$259,570
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$455
- Cap Rate
- 4.0%
- Cash-on-Cash Return
- -9.1%
- Debt Coverage Ratio
- 0.66
- Internal Rate of Return (5 years)
- -4.9%
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
"WHITE BOX REPAIRS ARE MOSTLY COMPLETED!! " MOVE IN EXPECTED BY EARLY OCT 2025 **Want a slice of paradise but don’t want to break the bank? Imagine yourself enjoying your favorite beverage as you sit in your screen enclosed patio, looking out over the DIRECT UNOBSTRUCTED WIDE & SPECTACULAR WATER VIEW of Caladesi Island, Clearwater Beach, Dunedin Causeway and Honeymoon Island, relishing the Gulf breezes, enjoying a new colorful sunset every evening, watching dolphins play & birds catching their meals. Take a dip in the recently refurbished community pool, just steps from your back door, or venture a few hundred feet to the north, where a small strip of beach beckons to you. This RARELY available, freshly painted, FIRST FLOOR studio condo in a 2-story boutique complex (24 units total), located just off the Dunedin Causeway is your chance to enjoy the coveted Florida lifestyle, all the while PAYING LESS THAN YOU WOULD FOR A HOTEL ROOM. Honeymoon Island & the Caladesi Island Ferry are less than 2 miles away. Everyday conveniences: grocery store, shopping, restaurants, Pinellas Trail, fitness center & marina are less than 1 mile away. Downtown Dunedin, with all of its charm & events is apx 3 miles away. As you make your way into the condo, the calming WATER VIEW, the crown jewel of this studio & location, is instantly visible through the sliding doors in the great room. The layout of the space is both comfortable & functional. As you enter, you will notice the tile flooring throughout, the kitchenette is on your right and the large lavatory, accessible via a barn door and boasting a surprisingly big shower, along with 2 ample storage closets, are on your left. Straight ahead is the great room. A “cubby,” sitting to the right of the great room & just past the kitchenette, currently houses the queen size bed. There is plenty of room to set the space up to your specific taste, after all, this is your future home! (Or home away from home). IF YOU WANT THE BEST OF FLORDIA TODAY, AT YESTERYEARS PRICING, YOU SHOULD HURRY AND MAKE YOUR APPOINTMENT FOR THIS FANTASTIC OPPORTUNITY BEFORE SOMEONE ELSE SNATCHES IT UP! This is one of only 2 units in the entire county with this direct water view, for this price, in an all ages welcome, 2-story or less building! Interior freshly painted, New HVAC Jan 19, 2024, new water heater, new appliances will be installed when remediation work is completed by Oct 2025, updated electric breakers, hurricane shutter for glass sliding doors, fire alarm in unit. All ages are welcome in the well-manicured community. The condo docs allow 2 cats, or 1 dog & 1 cat, up to 25 pounds each. SHORT TERM RENTALS , Minimum 3 months, up to 3 times per calendar year (application & fee required) ARE ALLOWED. Community pool, dock, BBQ grills, Water/sewer/trash, basic cable, laundry room, 1 assigned parking space included. Tampa International Airport & St. Pete Clearwater Airport are both less than 18 miles drive. Don’t forget to check out the Aerial Video, 3 D walk through tour & photos. Claims made in this listing are deemed correct by sellers, but the buyer understands it is their responsibility to confirm all info as some information could change from time of listing.** UNIT HAD APPROXIMATELY 1 foot of water from Hurricane Helene- Mitigation completed- remediation in process.
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Location
Property Details
Parking
- Garage Spaces: 0
- Spaces Total: 0
Bathroom Information
- # of Baths (Full): 1
- # of Baths (Total): 1.0
Interior Features
- # of Rooms: 3
- # of Stories: 2
Exterior Features
- Exterior Walls Materials: Masonry
- Foundation: Slab
- Roof Material: Other
HOA
- Association: Sue Marino
Land Information
- Land Use: Residential
- Land Use Subtype: Apartments (general)
Lot Information
- Parcel ID: 152815177470020030
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Style: Contemporary
- Year Built: 1964
Tax Information
- Annual Tax: $2,747
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$455
- Cap Rate
- 4.0%
- Cash-on-Cash Return
- -9.1%
- Debt Coverage Ratio
- 0.66
- Internal Rate of Return (5 years)
- -4.9%
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:
| $259,570 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$207,656 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $51,914 |
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:
| $7,787 |
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:
| $59,701 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 430 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $604 |
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:
| $3.72 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $207,656 |
|---|---|
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:
| $1,330 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $229 |
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:
| $112 |
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:
| $1,671 |
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:
| $1,600 | $19,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$96 | -$1,152 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $1,504 | $18,048 |
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. | 14% | -$229 | -$2,747 |
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% | -$112 | -$1,344 |
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% | -$128 | -$1,536 |
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% | -$80 | -$960 |
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% | -$80 | -$960 |
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 | 39% | -$629 | -$7,547 |
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:
| $875 | $10,500 |
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. | -$1,330 | -$15,960 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$455 | -$5,460 |