$595,000
Investment Summary
- Monthly Cash Flow
- -$1,621
- Cap Rate
- 2.9%
- Cash-on-Cash Return
- -14.2%
- Debt Coverage Ratio
- 0.47
- Internal Rate of Return (5 years)
- -9.8%
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
HUGE REDUCTION - OWNER IS MOTIVATED SO BRING YOUR OFFER! Take Advantage of this Amazing Opportunity to own a 2,355 Sq. Ft. Home offering PRIVACY, A RELAXING LIFESTYLE and the ADDED LUXURY OF SOARING 12 FT. CEILINGS, OPEN CONCEPT FLOOR PLAN with 2 BEDROOMS + OFFICE/DEN + SUNROOM and 2 FULL BATHS nestled within the Cross Creek Subdivision in the GATED, GOLF COMMUNITY OF EAST LAKE WOODLANDS. Even the 2-CAR GARAGE HAS 12 FT. CEILINGS to maximize Space and Storage! SIMPLIFY YOUR LIFE WITH CONVENIENCE AND LESS MAINTENANCE and A SPARKLING POOL AND SPA just steps away and EXCLUSIVE TO CROSS CREEK residents. This home is located in the PREFERRED ZONE X WHICH DOES NOT REQUIRE FLOOD INSURANCE and the Seller had no issues or damage from the 2024 hurricanes. With this OPEN GREAT ROOM PLAN, Updates Abound from the GORGEOUS GLASS ACCENT ENTRY DOOR complete with PAVERED FRONT WALKWAY, to the WOOD PLANK-STYLE TILE FLOORING throughout the living areas to the Rich CUSTOM WOOD WORK AND CABINETRY in the Kitchen, Office/Den, Primary and Guest Bathrooms and even the Laundry Room. Need 3 BEDROOMS? No Problem - the OFFICE/DEN WITH DOUBLE DOORS can easily be converted for Family or Guests. Updated TILE FLOORS and CUSTOM CABINETRY with MULTIPLE PULL-OUTS highlight the BEAUTIFUL KITCHEN complete with a BRIGHT BREAKFAST AREA FEATURING BAY WINDOWS, STAINLESS STEEL APPLIANCES (2020) and BREAKFAST BAR SPACE OPEN TO THE GREAT ROOM. And what a Great Room it is with Plenty of Room to comfortably accommodate multiple sitting areas or work space and formal dining. HURRICANE IMPACT WINDOWS INSTALLED IN THE KITCHEN AND GREAT ROOM IN 2019 and ROOF REDONE in 2022. Impressive Craftmanship is on full display in the Office/Den with beautiful Custom-designed Cabinetry with LOADS OF STORAGE SPACE and the OPTION TO MAKE THE ROOM MULTI-PURPOSE FOR GUESTS. When not working, lounge and enjoy the WATER VIEW AND CALMING SOUND OF THE FOUNTAIN from the Inviting SUN ROOM or the 39-FT. LANAI for that morning cup of coffee or relaxing glass of wine at the end of the day. That Beautiful View and Ambiance continues as well from the LARGE PRIMARY SUITE complete with FRENCH DOORS off the Sunroom. The Primary Bath does not disappoint with Spacious DUAL VANITIES with Wood Accents and STUNNING TILE showcasing the LARGE WALK-IN SHOWER and SOAKING TUB. Plus a GENEROUS WALK-IN CLOSET measuring more than 12 FT. LONG provides ample storage. Also, you can TRULY RELAX with NO LAWN OR POOL MAINTENANCE! Those tasks are included in the reasonable HOA maintenance fee along with EXTERIOR PAINTING, CABLE TV, INTERNET, TRASH AND RECYCLING COLLECTION, ESCROW RESERVES, ROAD MAINTENANCE and, of course, access to the inviting COMMUNITY POOL AND SPA. A GREAT LOCATION awaits with Optional Memberships available to the recently-renovated ARDEA COUNTRY CLUB for a Wide Array of Amenities including 2 Golf Courses, Fitness Center, Lap and Free Form Pools, Pickle Ball and Tennis, Casual and Fine Dining and Events plus CONVENIENT ACCESS TO TAMPA INTERNATIONAL AIRPORT, Medical Facilities, Award-Winning Beaches, Parks, Professional Sporting Events, Fine Dining, the Arts and much more!
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Location
Property Details
Parking
- Description: Garage
- Details: Driveway, Garage Door Opener, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 6
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable
- Roof Material: Tile
HOA
- Has HOA: Yes
- Association: Kim Hayes / Management & Associates
- HOA Fee: $455/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 102816196760001060
- Lot Size: 6804 sqft
Property Information
- Property Type: Single Family Residence
- Style: Florida
- Year Built: 1996
Tax Information
- Annual Tax: $4,737
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,621
- Cap Rate
- 2.9%
- Cash-on-Cash Return
- -14.2%
- Debt Coverage Ratio
- 0.47
- Internal Rate of Return (5 years)
- -9.8%
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:
| $595,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$476,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $119,000 |
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:
| $17,850 |
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:
| $136,850 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,355 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $253 |
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:
| $1.40 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $476,000 |
|---|---|
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:
| $3,048 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $395 |
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:
| $231 |
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:
| $3,674 |
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:
| $3,300 | $39,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$198 | -$2,376 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,102 | $37,224 |
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. | 12% | -$395 | -$4,737 |
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% | -$231 | -$2,772 |
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% | -$264 | -$3,168 |
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% | -$165 | -$1,980 |
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% | -$165 | -$1,980 |
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% | -$455 | -$5,460 |
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 | 51% | -$1,675 | -$20,097 |
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:
| $1,427 | $17,124 |
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. | -$3,048 | -$36,576 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$1,621 | -$19,452 |