$2,799,000
Investment Summary
- Monthly Cash Flow
- -$12,139
- Cap Rate
- 0.9%
- Cash-on-Cash Return
- -22.6%
- Debt Coverage Ratio
- 0.15
- Internal Rate of Return (5 years)
- -17.8%
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
Located high on a 35’ bluff in the desired Town of Belleair and within the exclusive guard gated Belleview Place community with its popular country club and golf courses. This residence is in a NO flood zone and a NO evacuation zone and was selected to be the developer’s model townhome because of its superior location and amenities. This impressive 3,274 sq. ft. Carriage Home has 3 bedrooms, 3 full baths, a powder room, a Bonus/Flex Room, an elegant elevator, a 2 Car Garage and a corner location which provides expansive views of the community’s picturesque landscape. As a very special feature, this residence was substantially improved beyond the builder’s standards with the addition of insulation and seals under the oversight of licensed contractors, specialists and lab technicians to nullify any potential impact of the moist tropical environment. These improvements add to the energy efficiency, superior air quality and comfort. When combined with the insulated impact windows, this residence experienced NO adverse effects from the recently challenging weather conditions. Step through the custom front door and be welcomed by soaring ceilings and a series of large picture windows that fill the home with natural light. Hardwood floors, crown molding and electric blinds enhance the elegance and functionality of the space. The living room features a gas fireplace with a stunning stone design and custom built-ins. The kitchen is a chef’s delight with top of the line stainless JennAir appliances including a gas cooktop, an abundance of white wood cabinetry and a large center island with a waterfall stone countertop that accommodates breakfast bar seating. A formal dining area, currently serving as a conversation area, adds to the dynamic layout. The first-level Primary Suite has direct access to the covered patio with its clear glass railings plus high tray ceilings, large windows, and his and hers closets. The ensuite bathroom has a double sink vanity, a separate commode room, walk-in shower with built-in seat, and a separate makeup vanity. Access to the second level is by private elevator or the elegant staircase. This level consists of two ensuite guest bedrooms and a flex room (office, gym, media room) with built-ins and stunning views. The larger guest bedroom can be an alternative Primary Suite with its private balcony, custom walk-in closet, ensuite bathroom with double sink vanity, separate commode room and walk-in shower. The third bedroom is complete with a custom walk-in closet and an ensuite bathroom. The spacious laundry room, located on the first level, features custom cabinetry, a laundry sink, a built-in wine fridge and a full-size washer and gas dryer. The attached oversized 2-car garage (nearly 500 sq. ft.) includes custom cabinetry and a Tesla Electric Charger. The adjacent patio is perfect for outdoor grilling. All public utilities are underground for ambience and safety. The entrance is guarded 24/7. Amenities include a fitness center, magnificent heated pool & spa, pool-side restrooms, cabanas, sundeck and garden pergolas all of which are located at the iconic Belleview Inn. Neighboring private Belleair Country Club offers world-class golf (two 18-hole courses), tennis, pickleball, croquet, pool, dining and so much more. Private marina with boat slips for rent or purchase are subject to availability. Close to the Gulf Beaches and the Pinellas Trail. Here is the video of this beautiful home https://vimeo.com/981687078
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Location
Property Details
Parking
- Description: Curb Parking, Driveway, Electric Vehicle Charging Station(s), Garage Door Opener, Garage Faces Rear, Ground Level, Guest, On Street, Oversized
- Details: Driveway, Electric Vehicle Charging Station(s), Garage Door Opener, Garage Faces Rear, Guest, On Street, Oversized, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 1
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 15
- # of Stories: 2
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Masonry
- Foundation: Slab
- Roof Material: Shingle
HOA
- Has HOA: Yes
- Association: Resource Property Management - Dan Nepomuceno
- HOA Fee: $1,570/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 212915137040000203
- Lot Size: 11124 sqft
Property Information
- Property Type: Condominium
- Style: Custom, Patio Home, Traditional
- Year Built: 2018
Tax Information
- Annual Tax: $27,625
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$12,139
- Cap Rate
- 0.9%
- Cash-on-Cash Return
- -22.6%
- Debt Coverage Ratio
- 0.15
- Internal Rate of Return (5 years)
- -17.8%
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:
| $2,799,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,239,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $559,800 |
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:
| $83,970 |
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:
| $643,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,274 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $855 |
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:
| $2.69 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,239,200 |
|---|---|
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:
| $14,338 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,302 |
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:
| $616 |
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:
| $17,256 |
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:
| $8,800 | $105,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$528 | -$6,336 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $8,272 | $99,264 |
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. | 26% | -$2,302 | -$27,625 |
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% | -$616 | -$7,392 |
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% | -$704 | -$8,448 |
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% | -$440 | -$5,280 |
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% | -$440 | -$5,280 |
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. | 18% | -$1,571 | -$18,852 |
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 | 69% | -$6,073 | -$72,877 |
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:
| $2,199 | $26,388 |
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. | -$14,338 | -$172,056 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$12,139 | -$145,668 |