$175,000
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- $175
- Cap Rate
- 7.5%
- Cash-on-Cash Return
- 5.2%
- Debt Coverage Ratio
- 1.19
- Internal Rate of Return (5 years)
- 9.1%
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 Tarpon Woods in the highly sought-after Eastlake Corridor! This charming first-floor condo offers the perfect blend of comfort and convenience on a picturesque tree-lined street in Palm Harbor. As you step through the front door, you're greeted by an inviting foyer with neutral-toned tile flooring and a convenient coat closet. The home flows seamlessly into the heart of the house – a well-appointed kitchen. Featuring beautiful granite-like finish on the countertops, laminate flooring, and an abundance of cabinets and drawer space, this kitchen is both functional and stylish. The full suite of appliances includes a brand-new range, dishwasher, and refrigerator, while a dual-basin stainless steel sink and overhead lighting complete the space. A thoughtful pass-through to the dining room creates an open, social atmosphere perfect for entertaining. The adjoining living and dining areas showcase warm wood laminate flooring and a neutral color palette that complements any décor. The dining room is highlighted by a 5-globe light fixture, while the living room features sliding glass doors that flood the space with natural light and provide access to your private back patio. The primary bedroom suite has carpeting, neutral tones, and a ceiling fan with light kit for year-round comfort. Sliding glass doors bring the outdoors in, while a spacious walk-in closet provides ample storage. The en-suite bathroom pampers with a mirrored dual-sink vanity with storage, a walk-in shower, and durable laminate flooring. The second bedroom maintains the home's neutral palette and features comfortable carpeting and a built-in closet. The second bathroom is equally well-appointed with a mirrored vanity with storage, a tub/shower combination, and laminate flooring. A Additional conveniences include a separate laundry room with washer/dryer hook-ups, overhead cabinets, and laminate flooring. The unit also comes with a valuable deeded carport for protected parking. This move-in-ready condo offers the perfect combination of location, comfort, and value in one of Palm Harbor's most desirable communities. Surrounded by nature, this is a maintenance-free community with a heated community pool and spa. Experience the best of Florida's Gulf Coast living in North Pinellas County! Palm Harbor offers the perfect blend of suburban tranquility and coastal charm, with easy access to pristine beaches, world-class golf courses, and the renowned Pinellas Trail. Just minutes away, historic Tarpon Springs beckons with its authentic Greek culture, waterfront dining, and famous sponge docks. This prime location provides quick access to Tampa International Airport, downtown Tampa, and St. Petersburg, while maintaining a relaxed, community-focused atmosphere. Enjoy year-round sunshine, top-rated schools, abundant parks and recreation, and some of Florida's most beautiful beaches, including Honeymoon Island and Caladesi Island State Parks. With shopping, dining, and entertainment options ranging from quaint local favorites to major retail centers, North Pinellas County truly offers something for everyone. Whether you're seeking an active outdoor lifestyle, cultural experiences, or simply a peaceful place to call home, this vibrant coastal region delivers the quintessential Florida experience. LEASE TO BUY OPTION AVAILABLE.
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Location
Property Details
Parking
- Description: Carport
- Details: Guest
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 9
- # of Stories: 2
Exterior Features
- Exterior Walls Materials: Masonry
- Foundation: Slab
- Roof Material: Tile
- Pool Community: Yes
HOA
- Association: CMG Management Partners
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 342716900220140405
- Lot Size: 193596 sqft
Property Information
- Property Type: Condominium
- Style: Mediterranean
- Year Built: 1984
Tax Information
- Annual Tax: $3,496
Utilities
- Water & Sewer: Public
- Heating: Central
- 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
- $175
- Cap Rate
- 7.5%
- Cash-on-Cash Return
- 5.2%
- Debt Coverage Ratio
- 1.19
- Internal Rate of Return (5 years)
- 9.1%
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:
| $175,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$140,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $35,000 |
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:
| $5,250 |
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:
| $40,250 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,371 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $128 |
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:
| $1.46 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $140,000 |
|---|---|
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:
| 6.810% |
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:
| $914 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $291 |
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:
| $140 |
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:
| $1,345 |
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:
| $2,000 | $24,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$120 | -$1,440 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $1,880 | $22,560 |
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. | 15% | -$291 | -$3,496 |
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% | -$140 | -$1,680 |
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% | -$160 | -$1,920 |
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% | -$100 | -$1,200 |
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% | -$100 | -$1,200 |
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 | 40% | -$791 | -$9,496 |
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:
| $1,089 | $13,068 |
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. | -$914 | -$10,968 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $175 | $2,100 |