$3,499,000
Investment Summary
- Monthly Cash Flow
- -$13,451
- Cap Rate
- 1.5%
- Cash-on-Cash Return
- -20.1%
- Debt Coverage Ratio
- 0.25
- Internal Rate of Return (5 years)
- -15.4%
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
Welcome to Open Palms an intimate luxury waterfront home on one of the few canals in the City of Anna Maria with open water access with no bridges. Although zoned for weekly rentals this property has never been rented. Built by Gagne Construction with detailed design collaboration with the owners, here mentioned a partial list of all the incredible features: The dock is 50 feet long with 30-foot fixed and 20-foot floating with tide and with movable kayak/SUP board assist bar and ladder access from fixed portion. The dock is 10 feet deep and has a deployable rescue ladder to canal. The city building code changed after dock was built. Now, docks cannot exceed 20 feet in length. It includes fish light, perimeter flush-mount LED safety lights, and a power pedestal with hose bib. The Golden boat lift capacity is 14,000 pounds, with normal resting height and storm height settings, and a remote control. Owner added Swingstoppers® system for securing boat in hurricanes, canal-side ladder and catwalk installed for applying Swingstoppers. Seawall was completely replaced in 2016, including dead-man anchors to keep seawall from leaning towards canal. The home has 30 helical piers set into the lot onto which foundation bases were poured. Rebar was set into foundation bases to extend into the masonry block structural columns, which were then filled with concrete and tied to the first course of framing for floor above ground level. Wind mitigation report from construction verifies compliance with Miami-Dade standards. Fire escape ladder and platform from third floor to ground, only deployable from third floor and not accessible from ground. Propane-powered Kohler 20-kilowatt generator on third-floor landing, powers air conditioning on main floor, microwave, refrigerators, ceiling fans throughout. A 400-gallon tank runs it for 10-14 days. Three stop elevator is accessible from foyer, kitchen and sitting room. Stairs leading down to foyer/garage and from third floor have built-in pocket pet/toddler doors with rare-earth magnetic catches. Kitchen appliances include GE Profile™ 27.9-cubic-foot Smart Fingerprint Resistant four-door French-door refrigerator with door in door for quick beverage access, outside filtered water/ice dispenser, control panel, and Wi-Fi accessible status indicators. GE Profile™ microwave/oven combination with Advantium™ technology. GE Profile™ Bluetooth-enabled dishwasher and GE Profile™ 36-inch five-element, built-in touch control induction cooktop in island with GE telescopic downdraft exhaust fan that is vented to outside through basement ceiling with magnetic closing, screened vent cap to discourage infiltration of pests and water during storms. The laundry room includes Samsung smart top-load washer, including built-in sink for pre-washing delicates. Front-load dryer that is vented outside via magnetic, screened vent flap to discourage pest and water infiltration during storms. Custom stainless steel counter with sink and pulldown, two-function faucet, drying rod. Custom ceiling-height cabinets. Iron-A-Way recessed wall-mounted ironing center with task light on timer or powered off by closing cabinet door, power outlet, hot iron storage. Circuit breakers, main and generator-fed circuits, with whole-house surge suppression added. 2025 flood gates have been added to the garage doors, and all doors that lead into the property for peace of mind. Meticulously cared for and covered by Choice Home Warranty transferable to new owner.
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Location
Property Details
Parking
- Description: Mixed
- Details: Covered, Driveway, Garage Door Opener, Guest, On Street, Parking Pad, Garage, Basement, Workshop in Garage, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 12
- # of Stories: 3
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Other, Slab
- Roof Type: Gable or Hip
- Roof Material: Metal
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 69236.00008
- Lot Size: 11370 sqft
Property Information
- Property Type: Single Family Residence
- Style: Custom
- Year Built: 2018
Tax Information
- Annual Tax: $21,673
Utilities
- Water & Sewer: Private, Public, Well
- Heating: Electric, Zoned
- Cooling: Central Air, Humidity Control, Zoned
Location
- County: Manatee
Listing Details
Investment Summary
- Monthly Cash Flow
- -$13,451
- Cap Rate
- 1.5%
- Cash-on-Cash Return
- -20.1%
- Debt Coverage Ratio
- 0.25
- Internal Rate of Return (5 years)
- -15.4%
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:
| $3,499,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,799,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $699,800 |
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:
| $104,970 |
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:
| $804,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,802 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $1,249 |
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:
| $3.25 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,799,200 |
|---|---|
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:
| $17,924 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,806 |
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:
| $637 |
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:
| $20,367 |
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:
| $9,100 | $109,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$546 | -$6,552 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $8,554 | $102,648 |
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. | 20% | -$1,806 | -$21,673 |
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% | -$637 | -$7,644 |
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% | -$728 | -$8,736 |
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% | -$455 | -$5,460 |
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% | -$455 | -$5,460 |
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 | 45% | -$4,081 | -$48,973 |
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:
| $4,473 | $53,676 |
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. | -$17,924 | -$215,088 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $13,451 | $161,412 |