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$795,000

For Sale - Active
2118 Harbour Watch Dr, Tarpon Springs, FL 34689
4 Beds
3 Baths
3,034 Square Feet
0.32 Acres Lot
Built in 1990
For Sale - Active
1 Units
Checked: 16 hours ago
Updated: Jul 23, 2025 at 07:24AM

Investment Summary


Monthly Cash Flow
-$1,825
Cap Rate
3.4%
Cash-on-Cash Return
-12.0%
Debt Coverage Ratio
0.55
Internal Rate of Return (5 years)
-7.6%

Property Description


0.32 Acres Lot
Built in 1990
For Sale - Active
1 Units

Experience coastal living like never before in this one-of-a-kind, custom-built 4-bedroom, 3-bath masterpiece, where every room offers stunning views of a serene lake and a vibrant bird sanctuary—a true haven for nature lovers. The gourmet kitchen, recently upgraded with high-end Kraftmaid shaker-style cabinets, new stainless steel appliances, a propane gas range, and elegant tile flooring, is a chef’s dream come true. The home’s open floor plan is designed to illuminate the space with natural light, accentuated by soaring volume ceilings and a double-sided fireplace. Sliding doors seamlessly blend indoor and outdoor living, leading to a spacious screened deck with panoramic water views that stretch from the tranquil lake to the expansive bay. Crafted with meticulous attention to detail, this residence boasts rare post-and-beam construction with updated siding, Andersen double-paned impact windows, a brand-new dual-zoned A/C system, and a 50-year stainless steel roof - marrying durability with architectural charm. Abundant storage options throughout ensure a clutter-free lifestyle, while the bonus room offers the perfect setting for a personal fitness center or a cozy guest retreat. The oversized 3-car garage is a car enthusiast’s dream, complete with a workshop area and ample space for a boat, jet-ski, or prized vehicle. Whether you’re soaking in the sunrise with a coffee in hand or unwinding at sunset on one of the two decks, every moment here is framed by nature’s beauty. Located in the exclusive, gated community of Harbour Watch, this home offers more than just a place to live—it’s a lifestyle. Enjoy peace of mind with 24/7 manned security, and take advantage of the community’s top-tier amenities, including lighted tennis courts, a junior Olympic-sized pool with a heated spa, a private clubhouse with an exercise room, a playground, a gulf-front gazebo, and a fishing pier. All this is just minutes from local beaches, shopping, restaurants, and the charming Tarpon Springs, where every day feels like a vacation. This home isn’t just move-in ready; it’s ready to redefine your idea of Florida coastal living.

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Location


Property Details


Parking

  • Description: Circular Driveway, Converted Garage, Covered, Driveway, Garage Door Opener, Golf Cart Parking, Ground Level, Guest, Oversized, Split Garage, Workshop in Garage
  • Details: Circular Driveway, Converted Garage, Covered, Driveway, Garage Door Opener, Guest, Oversized, Garage, Workshop in Garage, Attached
  • Garage Spaces: 3
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 11
  • # of Stories: 3
  • Basement: Yes
  • Basement Description: Daylight, Exterior Entry, Finished
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Wood
  • Foundation: Slab
  • Roof Type: Gable
  • Roof Material: Metal

HOA

  • Has HOA: Yes
  • Association: Shelly Hunihan
  • HOA Fee: $280/monthly

Land Information

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

Lot Information

  • Parcel ID: 032715723880000830
  • Lot Size: 14039 sqft

Property Information

  • Property Type: Single Family Residence
  • Year Built: 1990

Tax Information

  • Annual Tax: $11,897

Utilities

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

Location

  • County: Pinellas

Listing Details


Listed by:
Alex Chimbulev
EXP REALTY LLC
(336) 995-8428

Source:
Stellar MLS
MLS#: T3552081
Stellar MLS

Investment Summary


Monthly Cash Flow
-$1,825
Cap Rate
3.4%
Cash-on-Cash Return
-12.0%
Debt Coverage Ratio
0.55
Internal Rate of Return (5 years)
-7.6%

Purchase Details

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Purchase price:
$795,000
Amount financed:
-$636,000
Down payment:
$159,000
Closing costs:
$23,850
Rehab costs:
$0
Initial cash invested:
$182,850
Square feet:
3,034
Cost per square foot:
$262
Monthly rent per square foot:
$1.68

Financing Details

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Loan amount:
$636,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$4,072
Property tax:
$992
Insurance:
$357
Private mortgage insurance (PMI):
$0
Monthly payment:
$5,421

Operating Income

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% Rent Monthly Yearly
Gross rent:
$5,100 $61,200
Vacancy loss: (6%)
6% -$306 -$3,672
Operating income:
$4,794 $57,528

Operating Expenses


% Rent Monthly Yearly
Property taxes: (19%)
19%-$992-$11,898
Insurance: (7%)
7%-$357-$4,284
Property management: (8%)
8%-$408-$4,896
Repairs & maintenance: (5%)
5%-$255-$3,060
Capital expenditures: (5%)
5%-$255-$3,060
HOA fees: (5%)
5%-$280-$3,360
Total operating expenses: (50%)
50%-$2,547-$30,558

Cash Flow


Monthly Yearly
Net operating income:
$2,247 $26,964
Mortgage payments:
-$4,072 -$48,864
Cash flow:
$1,825 $21,900