$3,196,000
Investment Summary
- Monthly Cash Flow
- -$14,713
- Cap Rate
- 0.7%
- Cash-on-Cash Return
- -24.0%
- Debt Coverage Ratio
- 0.12
- Internal Rate of Return (5 years)
- -19.2%
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
Live the dream in this one-story, fully customized waterfront estate located in the prestigious gated Mirabay community. Located on a private lagoon with direct Bay to Gulf access, this home offers 100 feet of water frontage, dock with Trex decking, and a maintenance free 16K-lb remote-controlled boat lift. Outdoor living takes center stage with a 1,250 sq ft covered patio, Synergy wood ceilings, and a new outdoor kitchen built to impress. Outfitted with three premium grills including a 40" natural gas and custom Gaucho, ice maker, sink, fridge, and stone countertops and backsplash, it’s the ultimate space for entertaining. The resort-style heated pool and spa is truly breathtaking—featuring a dual infinity edge, an oversized champagne spa, sun shelf, swim-up bar stools, fire and waterfall features, and color-changing lighting throughout. Surrounded by glass tile, leather marble coping, and tropical landscaping, it’s all designed for low maintenance with fully automated systems. This home offers water views from every living space and the owner’s suite, making it the perfect backdrop for both entertaining and peaceful relaxation. The Dining Room features a 15' step up tray ceiling with crown molding and is adjacent to the Living Room with an equally stunning 15-ft coffered tray ceiling, dramatic aged brick accent wall, a three-sided electric heated fireplace, and a built-in bar complete with ice maker, glazed subway tile backsplash, 42” upper glass cabinets, and LED accent lighting—an entertainer’s dream. The main living area stuns with 15-ft coffered ceilings with crown molding and custom wood inlay, electric heated fireplace and pocketing sliders, accented by custom wooden barn doors, that open fully to merge indoor and outdoor living, revealing panoramic water views and a true resort-style backyard. At the heart of the home, the chef’s kitchen combines beauty and function with Monogram Professional appliances featuring three ovens, warming tray, pot filler, dual backsplashes in glazed subway tile and ledger stone, rich 12-inch ceiling beams, and designer lighting. The owner’s suite is a luxurious retreat, boasting 13-ft tray ceilings with 12-inch ceiling beams, automated blackout blinds, and 10-ft custom barn doors that open to an expansive custom walk-in closet. The ensuite bath offers a spa-like escape with 12-ft ceilings, an aromatherapy dual shower system with rain head, freestanding Kohler tub, floor-to-ceiling designer tile, glass shelving, and backlit dehumidifying mirrors. Each of the four bedrooms includes its own ensuite bath, custom walk-in closets, and elevated finishes, while a dedicated office/media room with double doors adds privacy and flexibility. Every inch of this home has been thoughtfully upgraded with timeless finishes and luxury in mind including a fully customized laundry room, hallway coffee bar and 141 bottle wine cellar. Entire home features porcelain tile flooring, 7 1/4" baseboards, Plantation shutters, Cambria Quartz countertops, designer lighting and hardware, recessed LED lighting, hurricane impact doors, windows and sliders ~ SO MANY UPGRADES ~ please refer to the FEATURES & UPGRADES list in the attachments. Live every day like you're on vacation with resort style amenities including clubhouse, cafe, 2 heated pools, pickleball, tennis, basketball, sand volleyball, fitness center, kayaks, or enjoy biking endless miles of scenic nature trails. This truly is the finest in waterfront living.
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Location
Property Details
Parking
- Description: Garage
- Details: Garage Door Opener, Garage Faces Side, Oversized, Attached
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 11
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Tile
- Pool: Yes
HOA
- Has HOA: Yes
- Association: First Service Residential 727-203-7025
- HOA Fee: $172/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: U29311988F000011000060
- Lot Size: 15000 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 2022
Tax Information
- Annual Tax: $29,989
Utilities
- Water & Sewer: Public
- Heating: Heat Pump, Natural Gas
- Cooling: Central Air
Location
- County: Hillsborough
Listing Details
Investment Summary
- Monthly Cash Flow
- -$14,713
- Cap Rate
- 0.7%
- Cash-on-Cash Return
- -24.0%
- Debt Coverage Ratio
- 0.12
- Internal Rate of Return (5 years)
- -19.2%
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:
| $3,196,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,556,800 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $639,200 |
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:
| $95,880 |
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:
| $735,080 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 4,640 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $689 |
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:
| $1.40 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,556,800 |
|---|---|
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:
| $16,685 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,499 |
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:
| $455 |
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:
| $19,639 |
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:
| $6,500 | $78,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$390 | -$4,680 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,110 | $73,320 |
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. | 38% | -$2,499 | -$29,989 |
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% | -$455 | -$5,460 |
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% | -$520 | -$6,240 |
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% | -$325 | -$3,900 |
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% | -$325 | -$3,900 |
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 | 64% | -$4,138 | -$49,657 |
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:
| $1,972 | $23,664 |
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. | -$16,685 | -$200,220 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $14,713 | $176,556 |