$159,000
Investment Summary
- Monthly Cash Flow
- $366
- Cap Rate
- 9.0%
- Cash-on-Cash Return
- 12.0%
- Debt Coverage Ratio
- 1.44
- Internal Rate of Return (5 years)
- 15.7%
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
One or more photo(s) has been virtually staged. Welcome to 801 Islamorada Boulevard, Unit 21A at the Rudder Club, a delightful condo offering the perfect blend of comfort, style, and tranquility in the gated community of Burnt Store Marina. With picturesque golf course views and majestic oak trees, this 2 Bedroom, 2 Bathroom residence invites you to embrace the Florida lifestyle in a serene and vibrant setting. Step inside to discover a freshly painted interior with new luxury vinyl flooring in the bedrooms and hallway, perfectly complemented by tile floors in the kitchen and bathrooms. The thoughtfully designed layout boasts a spacious living area that seamlessly connects to the dining space and kitchen, providing an ideal setting for both relaxing and entertaining. French doors lead to a large, covered lanai with glass window enclosures and tile flooring, offering an inviting space to enjoy morning coffee or unwind in the evenings while savoring the scenic surroundings. The kitchen features a combination breakfast bar and dry bar, ample cabinetry for storage. The primary bedroom suite serves as a peaceful retreat with direct lanai access, luxurious new flooring, a tub shower combination, double sink vanity, and expansive closet space. The guest bedroom, equally comfortable with its own updated flooring, provides a welcoming space for visitors, while the guest bathroom features a single vanity and walk-in shower. For Convenience, the interior laundry closet is situated between the bedrooms for easy access and is equipped with a washer and dryer. Outside, residents enjoy access to a heated community pool, perfect for leisurely swims or socializing with neighbors. Burnt Store Marina offers an exceptional array of amenities, including a 27-hole executive golf course, a full-service marina with wet and dry slips, a boat ramp, and the Freedom Boat Club. Fitness enthusiasts will appreciate the state-of-the-art fitness center, tennis and pickleball courts, and social membership options. With several dining choices, an onsite convenience store, and vibrant social clubs like the Platinum Point Yacht Club, the community fosters an active and welcoming environment. Nature lovers will relish the abundant opportunities for birdwatching and spotting Florida's wildlife, along with excellent fishing in the surrounding waters. Ideally located near downtown Punta Gorda and Cape Coral, you'll have easy access to a variety of dining, shopping, and entertainment options, as well as top medical centers. Nearby essentials like Publix and Home Depot ensure everyday conveniences are just minutes away. Experience the relaxed elegance of Burnt Store Marina living at the Rudder Club, where this charming condo awaits your personal touch to become your perfect Florida retreat.
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Location
Property Details
Parking
- Description: 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: 8
- # of Stories: 3
Exterior Features
- Foundation: Slab
- Roof Material: Shingle
HOA
- Has HOA: Yes
- Association: Compass Rose Property Management
- Additional Association: SECTION 22 - BURNT STORE MARINA
- Additional HOA Fee: $1,065/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 0643230400021.00A0
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 1981
Tax Information
- Annual Tax: $2,801
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Lee
Listing Details
Investment Summary
- Monthly Cash Flow
- $366
- Cap Rate
- 9.0%
- Cash-on-Cash Return
- 12.0%
- Debt Coverage Ratio
- 1.44
- Internal Rate of Return (5 years)
- 15.7%
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:
| $159,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$127,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $31,800 |
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:
| $4,770 |
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:
| $36,570 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,362 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $117 |
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:
| $1.62 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $127,200 |
|---|---|
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:
| 6.810% |
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:
| $830 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $233 |
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:
| $1,217 |
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. | 11% | -$233 | -$2,801 |
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% | -$89 | -$1,068 |
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% | -$872 | -$10,469 |
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:
| $1,196 | $14,352 |
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. | -$830 | -$9,960 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $366 | $4,392 |