$849,000
Investment Summary
- Monthly Cash Flow
- -$1,521
- Cap Rate
- 4.1%
- Cash-on-Cash Return
- -9.3%
- Debt Coverage Ratio
- 0.66
- Internal Rate of Return (5 years)
- -5.1%
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
MOTIVATED SELLER!! BRING US A SOLID OFFER! Waterfront luxury living is ready for you to move right in! Discover the ultimate Florida lifestyle with deep water Gulf access, your very own boat lift, and a sparkling pool and spa—this 3-bedroom, 2-bath, 2-car garage home truly has it all! Welcome to 5000 Galleon Ct., Gulf Harbors, New Port Richey—home to the best boating waters on Florida's West Coast. Nestled on one of the widest and deepest canals in the community, this 1,912 sq ft fully renovated masterpiece offers 66 feet of waterfront, allowing you to dock your sailboat, yacht, or any vessel of choice. Step into your backyard and enjoy a glimpse of the South Channel with immediate Gulf access! ! Stunning Exterior and Curb Appeal The pride of ownership is evident from the moment you arrive. The convenient circular driveway and Florida-friendly landscaping—including elegant palms and vibrant birds of paradise—create a warm and inviting entrance. The home itself received a fresh coat of exterior paint in 2024, adding to its pristine charm. Light and Bright Open Concept Interior Step inside to discover a wide-open floor plan bathed in natural light, with vaulted ceilings, wood burning fireplace, and impact-rated sliders dressed in motorized blinds. These sliders open effortlessly to the waterfront oasis, blending indoor and outdoor living. The wood-look porcelain tile flooring throughout the home adds a touch of elegance and easy maintenance. Gourmet Chef's Kitchen The brand-new kitchen is a showstopper with wood, soft-close cabinetry, frosted accent doors, and stunning quartz countertops. Enjoy top-of-the-line stainless steel appliances, including a built-in wine fridge and a spacious island with double-sided storage and seating space—perfect for entertaining. Luxurious Primary Suite Retreat to the tranquil primary suite featuring a walk-in closet and a stylish en suite bathroom with his-and-her vanities. A bonus room with breathtaking water views can serve as an office, gym, or flex space to suit your needs. The guest bedrooms are thoughtfully positioned on the opposite side of the home, with one offering beautiful canal views. Outdoor Paradise Step out to your propane-heated saltwater pool and spa, complete with Aqua Link Wi-Fi technology for controlled automation. The screened lanai ensures relaxation without any interruptions from pests. Your private dock and boat lift (10,000 lbs capacity) make it easy to get out on the water. Plus, a floating PVC dock and two davits add versatility for jet skis, paddle boards, and kayaks. Gulf Harbors Lifestyle Experience the best of coastal living with Anclote Island and the North Anclote Sand Bar just a short boat ride away—it's like living in Key West at a fraction of the cost! Enjoy the vibrant community with social and boating clubs, events, concerts, and boat parades. The optional HOA is just $125 per year, and memberships to the exclusive Gulf Harbors Beach Club, where you'll have access to a private beach with grills, cabanas, chairs, and bathrooms—with your first year of access paid at closing. Additional Features • New roof (2024) • New HVAC (2019) • Indoor laundry off the garage with a water softener and ample storage • Minutes from downtown New Port Richey, Sims Park, shopping, and the Gulf Harbors Yacht Club This immaculate, move-in-ready home won’t last long! Schedule your tour today and start living the waterfront dream!
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Location
Property Details
Parking
- Description: Garage
- Details: Circular Driveway, Driveway, Garage Faces Side, Guest, Off Street, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 9
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Concrete Block
- Foundation: Slab
- Roof Type: Gable
- Roof Material: Shingle
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Gulf Harbors Civic Association/office manager
- HOA Fee: $125/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 122615077C021000180
- Lot Size: 7590 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 1982
Tax Information
- Annual Tax: $7,008
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Pasco
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,521
- Cap Rate
- 4.1%
- Cash-on-Cash Return
- -9.3%
- Debt Coverage Ratio
- 0.66
- Internal Rate of Return (5 years)
- -5.1%
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:
| $849,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$679,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $169,800 |
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:
| $25,470 |
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:
| $195,270 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,912 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $444 |
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:
| $2.67 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $679,200 |
|---|---|
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:
| $4,446 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $584 |
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:
| $357 |
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:
| $5,387 |
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:
| $5,100 | $61,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$306 | -$3,672 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,794 | $57,528 |
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% | -$584 | -$7,008 |
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% | -$357 | -$4,284 |
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% | -$408 | -$4,896 |
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% | -$255 | -$3,060 |
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% | -$255 | -$3,060 |
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. | 0% | -$10 | -$120 |
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 | 37% | -$1,869 | -$22,428 |
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:
| $2,925 | $35,100 |
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. | -$4,446 | -$53,352 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,521 | $18,252 |