioned storage locker, assigned parking, guest parking, and a floating jet ski dock with concrete dock available for your boating adventures. Join the Punta Gorda Isles Civic association and enjoy access to the Punta Gorda Isles Civic Association amenities, including events, clubs, tennis courts and pickleball. Seawalls are maintained by the city of Punta Gorda with an assessment on your taxes making this a worry free waterfront setting. Owner redid the dock pilings in 2023. Small Pet-friendly and maintenance-free, with condo fees covering sewer, water, trash, and flood insurance, this home offers both comfort and convenience. Live the Florida dream in a vibrant town filled with galleries, boutique shops, lively festivals, and a weekly farmers market. Whether you’re relaxing with a sunset view from your dock or lanai, enjoying your morning espresso or evening glass of wine, this is waterfront living at its finest. Don’t miss your chance to own this exceptional property — contact us today to make 1335 Mineo Dr., Unit G, your new home!
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Location
Property Details
Parking
- Description: Assigned
- Details: Driveway, Guest, Off Street
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 1
- # of Baths (Total): 1.0
Interior Features
- # of Rooms: 7
- # of Stories: 2
Exterior Features
- Foundation: Slab
- Roof Material: Membrane, Metal
HOA
- Has HOA: Yes
- Association: G F Business Services
- HOA Fee: $575/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 412213601004
- Lot Size: 940 sqft
Property Information
- Property Type: Condominium
- Style: Florida
- Year Built: 1983
Tax Information
- Annual Tax: $2,895
Utilities
- Water & Sewer: Public
- Heating: Electric, Exhaust Fan
- Cooling: Central Air
Location
- County: Charlotte
Listing Details
Investment Summary
- Monthly Cash Flow
- -$650
- Cap Rate
- 2.4%
- Cash-on-Cash Return
- -16.1%
- Debt Coverage Ratio
- 0.40
- Internal Rate of Return (5 years)
- -11.6%
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:
| $209,999 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$167,999 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $42,000 |
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:
| $6,300 |
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:
| $48,300 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 839 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $250 |
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:
| $2.15 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $167,999 |
|---|---|
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:
| $1,076 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $241 |
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:
| $126 |
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:
| $1,443 |
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:
| $1,800 | $21,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$108 | -$1,296 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $1,692 | $20,304 |
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% | -$241 | -$2,895 |
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% | -$126 | -$1,512 |
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% | -$144 | -$1,728 |
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% | -$90 | -$1,080 |
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% | -$90 | -$1,080 |
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. | 32% | -$575 | -$6,900 |
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 | 70% | -$1,266 | -$15,195 |
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:
| $426 | $5,112 |
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. | -$1,076 | -$12,912 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$650 | -$7,800 |