$1,050,000
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$1,955
- Cap Rate
- 4.1%
- Cash-on-Cash Return
- -9.7%
- Debt Coverage Ratio
- 0.64
- Internal Rate of Return (5 years)
- -5.4%
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
Experience waterfront living redefined in this unparalleled condominium at Mariners Cove, where luxury meets coastal living in this exclusive gated community on the shoreline of Anna Maria Sound. Step into a world of luxury, where the owners have meticulously crafted a completely redesigned floor plan, transforming this two-bedroom, two-bath residence into a masterpiece of modern elegance. The interior boasts light oak engineered hardwood flooring throughout the kitchen, living, dining and primary bedroom, providing warmth and sophistication. The living room is adorned with a fireplace and floor-to-ceiling glass sliders that seamlessly connect the indoor and outdoor spaces. With 9-foot ceilings and hurricane windows and glass sliders, this residence exudes a bright and open ambiance. Immerse yourself in the mesmerizing waterfront views from the expansive screened lanai with a desired northwest exposure. One of the rare gems of this property is the large, deep front patio, a feature found in only one of two residences in the community. The beautifully updated kitchen is a culinary haven and complements the overall modern design, featuring a mosaic backsplash with upgraded contemporary cabinetry, quartz countertops and stainless steel appliances. As you enter the owner's bedroom, you are greeted by breathtaking views of the waterfront surroundings with a private entrance to the balcony. The en-suite bath features a stylish vanity with dual sinks and provides convenience and elegance, while the walk-in shower and separate soaking tub offer a spa-like escape in the comforts of your home. The heated porcelain tile floors underfoot add a touch of warmth and sophistication. This elegant detail extends into both baths, creating a seamless flow of luxurious features throughout. For boating enthusiasts, this condominium goes above and beyond with the inclusion of a 42-by-20-foot boat slip, complete with a power pedestal. Ideally situated, boaters have direct access to the ICW of Anna Maria Sound opening southward to Sarasota Bay, northward to Tampa Bay and the encompassing gulf waters. Updates and enhancements abound, including a recently replaced air conditioner and hot water tank in 2019. Practical features include a laundry room, two storage sheds in the under-building parking area, and two under-building parking spaces. Mariner's Cove is an upscale, gated community in quaint Cortez. There are three protected canals, two heated pools, one tennis court, two pickleball courts and beautifully manicured landscaped grounds. This community is just one mile from Anna Maria Island and the beaches of the Gulf of Mexico. Cortez village offers fresh seafood in quaint dockside restaurants, charter boat and jet ski rentals, parasailing and charming shops. Immerse yourself in the allure of this uniquely redesigned waterfront haven, where every detail has been carefully curated to create a living experience that is extraordinary and unmistakably refined.
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Location
Property Details
Parking
- Description: Assigned, Ground Level, Guest, Reserved, Under Building
- Details: Assigned, 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: 7
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Foundation: Concrete Perimeter
- Roof Material: Shingle
HOA
- Association: C&S Mgmt / Dana
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 76013.20554
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Style: Custom
- Year Built: 1984
Tax Information
- Annual Tax: $5,497
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Manatee
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
- -$1,955
- Cap Rate
- 4.1%
- Cash-on-Cash Return
- -9.7%
- Debt Coverage Ratio
- 0.64
- Internal Rate of Return (5 years)
- -5.4%
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:
| $1,050,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$840,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $210,000 |
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:
| $31,500 |
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:
| $241,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,762 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $596 |
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:
| $3.29 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $840,000 |
|---|---|
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:
| 6.840% |
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:
| $5,499 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $458 |
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:
| $406 |
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:
| $6,363 |
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:
| $5,800 | $69,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$348 | -$4,176 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,452 | $65,424 |
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. | 8% | -$458 | -$5,497 |
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% | -$406 | -$4,872 |
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% | -$464 | -$5,568 |
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% | -$290 | -$3,480 |
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% | -$290 | -$3,480 |
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 | 33% | -$1,908 | -$22,897 |
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:
| $3,544 | $42,528 |
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. | -$5,499 | -$65,988 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,955 | $23,460 |