




$684,500
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$1,804
- Cap Rate
- 3.0%
- Cash-on-Cash Return
- -13.8%
- Debt Coverage Ratio
- 0.49
- Internal Rate of Return (5 years)
- -9.3%
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
NOW IS YOUR TIME TO OWN A PIECE OF PARADISE! This 2 bedroom 2 bath condo plus office boasts the best water views the island has to offer! From your spacious balcony watch dolphins play, manatees meander & seabirds dive. Enjoy morning coffee & afternoon cocktails in an environment of quietude & serenity. Upon arrival your most discriminating buyer will appreciate this masterpiece of upgrades and design. The newly remodeled kitchen makes entertaining a pleasure. Removal of the kitchen walls imbues that "open feel, adds more functional space, & accommodates more Quartz countertops. Kitchen features include all stainless Samsung appliances (2022) Custom wood cabinetry (soft close) under cabinet & multi mode recessed lighting. All serviced by a new updated electrical panel box. The primary suite is located bayside. Wall to wall windows bring the bay to your bedside! The walk in closet was made spacious by augmenting a couple of walls. Only the highest grade materials were used in making the primary bathroom one of the main focal points of this offering. Double vanity sinks with multiple mode lighting & defogging mirrors are a sight for sore eyes! A second bedroom suite was created with the addition of a hallway door, guaranteeing privacy for your guests. Inclusive is a walk in closet as well as an updated bathroom. Some residents have chosen to make the den mutifunctional by adding a Murphy bed or sleeper sofa, while maintaining a smaller footprint of an office. Other features include new luxury vinyl flooring that flows throughout. Inside laundry room. Custom window treatments, base trim, ceiling fans. All of the popcorn ceiling texture has been removed. Newer Hot water heater (2022). Newer A/C system (2022) Outdoor storage. Located just steps from your condo, assigned shaded parking space #77 Isla Key's Resort style pool is heated in the winter and cooled down during the summer months. The Spa is always kept that perfect temperature to soothe those aching muscles after a long day of Golf/Tennis/Pickleball. Enjoy excellent fishing from over 1200' of new seawall & extra wide seawall cap, or try your luck from our beach area located just west of bldg #2 This sandy beach area always welcomes a lounge chair and a good book at sunset! Other amenities include new tennis/pickle ball courts, Bocce' ball court. grill area, bike racks, car wash area, water access for Kayak launching & community social events. Isla Key is Located just 25 minutes from Tampa International Airport, 90 minutes from Disney Orlando, 10 minutes to all the diverse venues, restaurants, & action of Downtown St Petersburg! (Florida's west coast newest hot spot). BUT closest to the fine sugar sands of ST Pete Beach & Ft Desoto Park. Well run Association!
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Location
Property Details
Parking
- Description: Assigned, Ground Level, Guest
- Details: Assigned, Guest
- 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 Rooms: 7
- # of Stories: 4
Exterior Features
- Exterior Walls Materials: Concrete
- Foundation: Pillar/Post/Pier
- Roof Material: Built-Up, Metal
- Pool: Yes
HOA
- Association: Resource Property Mgmt/Britt Bates
- Additional Association: Isla Key Condo Association
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 093216432590002200
- Lot Size: 16247 sqft
Property Information
- Property Type: Condominium
- Style: Contemporary
- Year Built: 1988
Tax Information
- Annual Tax: $9,384
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Pinellas
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
- -$1,804
- Cap Rate
- 3.0%
- Cash-on-Cash Return
- -13.8%
- Debt Coverage Ratio
- 0.49
- Internal Rate of Return (5 years)
- -9.3%
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:
| $684,500 |
---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$547,600 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $136,900 |
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:
| $20,535 |
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:
| $157,435 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,255 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $545 |
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:
| $2.87 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $547,600 |
---|---|
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:
| $3,506 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $782 |
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:
| $4,540 |
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. | 22% | -$782 | -$9,385 |
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. | 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 | 47% | -$1,682 | -$20,185 |
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:
| $1,702 | $20,424 |
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. | -$3,506 | -$42,072 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$1,804 | -$21,648 |