$485,000
Investment Summary
- Monthly Cash Flow
- -$1,483
- Cap Rate
- 2.5%
- Cash-on-Cash Return
- -16.0%
- Debt Coverage Ratio
- 0.40
- Internal Rate of Return (5 years)
- -11.4%
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
Some listings say “walk to the beach,” but they mean “bring your hiking boots and a hydration pack.” This one? You’re two blocks from sand-between-your-toes Florida bliss. The 2-bedroom, 2-bath, elevated 1,465 sq ft townhome at 616 Garland Circle isn’t a rental machine in disguise. It’s your own move-in-ready home in Indian Rocks Beach — which, for the record, is basically Old Florida meets an eclectic crowd of sunglass-wearing Boomers, Gen Xers, Zoomers, Tourists, and Snowbirds who all agree the beach is non-negotiable. Bonus? It’s in one of the few elevated communities on the Barrier Islands under $2M that will welcome your 60-lb Golden Retriever, Taffy, with open arms (and so will I when I see her! #DogPeopleKnow). Anyway — enough about your dog (for now). Let’s talk about your new townhouse. Walk through the French-style front door, and boom — sunlight city. The four skylights absolutely flood the space with natural light. The vibe? Airy. Bright. Main character energy. The primary floor is wide open — hardwood floors, brand-new 5" baseboards, soft neutrals, and sliding doors out to your chill-out balcony shaded by actual trees. It’s giving “porch swing with iced tea” energy. It’s giving peace. Also? There’s a fireplace. I know — Florida, amiright? But on those rare frosty nights, you’ll be glad you have it. Trust. The kitchen has stainless appliances and solid counter space, but let’s be honest — you’re the reheating Guppy’s leftovers and calling it gourmet type. (Same.) There’s also a guest room and full bath on this level, which is perfect when your WFH setup is “I live here now” or you host friends who don’t know how to leave. Upstairs? The primary suite takes the entire top floor. Huge walk-in closet, vanity, separate water closet, private balcony with leafy views... it’s giving “Florida treehouse,” but like, classy. Oh, and the balconies? Full rebuilds underway community-wide. This seller already paid for it. You? Just bring your beach towel and relax. Let’s talk garage. This one? A unicorn. Unadulterated. Two SUVs and a golf cart? Yes. Three small cars? Absolutely. Surfboards, beach carts, bikes, tools, your seasonal décor addiction? Yes to all. It’s not just a garage — it’s a life saver. Curlew Landings South is 92 townhomes of friendly energy, fresh coastal paint, and actual neighbors. Need help hanging a picture? Someone’s got a ladder. Want to chat about dog breeds over sunset walks? You’re in the right place. There’s a heated pool, tennis/pickleball court, a kayak launch to the Intracoastal, and yes — I’m saying it again — the pet policy is outstanding. Two dogs. No size limit. No judgment. (Oops. Dogs again. Not sorry.) Whether you’re upgrading, downsizing, staycationing or just finally ready to live the sunset life instead of watching other people do it on Instagram — 616 Garland Circle is THE ONE. You’re two blocks from the beach and four minutes from Kooky Coconut — where the tacos are legit, the Cuban sandwiches come hot off the press, and the ice cream hits just right after a dip in the Gulf. Come see what real beach life feels like. Or scroll past and risk regret. Your call.
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Location
Property Details
Parking
- Description: Attached Garage
- Details: Driveway, Parking Pad, Tandem, Basement, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 5
- # of Stories: 3
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood
- Foundation: Slab
- Roof Material: Shingle
- Pool: Yes
HOA
- Has HOA: Yes
- Association: TONY ALONSO/RPM
- HOA Fee: $898/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Planned Unit Development
Lot Information
- Parcel ID: 123014201410190730
- Lot Size: 1163 sqft
Property Information
- Property Type: Townhouse
- Style: Coastal, Florida
- Year Built: 1994
Tax Information
- Annual Tax: $6,192
Utilities
- Water & Sewer: Public
- Heating: Electric
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,483
- Cap Rate
- 2.5%
- Cash-on-Cash Return
- -16.0%
- Debt Coverage Ratio
- 0.40
- Internal Rate of Return (5 years)
- -11.4%
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:
| $485,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$388,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $97,000 |
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:
| $14,550 |
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:
| $111,550 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,465 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $331 |
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:
| $2.39 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $388,000 |
|---|---|
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:
| $2,484 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $516 |
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:
| $245 |
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:
| $3,245 |
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:
| $3,500 | $42,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$210 | -$2,520 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,290 | $39,480 |
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% | -$516 | -$6,192 |
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% | -$245 | -$2,940 |
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% | -$280 | -$3,360 |
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% | -$175 | -$2,100 |
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% | -$175 | -$2,100 |
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. | 26% | -$898 | -$10,776 |
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 | 65% | -$2,289 | -$27,468 |
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:
| $1,001 | $12,012 |
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. | -$2,484 | -$29,808 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,483 | $17,796 |