$2,877,000
Investment Summary
- Monthly Cash Flow
- -$11,907
- Cap Rate
- 1.2%
- Cash-on-Cash Return
- -21.6%
- Debt Coverage Ratio
- 0.19
- Internal Rate of Return (5 years)
- -16.8%
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 paradise, this beautiful home was HIGH and DRY with NO water intrusion from last year’s storms! Enjoy waterfront living at its finest in this spectacular coastal inspired oasis. This magnificent home is located in the 24 hour guard gated waterfront community of Dolphin Cay which offers tennis courts, two heated swimming pools (one of which overlooks the private 2 acre beach on Boca Ciega Bay), community center with billiard room, library, fitness center and lushly landscaped walking trails. Upon entering the home you'll notice the spacious open floor plan with travertine floors, 22 ft high ceilings, and an abundance of windows that are all designed to take advantage of amazing water views from almost every room. This home offers 4 bedrooms 3.5 bathrooms, a popular split floor plan and an oversized 2 car garage with an additional enclosed storage area perfect for kayaks, paddle boards, etc. Upon entering you will be greeted by the expansive water views from the generously sized living room which opens to the dining room and beautiful kitchen. The kitchen has a breakfast nook and a large island for additional seating and electric, sink, dishwasher and separate ice maker. It features granite counters, wood cabinets with under cabinet lighting, built-in oven, microwave, warming drawer, 6 burner gas cooktop, subzero refrigerator, vegetable sink and closet pantry. The laundry room offers additional cabinetry, sink, and laundry chute for convenience. The large dining room is separate, off the family room, and leads to the tastefully remodeled half bath and separate office with built-in bookshelves and gas fireplace. There is also a lower level bonus room off the living room (not included in the square footage) that gives you an additional space for a home gym, media room, 5th bedroom, etc…the possibilities are endless. From the living room, there is a staircase that leads to the Primary suite with wood-plank ceramic tile floors. The large bedroom offers expansive water views and has a Juliet balcony. The large walk-in closet offers built-in storage stystemand the huge luxurious marble bathroom features dual vanities, separate tub, and oversized shower with body jets. On the opposite side of the home are three additional bedrooms, one with it’s own private balcony overlooking the water and two upscale and remodeled bathrooms. One bathroom features a walk in shower with frameless glass, and the other large bathroom has a shower/tub combination, both with high-end finishes. Outside there is a tiered tile patio that’s stubbed with gas for an outdoor kitchen and has an electric retractable awning with LED lights to provide shade, which is perfect for entertaining, and overlooks your private composite dock with water and electric. Located just inside the no-wake zone, you are in protected water with breathtaking views. Other features to note, the home has double paned windows and hurricane shutters, newer a/c (2021) units, and gas tankless hot water heater. Steps away from the community pools and several electric vehicle charging stations, the home is conveniently located ten minutes from Gulf Beaches, Fort De Soto Park, all the great venues in downtown St Petersburg and just 30 minutes to Tampa Int'l Airport. Make your private appointment to see this gem today!
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Location
Property Details
Parking
- Description: Driveway, Garage Door Opener, Oversized, Tandem, Workshop in Garage
- Details: Garage Door Opener, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 3
- # of Stories: 2
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable
- Roof Material: Other, Tile
- Pool Community: Yes
HOA
- Has HOA: Yes
- Association: Condominium Associates
- HOA Fee: $479/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 033216218090010020
- Lot Size: 11138 sqft
Property Information
- Property Type: Single Family Residence
- Style: Mediterranean
- Year Built: 1995
Tax Information
- Annual Tax: $43,088
Utilities
- Water & Sewer: Public
- Heating: Central, Natural Gas
- Cooling: Central Air, Zoned, Attic Fan
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$11,907
- Cap Rate
- 1.2%
- Cash-on-Cash Return
- -21.6%
- Debt Coverage Ratio
- 0.19
- Internal Rate of Return (5 years)
- -16.8%
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:
| $2,877,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,301,600 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $575,400 |
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:
| $86,310 |
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:
| $661,710 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,900 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $738 |
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:
| $2.56 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,301,600 |
|---|---|
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:
| $14,737 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $3,591 |
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:
| $700 |
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:
| $19,028 |
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:
| $10,000 | $120,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$600 | -$7,200 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $9,400 | $112,800 |
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. | 36% | -$3,591 | -$43,088 |
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% | -$700 | -$8,400 |
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% | -$800 | -$9,600 |
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% | -$500 | -$6,000 |
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% | -$500 | -$6,000 |
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. | 5% | -$479 | -$5,748 |
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 | 66% | -$6,570 | -$78,836 |
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:
| $2,830 | $33,960 |
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. | -$14,737 | -$176,844 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$11,907 | -$142,884 |