$950,000
Investment Summary
- Monthly Cash Flow
- -$842
- Cap Rate
- 5.1%
- Cash-on-Cash Return
- -4.6%
- Debt Coverage Ratio
- 0.83
- Internal Rate of Return (5 years)
- -0.5%
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
?? A Fisherman’s Paradise with a Twist of Island Magic! ?? ?? 6801 Nowiki Ave. | Driftwood Isles | Gulf Front Living ?? NO FLOODING OR HURRICANE DAMAGE! Ready to trade your stress for sunsets and your daily grind for dolphin sightings? Welcome to 6801 Nowiki Ave., your very own slice of old Florida paradise—where the road ends and the adventure begins! Tucked away like a well-kept secret, this Gulf-front dream home feels like your own private island, minus the hassle of a passport. Glide through the private gate, leave the world behind, and embrace a lifestyle where tarpon leap, manatees wave hello, and the only traffic you’ll see is from the pelicans gliding overhead. With 228 feet of waterfront, a 13K boat lift, stationary dock with electric, and a fish-cleaning station ready for your daily catch, this is truly a fisherman’s fantasy come to life. Whether you're a weekend warrior or a full-time waterway explorer, this spot has you covered—from kayaking quiet canals to offshore adventures in your 35-footer. Inside, this 3-story coastal castle is just as impressive, boasting 2,720 sq ft of light-filled luxury. Take the elevator (yep, elevator!) up to an open-concept main floor where entertaining is effortless. The chef’s kitchen is a stunner with granite counters, cherrywood cabinets, and stainless steel everything. Host the crew in the spacious living and dining areas or let guests relax in the main-level bedroom with a “jack and jill” full bath. Upstairs? It’s your sky-high sanctuary. The master suite serves up jaw-dropping views, dual walk-in closets, a spa-style bath with jetted tub, and Gulf breezes for days. Two more guest rooms and a full bath mean there’s room for the whole gang—this home comfortably sleeps 8–10! Down below, the massive garage is RV-and-boat-trailer approved, with 23-foot ceilings and plenty of storage for all your toys. ?? BONUS FEATURES GALORE: Hurricane-rated sliding glass doors Metal roof Real oak flooring & tile Built-in fire sprinklers Central vac, intercom, surround sound, alarm & camera system Dual-zone A/C (lightly used!) Custom blinds throughout Most furnishings available for separate purchase—Airbnb-ready! Set in the charming, golf-cart-friendly Driftwood Isles neighborhood (NO HOA!), you’re just minutes from Hudson Beach, Sam’s Beach Bar, Inn on the Gulf, and more. Easy access to Tampa Bay’s major routes, but you’ll swear you’re a million miles away. ?? So grab your rod, your flip-flops, and maybe a cold drink—paradise is calling. ?? Schedule your private tour today and start living the waterfront dream!
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Location
Property Details
Parking
- Description: Bath In Garage, Boat, Garage Door Opener, Guest, Off Street, Oversized, RV Garage, Split Garage, Under Building
- Details: Boat, Garage Door Opener, Guest, Off Street, Oversized, RV Garage, Garage, Basement, Attached
- Garage Spaces: 4
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 8
- # of Stories: 2
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable
- Roof Material: Metal
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 282416015000A000070
- Lot Size: 12100 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 2007
Tax Information
- Annual Tax: $3,880
Utilities
- Water & Sewer: Public
- Heating: Central, Electric, Zoned
- Cooling: Central Air, Zoned
Location
- County: Pasco
Listing Details
Investment Summary
- Monthly Cash Flow
- -$842
- Cap Rate
- 5.1%
- Cash-on-Cash Return
- -4.6%
- Debt Coverage Ratio
- 0.83
- Internal Rate of Return (5 years)
- -0.5%
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:
| $950,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$760,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $190,000 |
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:
| $28,500 |
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:
| $218,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,720 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $349 |
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:
| $2.32 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $760,000 |
|---|---|
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:
| $4,866 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $323 |
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:
| $441 |
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:
| $5,630 |
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:
| $6,300 | $75,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$378 | -$4,536 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,922 | $71,064 |
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. | 5% | -$323 | -$3,880 |
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% | -$441 | -$5,292 |
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% | -$504 | -$6,048 |
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% | -$315 | -$3,780 |
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% | -$315 | -$3,780 |
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 | 30% | -$1,898 | -$22,780 |
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:
| $4,024 | $48,288 |
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. | -$4,866 | -$58,392 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $842 | $10,104 |