$1,199,000
Investment Summary
- Monthly Cash Flow
- -$2,670
- Cap Rate
- 3.6%
- Cash-on-Cash Return
- -11.6%
- Debt Coverage Ratio
- 0.57
- Internal Rate of Return (5 years)
- -7.3%
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
SNEAD ISLAND STUNNER ON 1.3 ACRES AND A DETACHED MOTHER-IN-LAW SUITE!!! NO HOA-NO DEED RESTRICTIONS-NO CDD!!! This stunning home offers exceptional curb appeal, featuring a paver brick driveway, meticulously maintained landscaping, mature trees, and a fully fenced yard. Built in 2009 by renowned custom builder Bruce Williams Homes, no detail was overlooked in the creation of this exquisite residence! Constructed to meet the latest building codes, the home includes hurricane-impact windows and doors for ultimate peace of mind. From the charming front entryway, you can even catch a glimpse of the Manatee River. The main home boasts over 3,000 square feet of living space, offering 2 spacious bedrooms and 2 full bathrooms. In addition, there is a separate mother-in-law suite, complete with 1 bedroom, 1 bathroom, and its own living area—ideal for guests or extended family! Inside, the foyer welcomes you with gleaming hardwood floors that flow throughout the home. The expansive living room is highlighted by elegant built-in shelving surrounding a cozy fireplace. The open-concept design allows the kitchen to seamlessly connect with the living space, making it perfect for both everyday living and entertaining. The chef’s kitchen features high-end custom wood cabinetry, a gas range, an island, a paneled refrigerator, and a generously sized pantry offering plenty of storage. The master suite is a private retreat, thoughtfully tucked away from the main living areas. Flooded with natural light from multiple windows and French doors, it includes two large walk-in closets with custom built-ins. The luxurious en-suite bathroom offers dual vanities, a soaking tub, a walk-in shower, and a private water closet. Adding to the home’s charm is the family room, which showcases unique brick flooring and an abundance of natural light. Step outside to the oversized screened-in courtyard lanai, where a tranquil water fountain rock feature sets the stage for relaxing evenings and memorable gatherings. Plenty of room for a pool or additional living spaces! The oversized 3-car garage is another standout, featuring epoxy flooring, two spacious storage closets, and a telescoping ladder for easy access to a plywood-finished attic—perfect for additional storage. The backyard is fully fenced in and offers plenty of room as well as a private pond! Truly your own country oasis on an island! One of the notable advantages of this property is that it has no deed restrictions allowing you the freedom to store and enjoy all your recreational vehicles, such as RVs and boats. Situated on Snead Island, a hidden gem on the West Coast of Florida, this home offers a truly idyllic lifestyle. Whether you prefer dining or boating at the local Yacht Club, exploring the biking and kayaking trails of the nearby 365-acre Emerson State Park, or witnessing the beauty of horses at the local stable, Snead Island provides something for everyone and represents the best of old Florida living.
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Location
Property Details
Parking
- Description: Attached Garage
- Details: Attached
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 5
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Roof Type: Gable or Hip
- Roof Material: Slate, Tile
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 29849.00509
- Lot Size: 58501 sqft
Property Information
- Property Type: Single Family Residence
- Style: Custom
- Year Built: 2009
Tax Information
- Annual Tax: $15,479
Utilities
- Water & Sewer: Public
- Heating: Electric
- Cooling: Central Air
Location
- County: Manatee
Listing Details
Investment Summary
- Monthly Cash Flow
- -$2,670
- Cap Rate
- 3.6%
- Cash-on-Cash Return
- -11.6%
- Debt Coverage Ratio
- 0.57
- Internal Rate of Return (5 years)
- -7.3%
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:
| $1,199,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$959,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $239,800 |
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:
| $35,970 |
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:
| $275,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,576 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $335 |
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:
| $1.99 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $959,200 |
|---|---|
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:
| $6,279 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,290 |
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:
| $497 |
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:
| $8,066 |
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:
| $7,100 | $85,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$426 | -$5,112 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,674 | $80,088 |
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. | 18% | -$1,290 | -$15,479 |
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% | -$497 | -$5,964 |
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% | -$568 | -$6,816 |
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% | -$355 | -$4,260 |
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% | -$355 | -$4,260 |
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 | 43% | -$3,065 | -$36,779 |
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:
| $3,609 | $43,308 |
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. | -$6,279 | -$75,348 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $2,670 | $32,040 |