$1,745,000
Investment Summary
- Monthly Cash Flow
- -$5,194
- Cap Rate
- 2.6%
- Cash-on-Cash Return
- -15.5%
- Debt Coverage Ratio
- 0.42
- Internal Rate of Return (5 years)
- -11.0%
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 the RaceCar Mansion—Your Luxury Fortress & Retreat Awaits! Perched 39 feet above sea level, this extraordinary estate stands entirely out of flood zones, ensuring exceptional hurricane protection & lower insurance costs. Built w a cement-and-steel frame, reinforced walls, & water-tight garage, every detail is engineered to withstand harsh conditions & provide lasting peace of mind. Priced at an incredible $175 sqft for GROSS 10,000 sqft space—well below current building costs—this is a once-in-a-lifetime opportunity. That figure doesn’t even factor in the lot or the stunning rooftop 2500 sqft terrace w views of the Tampa Bay. For future expansion, we recommend purchasing w the adjacent vacant LOT—3075 Cherry (discounted price when buying BOTH) Currently this listing & vacant lot r under one tax ID, offering tax advantages & space for expansion. Without purchase of BOTH, a separation will be required at buyer cost. w ample room to plant boxwood or other shrubbery around the perimeter, u can create a true resort setting, complete w the option of adding a pool for the perfect oasis. Step inside & experience refined elegance & modern sophistication. The chef’s kitchen is a gourmet dream, equipped w Miele appliances (gas stovetop, oven, dishwasher, coffee maker), plus a Sub-Zero refrigerator & Marvel wine fridge. Turnkey package is available for just $49K includes all furniture, most smallwares, bedding, dishes, decor (except personal art collection & personal items),32+smart TVs, advanced AV tech, specialized garage tools, appliances & more—so you can move in w just a toothbrush & start living yr dream tomorrow! Seller invested significantly both time and money into restoring this beautiful mansion and making it better over last 3 years including significant HVAC restoration; upgrades to Fencing, new front door, many roof repairs, appliances, plumbing, elevator upgrades & restorations. For automotive enthusiasts, the garage is spectacular—accommodating up to six cars w direct first-floor access & extra flexible space. 3 phase power is a must have for certain tools, elevator, complex commercial HVAC high efficiency Japanese Daikin unit Third level features 4 sumptuous bedroom suites each feature walk-in closets & en-suite baths, creating private retreats. The fourth floor’s open-concept design seamlessly connects living, dining, & entertaining areas, surrounded w virtual reality tv walls. Crown jewel of this residence is the rooftop terrace, offering panoramic views of Tampa Bay & the Bayside Bridge. Feel like the king or queen of your fortress as you overlook the azure waters from this remarkable vantage point—perfect for hosting lavish parties, unwinding under the stars, or adding a pool or hot tub(structural integrity confirmed). Located steps from Calvary Christian Academy & quick derive from Tampa, St. Petersburg, & Clearwater Beach—with Bay Beach a 3 minute drive for jet skiing / paddleboarding —this property offers unmatched convenience. Seller financing is available for up to$930,000 in first position at below-prime rates (terms apply). The RaceCar Mansion is not only a stunning luxury home but also a smart financial investment, where safety, exquisite design, & incredible value converge. Welcome home to a lifestyle of comfort, security, & refined living. Virtual tours on YouTube. No info is guaranteed accurate. Buyer to verify all data, including square footage & construction quality. Property sold As-Is.
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Location
Property Details
Parking
- Description: Garage Door Opener, Oversized, Split Garage
- Details: Oversized, Workshop in Garage, Attached
- Garage Spaces: 6
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Partial): 2
- # of Baths (Total): 6.0
Interior Features
- # of Rooms: 3
- # of Stories: 4
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Flat
- Roof Material: Concrete, Metal, Other, Tile
HOA
- Association: none
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 162916000002204100
- Lot Size: 5706 sqft
Property Information
- Property Type: Single Family Residence
- Style: French Provincial, Traditional
- Year Built: 2012
Tax Information
- Annual Tax: $21,300
Utilities
- Water & Sewer: Public
- Heating: Central, Other
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$5,194
- Cap Rate
- 2.6%
- Cash-on-Cash Return
- -15.5%
- Debt Coverage Ratio
- 0.42
- Internal Rate of Return (5 years)
- -11.0%
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:
| $1,745,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,396,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $349,000 |
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:
| $52,350 |
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:
| $401,350 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 6,600 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $264 |
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:
| $1.21 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,396,000 |
|---|---|
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:
| $8,939 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,775 |
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:
| $560 |
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:
| $11,274 |
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:
| $8,000 | $96,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$480 | -$5,760 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $7,520 | $90,240 |
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. | 22% | -$1,775 | -$21,300 |
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% | -$560 | -$6,720 |
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% | -$640 | -$7,680 |
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% | -$400 | -$4,800 |
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% | -$400 | -$4,800 |
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 | 47% | -$3,775 | -$45,300 |
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:
| $3,745 | $44,940 |
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. | -$8,939 | -$107,268 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $5,194 | $62,328 |