$834,900
Investment Summary
- Monthly Cash Flow
- -$2,096
- Cap Rate
- 3.1%
- Cash-on-Cash Return
- -13.1%
- Debt Coverage Ratio
- 0.51
- Internal Rate of Return (5 years)
- -8.7%
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
+++ AMAZING PRICE REDUCTION +++ Are you looking for "THAT home" ?? ....the one that TAKES YOUR BREATH away as you enter...Well look no further !! This stunning home is built ON the Golf Course in the highly sought after GATED community of PROVIDENCE. Wind your way down the well lit and beautiful tree lined Providence Blvd to the prestigeous neighborhood of HERITAGE GREEN. As you arrive at 2442 Heritage Green Ave, notice the spectacularly manicured outdoor presence of this home, CURB APPEAL redefined !! Once inside your eyes will be immediately drawn to the soaring 22' high ceilings at the entry and Living room area of this stunner! A 4 bedroom 4 1/2 bathroom award winning COURTYARD STYLE home just waiting for you. This home isn't "JUST a home" .... it's a LIFESTYLE. Supremely situated just steps away from the Michael Dasher designed 18 hole Golf Course...It shows like a model, complete with breathtaking CUSTOM BUILT INS throughout. As you flow through this home, stop off into THE UPDATED AND UPGRADED CHEF'S KITCHEN - - WHERE COOKS OF ALL AGES WILL BE LINED UP TO EXPERIENCE IT. As you walk through the FIRST front door --- you will EXPERIENCE the custom designed Lagoon style - resort quality screened pool and spa. Including...an outdoor private SUMMER KITCHEN built to satisfy every chef to entertain friends and family alike. Once you enter through the second front door, you'll experience the soaring 22 ft. high ceiling which will impress and amaze you. View the custom drapes, designer style custom cornice boards, custom plantation shutters, oversized ceramic tile and more, plus a fireplace in the Family room. Venture past the kitchen area where you'll imagine family games nights or through the dining room where you'll present the Thanksgiving Turkey. Close your eyes and see yourself and your family at home here, because it could all be yours ! First floor Primary suite with an En suite bathroom, a jetted bathtub, separate fully tiled shower, PLUS a HUGE closet outfitted with Custom California closet designs furniture...ALL located on the first floor for owners convenience. As well as a convenient half bath off the living room area. Upstairs two more bedrooms, two full bathrooms, PLUS a BONUS room for the major crowd gathering "FUN" times. But that's not all ! View the custom built loft area outfitted with a quality arrangement of home office desks or homework area installed by California Closets. The fourth bedroom and full bathroom is located just off the courtyard/pool area in what's called the "POOL HOUSE". This space can also be used as a bedroom and bathroom for guests, in-laws, or those teens who want their own "space". The back yard fenced oasis is outfitted with a custom built fire pit. But don't believe me....come and take a look for yourself. Schedule an appointment to view this beauty before it's gone. SUB ZERO REFRIGERATOR, WOLFE 36" INDUCTION COOKTOP, BOSCHE DW, G E MONOGRAM WALL OVEN AND MW, HVAC 1 AC UNIT REPLACED 2019, A SECOND UNIT WAS REPLACED IN 2020 AND THE POOL HOUSE ONE IN 2023, LUTRON TOUCH ON/OFF WINDOW SHADES, CHILD PROTECTION FENCE FOR POOL, POOL TABLE REMAINS WITH THE SALE, POE HOME CAMERAS, KITCHEN CABINETS EXTENDED TO THE CEILING WITH LIGHTING PLUS MANY CUSTOM ITEMS IN THE CABINETS THEMSELVES, 18 CEILING SPEAKERS .... AND MUCH MUCH MORE ! What's NOT to LOVE...Make that appointment today, because with this price improvement...this one could get away !!!
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Location
Property Details
Parking
- Description: Garage
- Details: Driveway, Garage Door Opener, Attached
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 5.0
Interior Features
- # of Rooms: 12
- # of Stories: 2
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Hip
- Roof Material: Tile
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Stephen Lim
- HOA Fee: $1,660/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 282618932901020560
- Lot Size: 9331 sqft
Property Information
- Property Type: Single Family Residence
- Style: Mediterranean
- Year Built: 2008
Tax Information
- Annual Tax: $5,292
Utilities
- Water & Sewer: None
- Heating: Central, Electric, Heat Pump
- Cooling: Central Air
Location
- County: Polk
Listing Details
Investment Summary
- Monthly Cash Flow
- -$2,096
- Cap Rate
- 3.1%
- Cash-on-Cash Return
- -13.1%
- Debt Coverage Ratio
- 0.51
- Internal Rate of Return (5 years)
- -8.7%
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:
| $834,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$667,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $166,980 |
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:
| $25,047 |
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:
| $192,027 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 4,061 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $206 |
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:
| $0.98 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $667,920 |
|---|---|
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:
| $4,277 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $441 |
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:
| $280 |
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:
| $4,998 |
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:
| $4,000 | $48,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$240 | -$2,880 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,760 | $45,120 |
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. | 11% | -$441 | -$5,292 |
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% | -$280 | -$3,360 |
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% | -$320 | -$3,840 |
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% | -$200 | -$2,400 |
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% | -$200 | -$2,400 |
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. | 3% | -$138 | -$1,656 |
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 | 39% | -$1,579 | -$18,948 |
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:
| $2,181 | $26,172 |
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. | -$4,277 | -$51,324 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $2,096 | $25,152 |