$1,680,000
Investment Summary
- Monthly Cash Flow
- -$5,775
- Cap Rate
- 2.0%
- Cash-on-Cash Return
- -17.9%
- Debt Coverage Ratio
- 0.33
- Internal Rate of Return (5 years)
- -13.3%
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
Discover luxury with this exceptional waterfront residence, meticulously designed with an emphasis on harmony and luxury. This sprawling 4 bedroom, 3 bathroom, lap-pool home encompasses 3,308 square feet of living space on a premium lot giving you a 180-degree panoramic water views and situated in a serene cul-de-sac. Property was built with the highest level of upgrades available through the builder. The striking curb appeal invites you in, showcasing a paver driveway, a covered entryway, a tile roof, and meticulously manicured landscaping. Upon entering, you will be captivated by the luxury upgrades, timeless architectural details, volume ceilings, abundant natural light, and Italian wood-look tile that flows throughout the home. The floor plan and design are truly showcased with a refined sense of elegance and functionality with every detail thoughtfully planned with timeless luxury and comfort in mind. Impressive dining room features a coffered ceiling, modern lighting, and custom wall accents, setting the stage for memorable gatherings. Enjoy the expansive living room seamlessly connects to the kitchen, offering views of the water and pool area. The Chef’s kitchen is a true highlight, complete with quartz and Cambria countertops, ceiling-height cabinetry, stainless steel appliances including a built-in oven, gas cooktop, and pantry plus butler’s station for optimal organization. Enjoy casual meals in the dinette or at the breakfast bar, adorned with contemporary lighting. The versatile bonus rm can serve as a family rm or any additional space you envision. French doors lead to an office/den, providing an ideal setting for work or study. Retreat to the spacious primary bedrm, which boasts direct access to the lanai and large picture windows that invite natural light. The spa-like ensuite bathrm features a freestanding garden tub, dual vanities, upgraded glass-enclosed shower with two shower heads, and two custom walk-in closets. Three additional generously-sized bedrooms offer ample space. Quality plantation shutters are custom made, pure linen curtains will capture your attention. The laundry room is equipped with quartz countertops, cabinetry, and a deep sink, plus there is a custom mudroom-style organizer in the garage. Step outside to your outdoor oasis, which optimally integrates indoor and outdoor living. The covered patio is perfect for lounging and includes rough-ins for an outdoor kitchen. Dive into the inviting saltwater lap pool or unwind in the spa. The upgraded, fully screened enclosure offers an open-unobstructed views of the water. The pool is positioned to obtain a full day of natural light reducing your need for heating. Additional features include smart home technology, security system, seamless gutters, home water softener system, generator rough-in ready, upgraded insulation for energy efficiency, and epoxy flooring in the garage. Located in the gated community of Worthington with low HOA fees and no CDD, residents can enjoy a scenic shell walking trail that winds through the neighborhood. This home is conveniently situated near downtown Sarasota, I-75, Tampa, St. Petersburg, the UTC shopping district, and the breathtaking beaches of Siesta Key, Lido Key, Longboat Key, and Anna Maria Island. This is a rare opportunity to own a lakefront sanctuary that beautifully blends luxury, design, and Feng Shui harmony. Designed with elemental balance, symbolic energy flow and Feng Shui, truly a one of a kind home.
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Location
Property Details
Parking
- Description: Attached Garage
- Details: Driveway, Attached
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 10
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Hip
- Roof Material: Tile
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Evergreen Management
- HOA Fee: $203/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0232060049
- Lot Size: 9745 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 2023
Tax Information
- Annual Tax: $9,956
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$5,775
- Cap Rate
- 2.0%
- Cash-on-Cash Return
- -17.9%
- Debt Coverage Ratio
- 0.33
- Internal Rate of Return (5 years)
- -13.3%
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:
| $1,680,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,344,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $336,000 |
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:
| $50,400 |
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:
| $386,400 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,308 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $508 |
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:
| $1.69 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,344,000 |
|---|---|
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:
| $8,606 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $830 |
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:
| $392 |
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:
| $9,828 |
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:
| $5,600 | $67,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$336 | -$4,032 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,264 | $63,168 |
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. | 15% | -$830 | -$9,956 |
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% | -$392 | -$4,704 |
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% | -$448 | -$5,376 |
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% | -$280 | -$3,360 |
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% | -$280 | -$3,360 |
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. | 4% | -$203 | -$2,436 |
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% | -$2,433 | -$29,192 |
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:
| $2,831 | $33,972 |
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. | -$8,606 | -$103,272 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $5,775 | $69,300 |