$1,975,000
Investment Summary
- Monthly Cash Flow
- -$5,735
- Cap Rate
- 2.7%
- Cash-on-Cash Return
- -15.2%
- Debt Coverage Ratio
- 0.43
- Internal Rate of Return (5 years)
- -10.7%
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
Welcome to your very own slice of paradise in charming Safety Harbor! This exceptional 4-bedroom, 3 and a half-bathroom waterfront estate offers an unparalleled lifestyle with 250 feet of direct frontage on the sparkling waters of Old Tampa Bay. Nestled on a beautifully landscaped lot, this home boasts incredible outdoor living, luxurious amenities, ultra-high-end finishes, and space for the whole family—including a private studio-style in-law suite with a full kitchen on the lower level. Stepping through the large double doors, you’ll walk inside to a lovely two story foyer with soaring ceilings. The in-law suite is straight ahead but the rest of the home is just up the stairs. Style starts from the moment you walk in with polished metal handrails and a glass banister on the stairs. Large slotted wooden doors give you a coastal modern feel along with the colors and openness of the space. Once you climb the steps, you’ll find spacious, light-filled living areas designed to capture water views from the wall-to-wall windows. The open-concept floorplan flows seamlessly, perfect for entertaining or relaxing in style. The kitchen is in a single word, immaculate. Stone counters, modern cabinetry, and designer pendant light fixtures hang over the oversized island. The backsplash is a breathtaking display of interlocking metal tiles, which goes well with the modern cabinetry. High-end stainless Bosch appliances provide both style and function to the space. The primary suite is a nearly 700 sq ft private oasis located through a pair of double doors off of the living room. Elegant high ceilings, upgraded fixtures, large picture windows overlooking the water, and a sitting area highlight the bedroom itself which has a stunning sense of tranquility. But with a step through into the bathroom, you’re in a spa-like experience that is unrivaled. Stone counters, a modern soaking tub, and an oversized walk-in shower. That alone would take your breath away but we’re not done. On the other side of the bathroom is the walk-in closet complete with wall-to-wall, floor-to-ceiling custom shelving, an island/dresser with display drawers, and two windows for added natural light. Rounding out the main level are two more well-appointed bedrooms that also do not skimp on style and share a jack-and-jill style bathroom. The bedrooms are on a split plan to allow everyone privacy and quiet at the end of the day. You will find a half bath and laundry room located on this level as well. Head back downstairs and enjoy the screened-in pool and spa, where a large pavered lanai with multiple seating areas invites you to unwind and soak up the serenity. Whether you’re hosting a sunset gathering or enjoying a quiet morning coffee, the expansive gazebo overlooking the bay is the perfect backdrop. For the boating and fishing enthusiast, the private dock includes a water supply and 4-point mooring—ideal for casting a line or it can be modified for launching your kayak. And with more than five garage spaces, there’s plenty of room for vehicles, water toys, conversion to the ultimate mancave, craft room, or even a workshop. All this in a quiet, desirable area just minutes from downtown Safety Harbor, Philippe Park, Clearwater, and world-class dining and amenities. Don’t miss this rare opportunity to own a one-of-a-kind waterfront property where every day feels like a vacation.
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Location
Property Details
Parking
- Description: Garage Door Opener, Oversized
- Details: Driveway, Garage Door Opener, Oversized, Garage, Attached
- Garage Spaces: 5
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 9
- # of Stories: 2
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable
- Roof Material: Shingle
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 222816034560020060
- Lot Size: 30075 sqft
Property Information
- Property Type: Single Family Residence
- Style: Contemporary, Custom
- Year Built: 1998
Tax Information
- Annual Tax: $21,112
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$5,735
- Cap Rate
- 2.7%
- Cash-on-Cash Return
- -15.2%
- Debt Coverage Ratio
- 0.43
- Internal Rate of Return (5 years)
- -10.7%
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:
| $1,975,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,580,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $395,000 |
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:
| $59,250 |
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:
| $454,250 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,415 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $578 |
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:
| $2.61 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,580,000 |
|---|---|
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:
| $10,117 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,759 |
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:
| $623 |
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:
| $12,499 |
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:
| $8,900 | $106,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$534 | -$6,408 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $8,366 | $100,392 |
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. | 20% | -$1,759 | -$21,112 |
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% | -$623 | -$7,476 |
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% | -$712 | -$8,544 |
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% | -$445 | -$5,340 |
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% | -$445 | -$5,340 |
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 | 45% | -$3,984 | -$47,812 |
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:
| $4,382 | $52,584 |
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. | -$10,117 | -$121,404 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$5,735 | -$68,820 |