$965,000
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$2,388
- Cap Rate
- 3.2%
- Cash-on-Cash Return
- -12.9%
- Debt Coverage Ratio
- 0.52
- Internal Rate of Return (5 years)
- -8.5%
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
UNPARALLELED BREATHTAKING GULF OF MEXICO VIEWS & FABULOUS SUNSETS FROM YOUR LUXURIOUSLY UPDATED COASTAL CONDO! Experience the Fort Myers Beach lifestyle you deserve in one of the best Gulf views that SW Florida has to offer in this stunningly updated 2 bedroom, 2 bathroom residence offering sweeping panoramic Gulf water views from every room. This coveted Ocean Harbor 14th floor condo has been meticulously remodeled with a coastal modern elegance offering a seamless indoor-outdoor lifestyle. The open configuration living/dining/kitchen floorplan is an entertainers dream and the shiplap accented walls plus the tranquil color scheme throughout adds an upscale coastal ambiance. The Chef's kitchen has been created to impress even the most discriminating of owners featuring two-toned beadboard cabinetry with full pull outs, sleek quartz countertops & backsplash, Bosch Dishwasher & Microwave, LG full size refrigerator and built-in oven, ceramic electric cook top, brushed nickel faucets & drawer pulls, corner cabinet pull-out organizer, Koehler farm house sink, indirect lighting in the crown molding and the ceiling light fixture has hidden blades operated from a remote. The gorgeous newly updated Owner's suite has dark cherry luxury vinyl flooring, motorized blinds and the bathroom features a walk in shower, quartz vanity & shower seat, tilting mirrors, dark bronze fixtures, 2 Kohler puddle sinks, linen closet, extended master closet and the water closet has extra storage plus quartz vanity. Just a few of the additional features in this gorgeous home are: new interior paint, upgraded vinyl flooring throughout, new light fixtures, ceiling fans, coastal barn doors leading to custom storage inside, built-in china cabinet, a second linen closet, king sized guest room with walk-in closet, guest bathroom with separate tub & shower and the laundry room features additional cabinetry above the washer/dryer. NEW HURRICANE IMPACT WINDOWS ARE BEING INSTALLED THROUGHOUT. The large spacious lanai has full electric hurricane storm shutters and new porcelain plank flooring with Master Suite access. Two parking spots with unit, one is covered and the other is open. Ocean Harbor is a premier gated community in the heart of Fort Myers Beach. Enjoy this very convenient mid-island location with a brand new boat dock area & fishing pier (boat dock space available on a wait list), direct access to the Gulf of Mexico, a private entrance to Publix, nearby restaurants, resort-style pool & hot tub, tennis courts, new Bocce Ball Court a marina with Gulf access, and a new seawall bordering the Back Bay. Exciting revitalization updates to the community include pool renovations, clubhouse roof improvements, seawall enhancements, sports court upgrades and designer landscaping. DO NOT MISS THIS CHANCE TO OWN ONE OF "THE BEST VIEW" CONDOS IN SOUTHWEST FLORIDA & SCHEDULE YOUR SHOWING TODAY!
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Location
Property Details
Parking
- Description: Assigned, Covered, Underground, TwoSpaces, DetachedCarport
- Details: Assigned, Covered, Underground, Detached Carport
- 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 Stories: 16
Exterior Features
- Roof Material: Metal
- Pool Community: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 284624W40260B.1402
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Style: See Remarks, High Rise
- Year Built: 1992
Tax Information
- Annual Tax: $5,776
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air, Ceiling Fan(s), Electric
Location
- County: Lee
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
- -$2,388
- Cap Rate
- 3.2%
- Cash-on-Cash Return
- -12.9%
- Debt Coverage Ratio
- 0.52
- Internal Rate of Return (5 years)
- -8.5%
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:
| $965,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$772,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $193,000 |
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:
| $28,950 |
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:
| $221,950 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,318 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $732 |
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:
| $3.34 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $772,000 |
|---|---|
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:
| $4,943 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $481 |
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:
| $308 |
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:
| $5,732 |
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:
| $4,400 | $52,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$264 | -$3,168 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,136 | $49,632 |
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% | -$481 | -$5,777 |
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% | -$308 | -$3,696 |
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% | -$352 | -$4,224 |
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% | -$220 | -$2,640 |
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% | -$220 | -$2,640 |
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% | -$1,581 | -$18,977 |
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:
| $2,555 | $30,660 |
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. | -$4,943 | -$59,316 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $2,388 | $28,656 |