$1,099,000
Investment Summary
- Monthly Cash Flow
- -$3,799
- Cap Rate
- 2.0%
- Cash-on-Cash Return
- -18.0%
- Debt Coverage Ratio
- 0.33
- Internal Rate of Return (5 years)
- -13.4%
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
DIRECT WATERFRONT! NO FLOOD ZONE!!- Tucked away at the end of a quiet cul-de-sac, in the exclusive gated community of Waters Edge, awaits a private sanctuary where luxury, nature, and design come together in perfect harmony. Welcome to your 3 bedroom 2 bathroom home with a den or home office. This waterfront dream home on the serene shores of Banana Lake—where over 1 acre of lush, landscaped privacy meets 270 feet of direct water frontage and unforgettable sunsets. As you arrive, the long paver driveway leads you along manicured landscaping and right up to the welcoming entry of this beautifully crafted residence. The curb appeal is just the beginning. Step inside and be instantly embraced by the soaring volume ceilings, rich crown molding, and the graceful coffer ceiling overhead. Natural light pours through Low-E, hurricane-rated windows dressed with plantation shutters, while mechanical blinds adjust with ease to set the mood. Porcelain tile floors stretch throughout, highlighted by recessed lighting, ceiling fans, and thoughtful architectural details in every room. The gourmet kitchen is a chef’s paradise, complete with Sile Stone countertops, a gas stove with designer hood, built-in microwave, purpose built soft-close 42"x15" deep upper cabinets, pull-out pantry shelving, under mounted cabinet lighting, with stainless steel appliances and an extra large walk-in storage pantry. Custom touches like the built-in L-shaped banquette make the heart of the home both functional and inviting. Retreat to the primary suite, where you’ll find beautiful lake views, custom closet shelving, a classic soaking tub, dual vanities, Corian countertops, a handicap-accessible tile shower with dual shower heads, and elegant finishes that turn every day into a spa experience. Two additional bedrooms and a stylish second bathroom provides ample space for guests or family, featuring tiled showers, a soaking tub, and timeless design. A dedicated laundry room with cabinetry, folding area, and sink makes daily tasks a breeze. Seamlessly transition to the outdoors through the 400 square foot 3-seasons porch —climate-controlled and tiled throughout, with recessed lighting, a covered kitchenette perfect for entertaining and is not included in the home’s square footage. Open the expansive accordion panoramic doors to reveal a composite screened deck leading to your heated saltwater Gunite pool, surrounded by pool pavers, with a 2024 re-screened enclosure and cinematic views that stretch across the lake. Take a walk down the paved path to the impressive 100’ boat dock (built in 2023) with covered shingles, solar lighting, and easy access to the multiple deep-water canals for boating, fishing, and sunset cruises. The 800-gallon propane tank, two tankless water heaters, six-zone irrigation, and two A/C units provide comfort and efficiency year-round. Even practical spaces have been thoughtfully designed, including a 3-car garage with shelving, pegboard, and 13’x15’ of additional storage, perfect for hobbies, tools, and seasonal gear. And don’t forget the sauna, garden, faucets and outlets on all four sides of the home, and a layout that’s both stylish and highly functional throughout. Bring your binoculars and your love of nature—this is a birdwatcher’s paradise, a fisherman's haven, and a lakefront lifestyle unlike any other. Experience elegance and tranquility on the shores of Banana Lake. Own an exceptional lakefront retreat—schedule your private showing today!
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Location
Property Details
Parking
- Description: Garage
- Details: Driveway, Garage Door Opener, Guest, Attached
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 8
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Hip
- Roof Material: Shingle
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Michael Roberson
- HOA Fee: $850/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 242910280565000120
- Lot Size: 44605 sqft
Property Information
- Property Type: Single Family Residence
- Style: Custom, Florida, Traditional
- Year Built: 2015
Tax Information
- Annual Tax: $6,987
Utilities
- Water & Sewer: Public
- Heating: Central, Propane
- Cooling: Central Air
Location
- County: Polk
Listing Details
Investment Summary
- Monthly Cash Flow
- -$3,799
- Cap Rate
- 2.0%
- Cash-on-Cash Return
- -18.0%
- Debt Coverage Ratio
- 0.33
- Internal Rate of Return (5 years)
- -13.4%
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:
| $1,099,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$879,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $219,800 |
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:
| $32,970 |
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:
| $252,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,001 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $366 |
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:
| $1.20 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $879,200 |
|---|---|
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:
| 6.625% |
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:
| $5,630 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $582 |
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:
| $252 |
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:
| $6,464 |
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:
| $3,600 | $43,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$216 | -$2,592 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,384 | $40,608 |
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. | 16% | -$582 | -$6,987 |
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% | -$252 | -$3,024 |
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% | -$288 | -$3,456 |
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% | -$180 | -$2,160 |
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% | -$180 | -$2,160 |
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. | 2% | -$71 | -$852 |
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% | -$1,553 | -$18,639 |
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:
| $1,831 | $21,972 |
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. | -$5,630 | -$67,560 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $3,799 | $45,588 |