$898,000
Investment Summary
- Monthly Cash Flow
- -$2,285
- Cap Rate
- 3.1%
- Cash-on-Cash Return
- -13.3%
- Debt Coverage Ratio
- 0.50
- Internal Rate of Return (5 years)
- -8.8%
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
Under contract-accepting backup offers. *SELLER IS OFFERING $10,000 TOWARDS BUYER’S CLOSING COSTS!* Less than 5 miles from downtown Mount Dora! Welcome to 534 Two Lakes Lane, an extraordinary custom-built home on the sought-after West Crooked Lake. This one-owner, impeccably maintained home was built in 2019 by the award-winning Kevco Homes. The floor plan is known as the Barcelona III and was voted best in class in the Parade of Homes in 2019. The community is a private enclave with no through traffic, and this home is set back in a quiet cul-de-sac, on over a 1-acre homesite with 225 feet of lake frontage. With over 2,800 square feet of living space, 10’ ceilings throughout, 3 bedrooms, 3 bathrooms, and a dedicated office (with a closet), this home provides a functional and beautiful layout. A highlight of the home is the chef’s kitchen, designed with white wood cabinetry that includes custom pull-outs, a gourmet-style configuration, and luxury Kitchenaid stainless steel appliances. The large center island, with additional storage cabinets on three sides and room for four or more barstools, is perfect for casual dining or entertaining. Off of the kitchen, the breakfast nook features large picture windows that frame breathtaking views of West Crooked Lake. The great room is a beautiful space in the home. An oversized windmill fan adds character to the great room, complemented by upgraded wooden beams in the ceiling. From the great room, a triple sliding pocket door opens onto the oversized screened-in lanai. A feature of this home that cannot be overlooked is that it offers stunning lake views from every room. Whether you're in the living room, kitchen, primary bedroom or private office, you'll enjoy the views of the water. The home also includes a dedicated den that can function as a secondary office, playroom, fitness room, formal dining area, or flex space. Throughout the home, you'll find custom-built closets with wood shelving and quartz countertops. Tray ceilings can be found in the foyer, den, office, great room, and primary bedroom. The tray ceiling in the foyer is 14' in height. The home also boasts custom finishes like 5 1/4” baseboards and 5 1/4” crown molding throughout. The floorplan is a split plan and the primary bedroom is located on the right side of the home, complete with oversized dual walk-in closets and a spa-like en-suite. The exterior of the home is just as impressive. A long paver driveway leads to the home, adding to the curb appeal and providing ample space for parking. The home features custom landscaping, and full-zone irrigation. The expansive lot offers room to add a pool if desired, and you have the unique opportunity to install a dock on West Crooked Lake, which is a boating lake. Additional features include: a security system with 7 cameras, surround sound in the great room, speakers built-in on the lanai, a gas grill hookup on the lanai, a lake pump for irrigation, and an oversized 4-car garage with insulated garage doors, epoxy flooring, a service door to the lakefront (ideal for a golf cart, riding mower, or small boat), and a floored attic for additional storage. Don’t miss your chance to own this remarkable home in the Crooked Lake Reserve community. Call today to schedule a private tour.
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Location
Property Details
Parking
- Description: Garage
- Details: Attached
- Garage Spaces: 4
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 3
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Brick Veneer
- Foundation: Slab
- Roof Material: Shingle
HOA
- Has HOA: Yes
- Association: Crooked Lake Reserve - Suzanne Fleisher
- HOA Fee: $900/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 141926045000001300
- Lot Size: 44385 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 2019
Tax Information
- Annual Tax: $7,756
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Lake
Listing Details
Investment Summary
- Monthly Cash Flow
- -$2,285
- Cap Rate
- 3.1%
- Cash-on-Cash Return
- -13.3%
- Debt Coverage Ratio
- 0.50
- Internal Rate of Return (5 years)
- -8.8%
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:
| $898,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$718,400 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $179,600 |
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:
| $26,940 |
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:
| $206,540 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,829 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $317 |
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:
| $1.56 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $718,400 |
|---|---|
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:
| $4,600 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $646 |
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:
| $308 |
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:
| $5,554 |
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:
| $4,400 | $52,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$264 | -$3,168 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,136 | $49,632 |
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. | 15% | -$646 | -$7,757 |
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% | -$308 | -$3,696 |
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% | -$352 | -$4,224 |
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% | -$220 | -$2,640 |
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% | -$220 | -$2,640 |
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% | -$75 | -$900 |
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 | 41% | -$1,821 | -$21,857 |
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:
| $2,315 | $27,780 |
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. | -$4,600 | -$55,200 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $2,285 | $27,420 |