$275,900
Investment Summary
- Monthly Cash Flow
- -$259
- Cap Rate
- 5.0%
- Cash-on-Cash Return
- -4.9%
- Debt Coverage Ratio
- 0.82
- Internal Rate of Return (5 years)
- -0.8%
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
Imagine, grabbing your golf clubs, a few personal items, and move into a fully furnished 2nd floor Veranda with a spectacular view of your private golf course outside of your lanai! In Tara Golf & Country Club, private golf course, with so many amenities all included with your Class A Membership which conveys with the property. Anyone who owns property in Florida gets lots of Northern company in the winter! The guest room is at the front end of the unit, with a private bathroom steps outside the bedroom, with shower/tub. Nice big closet for storing extra clothing. The laundry is also right there for easy access. The primary bedroom offers a bay window, attached bathroom with walk in shower. Large walk-in closet. Wake up and watch the early golfers out on your all weather screened lanai. Or take a cup of coffee to your front porch to do the morning crossword puzzle. The living room is open to include the dining room area. Perfect for entertaining! The pass through window from the kitchen makes serving a meal so much easier. Your daily planner will be packed full with activities! Golf is certainly a priority, but maybe you want to play pickleball? New five courts are being built and completion in August. Tennis, anyone? Bocce ball is a great way to meet other Tara residents. You may prefer card games; bridge, euchre, poker offered in the Clubhouse. Where you can also dine in the casual Grill Room, or privately in the main dining room. The patio makes a great place when the weather is perfect! With this being an end unit, there is a den! More opportunity for natural light from the large window, has pocket doors which allows you to use this room for guests with the pull-out sofa. It is also a good place to put another TV, so you can watch a different show behind closed doors! The one car garage will provide extra room for storage. There is adequate parking for guests in the Veranda's parking lot. Another activity to enjoy- swimming. There is a community pool right across from your Veranda. Great way to meet up with your neighbors in the Verandas. Or you may want to swim laps, the main Club pool offers a bigger pool. There is food and drink to purchase. Location! Location! The Veranda is an easy hop on to 75, go south one exit, there is the UTC mall, and the Sarasota airport. Or take a road trip up to the Tampa area where there are professional sport teams, a cruise ship terminal for last minute deals! This Veranda will make a great home if you are looking to down-size, or having a Florida second home. Everything from cookware to sheets will be furnished in this turn-key. So peaceful on the lanai, watching golfers and catching sight of the many species of birds around the area. Lots of room for entertaining, having friends from the north come visit. Motivated sellers, who are moving to be near family. The HOA fee covers the insurance for the building, roof (just replaced 3 yrs ago) exterior maintenance, all landscaping. Water is also included. Tara Master provides premium cable, WIFI, and upkeep of the community. There is a $5000 capital contribution for new members, waived if you are already a Tara G&CC member. A must see to appreciate! Located in the Verandas, a financial sound community where making friends comes easy.
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Location
Property Details
Parking
- Description: Garage
- Garage Spaces: 1
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 7
- # of Stories: 2
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Shingle
HOA
- Has HOA: Yes
- Association: Casey Management Ana Tolentino
- Additional Association: Condo Associates
- Additional HOA Fee: $1,094/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 17315.06208
- Lot Size: 257652 sqft
Property Information
- Property Type: Condominium
- Year Built: 1989
Tax Information
- Annual Tax: $3,278
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Manatee
Listing Details
Investment Summary
- Monthly Cash Flow
- -$259
- Cap Rate
- 5.0%
- Cash-on-Cash Return
- -4.9%
- Debt Coverage Ratio
- 0.82
- Internal Rate of Return (5 years)
- -0.8%
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:
| $275,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$220,720 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $55,180 |
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:
| $8,277 |
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:
| $63,457 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,345 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $205 |
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:
| $1.64 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $220,720 |
|---|---|
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:
| $1,413 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $273 |
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:
| $154 |
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:
| $1,840 |
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:
| $2,200 | $26,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$132 | -$1,584 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,068 | $24,816 |
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. | 12% | -$273 | -$3,278 |
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% | -$154 | -$1,848 |
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% | -$176 | -$2,112 |
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% | -$110 | -$1,320 |
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% | -$110 | -$1,320 |
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. | 4% | -$91 | -$1,092 |
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 | 42% | -$914 | -$10,970 |
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:
| $1,154 | $13,848 |
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. | -$1,413 | -$16,956 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$259 | -$3,108 |