$999,000
Investment Summary
- Monthly Cash Flow
- -$2,757
- Cap Rate
- 2.8%
- Cash-on-Cash Return
- -14.4%
- Debt Coverage Ratio
- 0.46
- Internal Rate of Return (5 years)
- -9.9%
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
EXCEPTIONAL POOL HOME ON A SERENE PRESERVE OASIS IN THE EXCLUSIVE MIRABAY GATED COMMUNITY. Welcome to this magnificent single-family residence built in 2020, located in the highly sought-after Mirabay community, where every day feels like a weekend retreat. Mirabay is a private, waterfront community offering an array of top-tier amenities, including a fitness center, resort-style pool with a waterslide, lap pool, kids splash fountain, Poolside Café, tennis courts, pickleball courts, basketball courts, parks, playgrounds, kayaking, fishing, community boat ramp, and a boat lift for easy access to Tampa Bay. This stunning residence is packed with luxurious features and upgrades that elevate the living experience. Upon entering, you’ll be greeted by an elegant foyer showcasing a chic shiplap wall and upgraded lighting. The spacious open-concept layout connects the soaring living room to the chef’s kitchen and dining area. The living room boasts panoramic views of the preserve, offering a peaceful natural backdrop that can be enjoyed year-round through zero-corner sliders with air curtains that keep out any flying insects, dust, fumes and the indoor temperature just right while you embrace the outdoors. The gourmet kitchen is designed for both cooking and entertaining, featuring a gas range with a stylish hood, top-of-the-line stainless steel appliances, and overhead lighting above the island for cooking workspace. A built-in pantry ensures all your culinary essentials are neatly stored. Step outside to discover an expansive indoor/outdoor living area, perfect for enjoying Florida’s year-round beauty. The custom-designed pool includes a swim-up cocktail table and a Baja Sun Shelf, ideal for lounging or playing. On cooler evenings, warm up in the attached spa, complete with two gas-powered stone fire bowls. The outdoor kitchen is a chef's dream, outfitted with a custom bar, built-in gas grill, overhead vent, beer taps, ice machine, beverage fridge, and an outdoor sink. Entertaining here is effortless, with ample space for dining and lounging by the pool. The panoramic pool enclosure offers unobstructed views of beautifully landscaped gardens leading to a lush nature preserve. Inside, the luxurious primary suite features a mini split-unit AC system for personalized comfort. His and her closets are equipped with custom shelving to ensure plenty of storage. The primary bathroom includes elegant stone counters, a vanity space, walk-in shower with a built-in bench, and is pre-plumbed for a bathtub. Two additional bedrooms each have their own en-suite bathrooms, accentuated by unique design elements, including a charming shiplap wall in one and a stunning stacked stone wall in the other. For those working remotely, a private office/study with a murphy bed provides the perfect space for productivity and extra guests. This home also includes a wealth of modern upgrades and thoughtful details, such as solar panels for energy efficiency, a Trimlight system for customizable exterior lighting (perfect for seasonal holidays), an upgraded epoxy garage floor, a fully retractable garage screen with door, customized concrete landscape borders, a water softener, enhanced irrigation system, ladder and loft storage for easy access, and a Tesla charger for electric vehicle owners. Indulge in the unparalleled luxury and amenities that this home and the Mirabay community offer. Schedule your private showing today and experience elevated living at its finest!
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Location
Property Details
Parking
- Description: Driveway, Electric Vehicle Charging Station(s), Garage Door Opener, Other, Split Garage
- Details: Attached
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 1
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 5
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Tile
- Pool: Yes
- Solar Panels: Yes
HOA
- Has HOA: Yes
- Association: Lesly Candelier
- HOA Fee: $172/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: U32311983T000010000020
- Lot Size: 15050 sqft
Property Information
- Property Type: Single Family Residence
- Style: Florida, Key West
- Year Built: 2020
Tax Information
- Annual Tax: $19,531
Utilities
- Water & Sewer: Public
- Heating: Natural Gas
- Cooling: Central Air
Location
- County: Hillsborough
Listing Details
Investment Summary
- Monthly Cash Flow
- -$2,757
- Cap Rate
- 2.8%
- Cash-on-Cash Return
- -14.4%
- Debt Coverage Ratio
- 0.46
- Internal Rate of Return (5 years)
- -9.9%
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:
| $999,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$799,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $199,800 |
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:
| $29,970 |
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:
| $229,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,621 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $381 |
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:
| $2.21 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $799,200 |
|---|---|
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:
| 6.625% |
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:
| $5,117 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,628 |
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:
| $406 |
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:
| $7,151 |
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:
| $5,800 | $69,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$348 | -$4,176 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,452 | $65,424 |
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. | 28% | -$1,628 | -$19,532 |
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% | -$406 | -$4,872 |
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% | -$464 | -$5,568 |
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% | -$290 | -$3,480 |
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% | -$290 | -$3,480 |
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. | 0% | -$14 | -$168 |
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 | 53% | -$3,092 | -$37,100 |
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:
| $2,360 | $28,320 |
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. | -$5,117 | -$61,404 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $2,757 | $33,084 |