$880,000
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$1,760
- Cap Rate
- 3.7%
- Cash-on-Cash Return
- -10.4%
- Debt Coverage Ratio
- 0.61
- Internal Rate of Return (5 years)
- -6.1%
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
Deal on the Bay! Absolute stunning Bay Front condo on the pristine shores of Longboat Key! BAY VIEWS, Deeded 40FT BOAT SLIP, WEEKLY RENTAL ALLOWANCE & a VERY ATTRACTIVE PRICE! One of the best buys on Longboat Key!! Stunning Harbour Villa Club, tucked away in a little pocket on Dream Island Rd on Beautiful North-End Longboat Key. This complex is positioned on a beautiful protected point overlooking stunning Sister Keys & Sarasota Bay. Special ground floor Condo (Yet Still 10+Ft above flood plain) w/ its soaring high ceilings & flowing floorplan provide stunning Bay views from almost every room. Open plan has split bedrooms w/ ensuite bathrooms & wet bar right of living space. Deeded 40ft Boat Slip right out your back door & within view from the condo. Plus SHORT TERM rental allowance, grossed over $76k on 63% occupancy in 2024 with hurricane market setbacks. So room for large improvement on production. Plus don?t forget about that deeded boat slip. If you're not using it personally there is a rental potential of appx $9,600/yr (that's right, if you're not using your deeded 40 ft slip you can lease separately). These combined factors = Excellent return & flexibility on this outstanding condo & you can see why I call this absolutely the best opportunity currently available on Longboat Key! Short term rental allowance, huge bay views & 40ft boat slip this is a true gem. Harbour Villa Club on the stunning bay shore of luxurious Longboat Key. Kitchen has ample counter space w/ snack bar flowing into dining & living spaces. Primary bedroom designed w/ your comfort in mind, offering tremendous space, ample dual closets, lanai access & unparalleled views of the water. Primary bathroom has beautiful tilework and a spacious shower. Entertain with ease with a built-in wet bar, perfect for any occasion. Secondary bedroom is ideal for a great flex space and/or full-time bedroom, depending on your needs. Perhaps the most impressive feature of this property is the large walk-out lanai. Stepping into this space you'll be greeted by stunning vistas of the water, pool & docks. Plus an extra sunbathing deck directly off this screened-in lanai. Lanai space does not end there, the large front lanai is unique to this specific condo & offers additional outdoor living space. For the boaters, this condo conveys deeded boat slip #14 which includes electric, water, & new composite decking. Slip is 40ft in length & can dock up to a 55'+/- vessel & is positioned just outside the unit, so rare. This community has mature tropical landscaping & grounds. Other amenities include a heated pool, hot tub, outdoor grill, kayak storage/launch, boat ramp, climate-controlled bicycle/locker storage, 4 tennis courts, 2 pickleball courts, and one covered parking space #33. This is one of the few Longboat Key communities that has the ability to rent on a weekly basis. This gives you options & flexibility to carve out your formula of ownership & use. Located within a short distance of nearby popular beaches, restaurants, clubs, parks & just a short drive to St. Armands Circle, Anna Maria Island, & Downtown Sarasota. This property is more than just a waterfront condo. It's a lifestyle. So why wait? See it today.
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Location
Property Details
Parking
- Description: Deeded, Open
- Details: Deeded, Open
- 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: 6
- # of Stories: 1
- Basement Description: Crawl Space
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Membrane, Metal
HOA
- Association: Lighthouse
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 78789.98256
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Style: Coastal
- Year Built: 1985
Tax Information
- Annual Tax: $9,252
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Manatee
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
- -$1,760
- Cap Rate
- 3.7%
- Cash-on-Cash Return
- -10.4%
- Debt Coverage Ratio
- 0.61
- Internal Rate of Return (5 years)
- -6.1%
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:
| $880,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$704,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $176,000 |
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:
| $26,400 |
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:
| $202,400 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,293 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $681 |
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:
| $3.94 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $704,000 |
|---|---|
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:
| $4,508 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $771 |
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:
| $357 |
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:
| $5,636 |
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:
| $5,100 | $61,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$306 | -$3,672 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,794 | $57,528 |
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% | -$771 | -$9,252 |
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% | -$357 | -$4,284 |
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% | -$408 | -$4,896 |
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% | -$255 | -$3,060 |
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% | -$255 | -$3,060 |
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 | 40% | -$2,046 | -$24,552 |
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:
| $2,748 | $32,976 |
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. | -$4,508 | -$54,096 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,760 | $21,120 |