$3,500,000
Investment Summary
- Monthly Cash Flow
- -$13,760
- Cap Rate
- 1.4%
- Cash-on-Cash Return
- -20.5%
- Debt Coverage Ratio
- 0.23
- Internal Rate of Return (5 years)
- -15.8%
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
Located on desirable Davis Islands, built on a crawl space and surrounded by a block wall fence, this historical home has been kept high and dry, with no water damage to the interior. This stunning Mediterranean residence was one of the original homes built in 1929. This 5,566 square foot property maintains all of the original character, while offering updated touches throughout. Many features have been restored to their original state including the front door, gates leading to the kitchen, a leaded window, original staircase, built-ins, and many of the floors. The Formal Living Room (14' X 20') features a wood burning fireplace, plantation shutters and original hardwood floors. Across the hallway is a bright Den/Office (12' X 14') equipped with built-ins, plantation shutters and original hardwood floors. A 1/2 bath can be found tucked in under the stairs. The oversized gourmet eat-in Kitchen (25' X 25') is the hub of the home. There are 2 islands with 3" countertops. This Kitchen is a chef's dream complete with a 6-burner Thermador range top with griddle, Thermador double ovens, a Bosch dishwasher, 2 warming drawers, 2 refrigerated beverage drawers, commercial grade Sub Zero refrigerator and freezer, microwave, ice maker, wine cooler, walk in pantry and appliance garage. There is also a built in desk and 2 sets of French doors that lead to a gated motor court, 2 car garage and storage shed/workshop. The Great Room (32' X 25') is expansive and has a built in custom entertainment center. The room is also wired for indoor and outdoor surround sound. Just off the Great Room is a hallway with a 5-locker Mud Room and a two story in-law suite. The upstairs (13' X 21') can be used as a playroom/office/bedroom. Downstairs houses a full bath, indoor utility room and extra storage cabinets. Upstairs, the Primary Suite (32" X 25') features plantations shutters, a large built in armoire and French doors opening to a long, covered terrace overlooking the large yard and pool. The Master Bath has a soaking tub, separate shower, his and her sinks, his and hers laundry pullouts and his and hers custom walk in closets. The 2nd floor also houses 3 other bedrooms. The second bedroom (14' X 14") has the original hardwood floors, a walk in closet, the home's original dining room chandelier, and an en suite bathroom with a stand up shower. The large third bedroom (16' X 14') has 2 custom closets, plantation shutters and the original hardwood floors. The fourth bedroom has a walk in closet and the original hardwood floors. The third and fourth bedrooms share a completely remodeled Jack and Jill bathroom with a stand-up shower. Back downstairs, 3 French doors lead from the Family Room to the outdoor entertainment area. There is a sizable lawn, lanai, pool with fountain, sun shelf and hot tub. The pool cabana is complete with a wet bar and a full kitchen. A mosquito misting system keeps the perimeter of the house bug free. The property also has an in ground irrigation system, and outdoor lighting illuminates the entire yard. The exterior also has been recently updated. The entire home was painted, and custom made awnings were installed in 2021.
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Location
Property Details
Parking
- Description: Garage Faces Rear, Garage Faces Side, Golf Cart Parking, Guest, On Street, Secured, Workshop in Garage
- Details: Covered, Driveway, Garage Door Opener, Off Street, On Street, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 5
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 5.0
Interior Features
- # of Rooms: 8
- # of Stories: 2
- Basement Description: Crawl Space
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Roof Type: Gable or Hip
- Roof Material: Tile
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: A252918509000017000310
- Lot Size: 14400 sqft
Property Information
- Property Type: Single Family Residence
- Style: Mediterranean
- Year Built: 1929
Tax Information
- Annual Tax: $22,838
Utilities
- Water & Sewer: Public
- Heating: Electric
- Cooling: Central Air
Location
- County: Hillsborough
Listing Details
Investment Summary
- Monthly Cash Flow
- -$13,760
- Cap Rate
- 1.4%
- Cash-on-Cash Return
- -20.5%
- Debt Coverage Ratio
- 0.23
- Internal Rate of Return (5 years)
- -15.8%
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:
| $3,500,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,800,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $700,000 |
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:
| $105,000 |
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:
| $805,000 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 5,566 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $629 |
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:
| $1.58 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,800,000 |
|---|---|
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:
| $17,929 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,903 |
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:
| $616 |
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:
| $20,448 |
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:
| $8,800 | $105,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$528 | -$6,336 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $8,272 | $99,264 |
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. | 22% | -$1,903 | -$22,838 |
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% | -$616 | -$7,392 |
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% | -$704 | -$8,448 |
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% | -$440 | -$5,280 |
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% | -$440 | -$5,280 |
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 | 47% | -$4,103 | -$49,238 |
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:
| $4,169 | $50,028 |
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. | -$17,929 | -$215,148 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $13,760 | $165,120 |