$629,000
Investment Summary
- Monthly Cash Flow
- -$353
- Cap Rate
- 5.5%
- Cash-on-Cash Return
- -2.9%
- Debt Coverage Ratio
- 0.89
- Internal Rate of Return (5 years)
- 1.2%
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
Under contract-accepting backup offers. INCREDIBLE OPPORTUNITY!! MOTIVATED SELLER - NEW ROOF, NEW GUTTERS, NEW STUCCO, AND DRYWALL COMING SOON WITH SPECIAL ASSESMENT 36k IS NEGOTIALBLE. Special Assessments was approved in April 2025 and pays for a brand new roof 2026, new stucco, painting, Termite tenting (2025) and new gutters. (Current roof is 2005) DEEDED BOAT SLIP, AND THE BEST WATER VIEW IN THE COMPLEX! BEST DEAL IN ISLAND ESTATES! Discover coastal living at its finest with this remarkable three-story townhouse, featuring a private dock and a 15,000 lb boat lift. Just moments from the Gulf, this prime location offers effortless access to world-class fishing, stunning Gulf Coast beaches, and the Intracoastal Waterway. Step inside your new home through a new striking decorative hurricane-impact front door and be greeted by approximately 360 sq ft of air-conditioned flex space on the first level—perfect as a home office, fourth bedroom, play area, or extra storage. This versatile space, not included in the main square footage, is awaiting your personal design to finish out this first level into whatever you desire. The oversized two-car garage offers tandem parking, plus an additional space right out front. Second Level: Elevated Living & Entertaining. The heart of this home is a spacious, open-concept second floor, where a large kitchen seamlessly flows into the living and dining areas. Sleek granite countertops, a dry bar, with beautiful, stainless appliances create an entertainer’s dream, while rich wood-look tile floors exude warmth and elegance. A guest bedroom with plantation shutters opens to a generous balcony, perfect for soaking in the views. The living room’s captivating feature wall highlights a wood-burning fireplace, adding ambiance and charm. Enjoy the serene waterscape from the balcony, accessed through patio doors with wispy sheers that allow sunsets to become part of your daily routine. Annual homeowners insurance is approximately $2300 a year and all other insurances are part of the monthly HOA fees. Third Level: Luxurious Private Retreat. The primary bedroom on the third level is nothing short of spectacular, showcasing a vaulted ceiling, gorgeous hardwood floors, and patio doors that lead to a third balcony, the ultimate vantage point for breathtaking views. The en-suite bath features dual above mount – glass sinks and a walk-in shower, while the dream closet, offers abundant storage. Also on this floor is a second bedroom with hardwood floors, and brand new 2nd new bath and walk in shower (2023) and patio doors leading to a fourth balcony---yes, a fourth! A conveniently located laundry closet includes newer washer and dryer units, both of which convey. Premium Upgrades & Unmatched Location. Nearly every room is accented by crown molding, enhancing the home's timeless elegance. Enjoy peace of mind with two new HVAC systems (2024-replaced after the Hurricanes and outside units are elevated), 2024 New Water Heater and an Alert360 Security system with camera, motion and flood sensors. New drywall, doors and repairs ($13K in 2025) on situated in the highly sought-after Island Estates community, you’ll love being just a short stroll from Publix, restaurants, and one of the Top 10-Rated Beaches in the U.S. Don’t miss your chance to own this meticulously upgraded townhouse, your gateway to unparalleled coastal living!
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Location
Property Details
Parking
- Description: Circular Driveway, Driveway, Garage Door Opener, Ground Level, Guest, On Street, Oversized, Reserved, Tandem
- Details: Circular Driveway, Driveway, Garage Door Opener, Guest, On Street, Oversized, Tandem, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 3
- # of Stories: 3
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood
- Foundation: Slab
- Roof Material: Metal
- Pool Community: Yes
HOA
- Association: Adrienne Morgan, VP
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 082915434600000010
- Lot Size: 19025 sqft
Property Information
- Property Type: Townhouse
- Style: Florida, Key West
- Year Built: 1980
Tax Information
- Annual Tax: $12,771
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$353
- Cap Rate
- 5.5%
- Cash-on-Cash Return
- -2.9%
- Debt Coverage Ratio
- 0.89
- Internal Rate of Return (5 years)
- 1.2%
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:
| $629,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$503,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $125,800 |
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:
| $18,870 |
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:
| $144,670 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,870 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $336 |
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:
| $3.05 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $503,200 |
|---|---|
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:
| $3,222 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,064 |
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:
| $399 |
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:
| $4,685 |
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:
| $5,700 | $68,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$342 | -$4,104 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,358 | $64,296 |
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. | 19% | -$1,064 | -$12,771 |
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% | -$399 | -$4,788 |
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% | -$456 | -$5,472 |
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% | -$285 | -$3,420 |
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% | -$285 | -$3,420 |
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 | 44% | -$2,489 | -$29,871 |
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:
| $2,869 | $34,428 |
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. | -$3,222 | -$38,664 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $353 | $4,236 |