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$399,900

For Sale - Active
506 Summerwood Ct, Tarpon Springs, FL 34689
3 Beds
2 Baths
1,482 Square Feet
0.23 Acres Lot
Built in 1984
For Sale - Active
1 Units
Checked: 11 hours ago
Updated: Jun 28, 2025 at 03:28AM

Investment Summary


Monthly Cash Flow
-$821
Cap Rate
3.7%
Cash-on-Cash Return
-10.7%
Debt Coverage Ratio
0.60
Internal Rate of Return (5 years)
-6.4%

Property Description


0.23 Acres Lot
Built in 1984
For Sale - Active
1 Units

THIS HOME QUALIFIES FOR $0 DOWN, NO PMI AND $5000 CLOSING COST ASSISTANCE! This Super Cute 3 bedroom, 2 bath renovated open floorplan home is nestled on an oversized cul-de-sac lot in the highly sought-after neighborhood of Oakleaf Village. This chic remodeled home features new luxury vinyl flooring, an updated spacious kitchen with stainless steel appliances, a dining room off the lovely kitchen with sliders leading to a spacious patio, private fenced back yard and fire pit creating delightful indoor/outdoor living. This elegant home has many lovely features such as; neutral color tones, newer lighting, luxury vinyl plank flooring, ceramic tile, ceiling fans, updated bathrooms, dual-pane windows, hurricane shutters, A/C 2025, hot water heater 2019, Roof 2011 and plenty of natural light in this well laid out floor plan. This desirable 3 bedroom home has a large primary bedroom with a walk-in closet and an en-suite bathroom with a window. This oversized lot has a double gate access to the backyard, a storage shed, and plenty of space for your RV, boat or camper. This quintessential Florida home is located a mile from US 19 and Altn 19 and is close to Innisbrook Resort, historic downtown Tarpon Springs, Sunset Beach, Howard Beach Park, Lake Tarpon, shops, restaurants and excellent schools. This delightful home is high and dry will NO FLOOD insurance required. Come and live the Florida lifestyle with all that delightful Tarpon Springs has to offer.

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Location


Property Details


Parking

  • Description: Driveway, Garage Door Opener
  • Details: Boat, Driveway, Garage Door Opener, Off Street, On Street, RV Access/Parking, 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: 6
  • # of Stories: 1

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Foundation: Slab
  • Roof Type: Gable
  • Roof Material: Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 242715629440000250
  • Lot Size: 10132 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Ranch
  • Year Built: 1984

Tax Information

  • Annual Tax: $5,977

Utilities

  • Water & Sewer: Public
  • Heating: Central, Electric
  • Cooling: Central Air

Location

  • County: Pinellas

Listing Details


Listed by:
Marina Kloppel, PA
COASTAL PROPERTIES GROUP INTERNATIONAL
(858) 382-7499

Source:
Stellar MLS
MLS#: TB8380484
Stellar MLS

Investment Summary


Monthly Cash Flow
-$821
Cap Rate
3.7%
Cash-on-Cash Return
-10.7%
Debt Coverage Ratio
0.60
Internal Rate of Return (5 years)
-6.4%

Purchase Details

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Purchase price:
$399,900
Amount financed:
-$319,920
Down payment:
$79,980
Closing costs:
$11,997
Rehab costs:
$0
Initial cash invested:
$91,977
Square feet:
1,482
Cost per square foot:
$270
Monthly rent per square foot:
$1.69

Financing Details

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Loan amount:
$319,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$2,048
Property tax:
$498
Insurance:
$175
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,721

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,500 $30,000
Vacancy loss: (6%)
6% -$150 -$1,800
Operating income:
$2,350 $28,200

Operating Expenses


% Rent Monthly Yearly
Property taxes: (20%)
20%-$498-$5,978
Insurance: (7%)
7%-$175-$2,100
Property management: (8%)
8%-$200-$2,400
Repairs & maintenance: (5%)
5%-$125-$1,500
Capital expenditures: (5%)
5%-$125-$1,500
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (45%)
45%-$1,123-$13,478

Cash Flow


Monthly Yearly
Net operating income:
$1,227 $14,724
Mortgage payments:
-$2,048 -$24,576
Cash flow:
$821 $9,852