$3,900,000
Investment Summary
- Monthly Cash Flow
- -$17,123
- Cap Rate
- 0.9%
- Cash-on-Cash Return
- -22.9%
- Debt Coverage Ratio
- 0.14
- Internal Rate of Return (5 years)
- -18.1%
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
Welcome to 306 Harbor Drive—where waterfront dreams take center stage in Indian Rocks Beach. This custom-built waterfront masterpiece was crafted by its original builder-owner with precision, passion, and a love for elevated coastal living. With 4,571 square feet of air-conditioned luxury, five bedrooms and four full baths, every inch of this home is dialed into the water-loving, space-craving, view-chasing soul. From the moment you enter, the open water views steal the show—visible from nearly every angle. The primary suite is nothing short of a sanctuary, stretching 27 by 37 feet with its fireplace, private waterfront balcony, and a spa-inspired bath complete with dual vanities, deep soaking tub, double-headed walk-in shower, and private water closet trimmed in wood and granite. The heart of the home flows effortlessly from the waterfront living room (yes, with its fireplace and balcony) into a dream kitchen built for entertaining and everyday luxury—custom wood cabinetry, granite countertops, eat-in island, breakfast nook, walk-in pantry, and a butler’s pantry that glides right into a coffered-ceiling formal dining room. One of the five bedrooms is set up as a home office with views fit for royalty—a daily reminder working from home doesn’t have to feel like work at all. Downstairs, you'll find a social room that opens wide to the pool area, ideal for game nights, movie marathons or cocktail hours that drift into moonlit swims. A full bath on this level means your guests can rinse off from the saltwater pool and heated spa without a second thought. Smart home systems, high ceilings, tile, wood, and carpet flooring add comfort and control, while the private elevator whisks you to every floor—including the rooftop. Yes, a fourth-floor rooftop balcony awaits with unmatched views of the Intracoastal and beyond. Sunrise coffees, sunset toasts, and stargazing under coastal skies—it’s all yours. The five-car garage includes one bay converted into a climate-controlled gym, and your private dock is fully loaded with a 25,000-pound boat lift and twin jet ski lifts for spontaneous salty escapes. All this just a short walk to the beach, Brown Park and tennis courts. No HOA. No drama. Just bold, beautiful, waterfront freedom.
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Location
Property Details
Parking
- Description: Circular Driveway, Garage Door Opener, Oversized
- Details: Boat, Circular Driveway, Driveway, Garage Door Opener, Golf Cart Garage, Oversized, Garage, Workshop in Garage, Attached
- Garage Spaces: 5
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 5
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 11
- # of Stories: 3
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable
- Roof Material: Tile
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 063015421200000030
- Lot Size: 9013 sqft
Property Information
- Property Type: Single Family Residence
- Style: Mediterranean
- Year Built: 2004
Tax Information
- Annual Tax: $24,526
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$17,123
- Cap Rate
- 0.9%
- Cash-on-Cash Return
- -22.9%
- Debt Coverage Ratio
- 0.14
- Internal Rate of Return (5 years)
- -18.1%
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:
| $3,900,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$3,120,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $780,000 |
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:
| $117,000 |
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:
| $897,000 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 4,571 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $853 |
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:
| $1.55 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $3,120,000 |
|---|---|
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:
| $19,978 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,044 |
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:
| $497 |
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:
| $22,519 |
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:
| $7,100 | $85,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$426 | -$5,112 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,674 | $80,088 |
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. | 29% | -$2,044 | -$24,526 |
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% | -$497 | -$5,964 |
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% | -$568 | -$6,816 |
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% | -$355 | -$4,260 |
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% | -$355 | -$4,260 |
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 | 54% | -$3,819 | -$45,826 |
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:
| $2,855 | $34,260 |
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. | -$19,978 | -$239,736 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $17,123 | $205,476 |