$699,900
Investment Summary
- Monthly Cash Flow
- -$1,595
- Cap Rate
- 3.4%
- Cash-on-Cash Return
- -11.9%
- Debt Coverage Ratio
- 0.56
- Internal Rate of Return (5 years)
- -7.5%
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
One or more photo(s) has been virtually staged. *** MOVE-IN READY WATERFRONT TOWNHOME CHECKS ALL THE BOXES *** Own a slice of DEEP WATERFRONT paradise at an AMAZING PRICE! Unwind in this stunning Coastal Mediterranean OPEN CONCEPT townhome-style condo with FULL WATER VIEWS from every floor. Starting in the Entry, the hardwood stairs will lead you up to the Living Room – and WOW…THAT VIEW! For the first time ever, this community took on approx 30” of flood water on the GROUND FLOOR ONLY during Hurricane Helene. Post-storm mitigation was completed WITH ALL PERMITS including NEW exterior A/C units, water heater, vinyl plank flooring & drywall, new interior doors, baseboards & trim. This home was made to entertain with two balconies – all with a front row seat for watching INCREDIBLE SUNSETS, dolphin, manatee and birds! Gorgeous hand scraped hardwood floors flow throughout the spacious Living Room featuring a remote-controlled privacy blind, wood-burning fireplace, opens up to the 2nd floor balcony, and the Dining Room, perfectly sized for a large dining table. The gourmet Tuscan-style kitchen was completely renovated, including raising the ceiling, soft-close wood cabinets, quartz countertops, tile backsplash, upper peninsula cabinets with custom-etched glass doors and stemware racks, large island with multiple wine racks and built-in wine refrigerator, high-end GE appliances (double oven, quiet dishwasher with stainless interior, microwave and French Door refrigerator), under cabinet lighting, and a well-organized pantry. 3rd floor features an Owner's Suite with wood plank vaulted ceilings, private balcony with impact-rated sliders and full view of the Intracoastal Waterway – just imagine waking up every day to these jaw-dropping views – all without leaving your bed! Walk-in closet with built-in storage leads to the Owner's ensuite bathroom with window for natural daylight, also remodeled with wood cabinets, quartz countertops, double vanity sinks, walk-in shower, and deep jetted tub! The second ensuite bedroom includes wood plank vaulted ceilings, full bathroom and two closets with built-in storage. Between the bedrooms on the 3rd floor are full-size washer & dryer with wall cabinet and hanging rod, a coffee/beverage area with sink and mini-frig. Weather-resistant engineered wood decking on the balconies, and 2nd floor balcony has spiral staircase down to the ground level. Ground floor includes a deep oversized 1-car garage, Bonus Room with storage and a covered lanai with brick pavers. Village of Paradise Island is a social boating community for ALL AGES! GOLF CART & PET FRIENDLY! Two large pools with cabanas, fishing dock, kayak/paddle board launch, and 26 DEEP WATER BOAT SLIPS in a protected cove with deep water access (even during low tide) for yachts & sailboats up to 45’ with short waitlist available on first come, first serve basis and leases to residents for only $4/ft, including electric & water. Next door is Treasure Bay Golf and Tennis Recreation Center (currently being renovated). MILESTONE INSPECTION PASSED! 459 Haven Point was one of the four units fully inspected. NOTE >>> per the City of Treasure Island: "Living space and restrooms are NOT PERMITTED in enclosed areas below the Design Flood Elevation. If repairs include bedrooms and/or bathrooms [on ground floor, then those owners] have completed the repairs/improvements WITHOUT the benefit of PERMIT. Properties that have been repaired without a permit are not included in the list of compliant structures."
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Location
Property Details
Parking
- Description: Attached Garage
- Details: Boat, Common, Driveway, Garage Door Opener, Golf Cart Garage, Guest, Open, Oversized, Basement, Attached
- Garage Spaces: 1
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 7
- # of Stories: 3
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood
- Foundation: Slab
- Roof Material: Shingle
HOA
- Association: Professional Bayway Management - Charlotte Johnson
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 243115941100044590
- Lot Size: 0 sqft
Property Information
- Property Type: Townhouse
- Style: Coastal, Contemporary, Florida, Key West
- Year Built: 1979
Tax Information
- Annual Tax: $9,244
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air, Ductless, Zoned
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,595
- Cap Rate
- 3.4%
- Cash-on-Cash Return
- -11.9%
- Debt Coverage Ratio
- 0.56
- Internal Rate of Return (5 years)
- -7.5%
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:
| $699,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$559,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $139,980 |
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:
| $20,997 |
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:
| $160,977 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,750 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $400 |
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:
| $2.29 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $559,920 |
|---|---|
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:
| 6.625% |
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:
| $3,585 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $770 |
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:
| $280 |
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:
| $4,635 |
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:
| $4,000 | $48,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$240 | -$2,880 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,760 | $45,120 |
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. | 19% | -$770 | -$9,245 |
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% | -$280 | -$3,360 |
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% | -$320 | -$3,840 |
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% | -$200 | -$2,400 |
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% | -$200 | -$2,400 |
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 | 44% | -$1,770 | -$21,245 |
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:
| $1,990 | $23,880 |
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. | -$3,585 | -$43,020 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$1,595 | -$19,140 |