$359,000
Investment Summary
- Monthly Cash Flow
- -$783
- Cap Rate
- 3.6%
- Cash-on-Cash Return
- -11.4%
- Debt Coverage Ratio
- 0.58
- Internal Rate of Return (5 years)
- -7.0%
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 Mirabay – Where Every Day Feels Like a Vacation! Step into low-maintenance, resort-style living in the heart of Apollo Beach. This well-loved and beautifully upgraded Homes by West Bay coastal home offers the perfect blend of warmth, elegance, and modern convenience—all nestled in the premier gated waterfront community of Mirabay. From the moment you enter, you’ll notice the soaring 12-foot ceilings, 8-foot doors, elegant crown molding, and plantation shutters on every window, all creating a bright, welcoming atmosphere filled with natural light. Freshly painted inside and out, this home shines with pride of ownership and thoughtful upgrades in every corner. The open-concept living area is ideal for both relaxing and entertaining, flowing seamlessly into a chef’s kitchen that’s as stylish as it is functional. Here, you'll find upgraded stainless steel appliances, including a four-burner gas cooktop with an electric oven, plus under-cabinet lighting that sets the perfect ambiance. The oversized granite island offers ample space for food prep, barstool seating, and casual conversations, while the sleek 42” dark wood cabinetry adds richness and warmth. There’s also a spacious walk-in pantry to keep everything neatly organized. The adjacent dining area is generously sized, perfect for hosting gatherings with family and friends. The large screened lanai invites you to unwind outdoors with beautiful pavers underfoot, privacy curtains, and a brand-new screen enclosure (2024) that makes this the ideal space for year-round enjoyment. Your primary suite is a true retreat with two upgraded walk-in closets. Luxurious bath features double sinks, a relaxing soaking tub, and a large walk-in shower. The two additional bedrooms also feature new ceiling fans (2024) and upgraded custom closets, ensuring comfort and convenience for everyone. Additional updates include new toilets and faucets throughout, all new outlets (2024), and a finished attic for added storage. The HVAC system includes an air purification upgrade to enhance your indoor air quality, and there’s a tankless water heater, water softener, and Maytag washer and dryer (with steam feature in the dryer) to make daily living even more enjoyable. Even the gutters have been updated to protect your beautifully maintained exterior. To top it off, the BayBreeze HOA covers lawn maintenance and water, making it truly low-maintenance living. But the lifestyle doesn’t end there—Mirabay delivers a full menu of resort-style amenities. Beyond the gated entry you’ll find two beautiful clubhouses available for private events; each morning, residents can pop in for complimentary coffee or tea from a state-of-the-art espresso machine—a perfect way to start the day and meet neighbors. The community also boasts a sparkling resort pool with waterslide, tennis, pickleball, and basketball courts, a modern fitness center, scenic walking trails, play parks, and a charming on-site café. Freshwater lagoons connect directly to Tampa Bay, giving you effortless access to a kayak launch and public boat ramp whenever the water calls. This is more than a home—it’s a way of life defined by comfort, connection, and community in one of Apollo Beach’s most coveted neighborhoods. Come fall in love with this stunning residence and the vibrant Mirabay lifestyle it unlocks.
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Location
Property Details
Parking
- Description: Garage
- Details: Alley Access
- 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: Stucco
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Shingle
- Pool Community: Yes
HOA
- Has HOA: Yes
- Association: Bay Breeze / Rizetta
- HOA Fee: $365/monthly
- Additional Association: MIRA BAY - First Residential
- Additional HOA Fee: $172/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: U32311997F000076000030
- Lot Size: 5000 sqft
Property Information
- Property Type: Single Family Residence
- Style: Key West
- Year Built: 2014
Tax Information
- Annual Tax: $5,537
Utilities
- Water & Sewer: Private, Public, Well
- Heating: Central
- Cooling: Central Air
Location
- County: Hillsborough
Listing Details
Investment Summary
- Monthly Cash Flow
- -$783
- Cap Rate
- 3.6%
- Cash-on-Cash Return
- -11.4%
- Debt Coverage Ratio
- 0.58
- Internal Rate of Return (5 years)
- -7.0%
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:
| $359,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$287,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $71,800 |
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:
| $10,770 |
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:
| $82,570 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,797 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $200 |
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:
| $287,200 |
|---|---|
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:
| 6.810% |
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:
| $1,874 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $462 |
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:
| $196 |
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:
| $2,532 |
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:
| $2,800 | $33,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$168 | -$2,016 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,632 | $31,584 |
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. | 16% | -$462 | -$5,538 |
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% | -$196 | -$2,352 |
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% | -$224 | -$2,688 |
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% | -$140 | -$1,680 |
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% | -$140 | -$1,680 |
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. | 14% | -$379 | -$4,548 |
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 | 55% | -$1,541 | -$18,486 |
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:
| $1,091 | $13,092 |
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. | -$1,874 | -$22,488 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $783 | $9,396 |