$450,000
Investment Summary
- Monthly Cash Flow
- -$437
- Cap Rate
- 5.0%
- Cash-on-Cash Return
- -5.1%
- Debt Coverage Ratio
- 0.81
- Internal Rate of Return (5 years)
- -0.9%
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
It's always about the VIEW & this stunning mid-century modern marvel boasts an impressive 140 FEET OF WATER FRONTAGE, presenting captivating VIEWS. Step through the door of this CUSTOM, one-of-a-kind premier home built on a premium lot (nearly DOUBLE a standard area lot) & fall in love, from the warm & elegant interior to the mesmerizing LAKE views seen through over 40' of GLASS! The home features exceptional curb appeal, from its oversized PAVERED driveway & sidewalk to its lush landscaping & the enchanting cottage appeal of its classy Hardie siding. Enjoy serene sunsets & the sparkling water over the long lake views - 600 FEET TO THE FAR SHORE - in the cooling shade from the large native & tropical trees; relax on the expansive 675-square-foot PAVERED rear lanai, large enough for a POOL, with multiple seating/dining configurations. There is a HOT TUB off the primary bedroom on the PAVERED side patio facing the LAKE; it too offers additional dining/seating options. From either patio, enjoy clear views of the constant WILDLIFE activity that abounds on LAKE MAGNOLIA, Venice's LARGEST LAKE. With miles of shoreline, fishing and boating (including with electric motor) opportunities abound. The 1/3-ACRE LOT was professionally landscaped for tropical beauty & privacy. Inside, this exquisite residence exudes timeless charm with SPACIOUS rooms designed for GRACIOUS living. With 2300+ sq ft under A/C, each of the rooms are SUPERSIZED & most enjoy LAKE views. Boundless natural LIGHT FILLS EVERY ROOM due to the large windows & strategically placed storm-rated SKYLIGHTS. There are SWITCHED CEILING FANS throughout to carry the gentle lake BREEZES. An updated kitchen features butterfly GRANITE countertops, stainless steel appliances, refreshed FLOOR-TO-CEILING CABINETRY, smart TRAVERTINE backsplash & contemporary lighting. There are 2 MASTER SUITES with the principal bedroom offering 2 LARGE WALK-IN CLOSETS - at 10'x7' & 5'x6'! Both baths have been updated with new vanities, GRANITE & lighting; the primary bath shower has been updated with oversized marble-look tile. Each of the 2nd & 3rd bedrooms offer abundant closet space & BUILT-IN BOOKCASES along one full wall, calling to the ARTIST, HOBBYIST, COLLECTOR, AVID READER, or anyone who WORKS AT HOME. There's plenty of room in the oversized 2-car garage with a 3rd bay ideal for a WORKSHOP. Practical features include new or newer: ROOF (2024, pre-storms), water heater (2024), A/C system (2018), electric panel (2018), & STORM PROTECTION for all windows & doors. IRRIGATION is LAKE-FED & the side & rear yards are FENCED. Join the Civic Association with its $185 annual family membership fee for fellowship & more, with its POTLUCKS, GAMES, CRAFTS, GARDENING, EXERCISE, & POOL activities. It's said that the 3 most important features of a home are LOCATION, LOCATION, LOCATION. What 3 location features of this home make it the best choice for your next home? #1 is the LAKEFRONT location with 140 feet on VENICE'S LARGEST LAKE & a 600-FOOT expanse to the far shore. #2 is the 1/3-ACRE TIP LOT on a 3-home cul-de-sac off a non-through street. #3 is its fabulous location in the heart of Venice - just minutes to the beaches and the center of town with its cultural activities, restaurants, shopping, etc. Bonus #4 - it is a mecca for WILDLIFE. If you are among the legion of fans who appreciate the old school architecture & CRAFTSMANSHIP Sarasota is known for, this home is a must see!
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Location
Property Details
Parking
- Description: Garage Door Opener, Oversized, Workshop in Garage
- Details: Garage Door Opener, Oversized, Workshop in Garage, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 9
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Concrete
- Foundation: Slab
- Roof Type: Hip
- Roof Material: Membrane, Shingle
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0435060015
- Lot Size: 14160 sqft
Property Information
- Property Type: Single Family Residence
- Style: Coastal, Custom, Florida, Mid-Century Modern, Ranch
- Year Built: 1958
Tax Information
- Annual Tax: $4,079
Utilities
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$437
- Cap Rate
- 5.0%
- Cash-on-Cash Return
- -5.1%
- Debt Coverage Ratio
- 0.81
- Internal Rate of Return (5 years)
- -0.9%
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:
| $450,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$360,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $90,000 |
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:
| $13,500 |
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:
| $103,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,318 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $194 |
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:
| $1.38 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $360,000 |
|---|---|
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:
| $2,305 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $340 |
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:
| $224 |
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:
| $2,869 |
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:
| $3,200 | $38,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$192 | -$2,304 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,008 | $36,096 |
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. | 11% | -$340 | -$4,079 |
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% | -$224 | -$2,688 |
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% | -$256 | -$3,072 |
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% | -$160 | -$1,920 |
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% | -$160 | -$1,920 |
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 | 36% | -$1,140 | -$13,679 |
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:
| $1,868 | $22,416 |
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. | -$2,305 | -$27,660 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $437 | $5,244 |