$279,900
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- $399
- Cap Rate
- 8.0%
- Cash-on-Cash Return
- 7.4%
- Debt Coverage Ratio
- 1.27
- Internal Rate of Return (5 years)
- 11.2%
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
Welcome to paradise! We are pleased to offer this open-concept, 1 bedroom/1 bath + den home in Horizon House for your consideration. Horizon House is surrounded on three sides by water, located in the upscale Island Estates community, and just a short walk to Clearwater Beach! Upon entering the home, you are greeted with breathtaking, panoramic coastal views. Western facing, sunsets are a nightly treat from both the living area and bedroom! This third-floor unit was extensively remodeled in 2022. All walls have been freshly painted. Additional closets have been added in the bedroom. Custom electric, honeycomb black-out blinds with remote installed. The den holds a queen-sized Murphy bed. A frosted glass barn door allows for maximum space in the den. New ceiling fans with lights and remotes have been installed in the bedroom, den, and living room. The entire home boasts waterproof luxury vinyl plank flooring in gray tones. Recessed lighting in kitchen and living room. The kitchen boasts all new European-style, soft close cabinets and drawers in glossy white, with above and below-cabinet LED lighting. New quartz countertops hold a double-sided, under-mount sink with an push-button garbage disposal, single-lever, pull-down spray head faucet with motion sensor on/off, and soap dispenser. The backsplash is matching quartz from countertop to cabinets, so no grout lines to clean! New appliances installed in 2022 and 2023, including, microwave/convection oven, GE glass cook-top, Whirlpool dishwasher, and Samsung refrigerator with ice maker. Additionally, there is an iSpring reverse osmosis tank-less water purifier for drinking water installed under the sink, which also feeds the icemaker. The remodeled bath has fully tiled walls, quartz countertop, and newly-tiled shower with built-in seat, rain shower head and sliding/removable hand-held shower head. All bathroom hardware installed 2022. Each unit at Horizon House is assigned a storage unit on the same floor as the residence. A laundry facility is allocated to each floor and free to use. Building amenities also include a geo-thermal heated pool, on-site property management, recreation/social room with small library, workout room, and free Wi-Fi on the 1st floor. The property also offers a waterfront sun deck, shuffleboard, fishing dock with cleaning station and running water, BBQ grills and picnic tables. For an additional fee, boat slips, covered parking, kayak storage, garage parking spaces, and extra storage may be available, and are offered on a first come, first served basis. Recent updates to the building include interior and exterior painting, tile floor in the first-floor lobby and recreation room, attractive glassed reception area, new building-access security system, Miami-Dade hurricane-rated windows and doors on first floor, and remodeled gym with new, state of the art equipment. The monthly maintenance fee includes electric, water, cable TV, pest control, garbage service, A/C and heat maintenance, lawn/garden maintenance, and onsite property management. Horizon House is a co- op building, and owners are known as Shareholders. Stock certificates are issued rather than deeds. As such, your options for a traditional mortgage may be limited so please check with your lender. Unit rental is not allowed. Pets are only allowed if licensed in Florida as emotional support or service animals. Furnishings are negotiable. Home shown by appointment only.
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Location
Property Details
Parking
- Description: Ground Level, Guest, Open, Portico
- Details: Guest, Open
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 1
Bathroom Information
- # of Baths (Full): 1
- # of Baths (Total): 1.0
Interior Features
- # of Rooms: 4
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Concrete
- Foundation: Slab
- Roof Material: Built-Up, Membrane
- Pool: Yes
HOA
- Association: John Egan
Land Information
- Land Use: Residential
- Land Use Subtype: Cooperative Unit
Lot Information
- Parcel ID: 082915413480000303
- Lot Size: 122452 sqft
Property Information
- Property Type: Condominium
- Year Built: 1962
Tax Information
- Annual Tax: $862
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
- $399
- Cap Rate
- 8.0%
- Cash-on-Cash Return
- 7.4%
- Debt Coverage Ratio
- 1.27
- Internal Rate of Return (5 years)
- 11.2%
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:
| $279,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$223,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $55,980 |
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:
| $8,397 |
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:
| $64,377 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 995 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $281 |
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:
| $2.81 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $223,920 |
|---|---|
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:
| 6.810% |
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:
| $1,461 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $72 |
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:
| $196 |
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:
| $1,729 |
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:
| $2,800 | $33,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$168 | -$2,016 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,632 | $31,584 |
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. | 3% | -$72 | -$862 |
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% | -$196 | -$2,352 |
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% | -$224 | -$2,688 |
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% | -$140 | -$1,680 |
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% | -$140 | -$1,680 |
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 | 28% | -$772 | -$9,262 |
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:
| $1,860 | $22,320 |
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. | -$1,461 | -$17,532 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $399 | $4,788 |