$1,450,000
Investment Summary
- Monthly Cash Flow
- -$3,685
- Cap Rate
- 3.1%
- Cash-on-Cash Return
- -13.3%
- Debt Coverage Ratio
- 0.50
- Internal Rate of Return (5 years)
- -8.8%
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
Under contract-accepting backup offers. Experience modern coastal living in this bright and open Outrigger model with BONUS ROOM ADDITION! This better than new 3,120-square-foot home is on a generous park-like preserve lot, offering unparalleled privacy with NO NEIGHBORS ON ONE SIDE! Enhanced with extended landscaping, this tranquil retreat attracts abundant wildlife, ideal for nature enthusiasts. This is 3 bedroom, den, and a bonus room with 3 full bathrooms looks and feels like a brand new home. Recently newly REMOVED WALLPAPER AND FRESHLY PAINTED ready for immediate move-in neutral condition! Featuring over $250,000 in POST CLOSING UPDATES including a large ROOM ADDITION ideal for a versatile bonus space or a 4th bedroom. The outdoor area is an oasis, boasting a resort-style experience with spacious covered lanai, automatic REMOTE CONTROLLED AWNING, and a fully equipped OUTDOOR KITCHEN with GRILL, GRIDDLE, BEVERAGE REFRIGERATOR, SINK, DOUBLE VENTED HOOD, and LARGE EATING BAR ISLAND SPACE. Enjoy the SALTWATER POOL, SPA AND SUN SHELF surrounded by lush greenery and stunning natural views, offering breathtaking sunsets. Inside, the open floor plan exudes casual elegance with tiled flooring throughout the main areas. The formal dining room dazzles with an oversized illuminated mirror, seamlessly flowing into the expansive great room featuring custom BUILT-INS GLASS SHELVES, and sliding glass doors merging indoor and outdoor living. The gourmet kitchen is a chef’s delight with wood cabinetry offering pullouts, a LARGE ISLAND with pendant lighting, NATURAL GAS COOKTOP, built-in ovens, Advantium microwave and a WALK-IN PANTRY WITH CUSTOM PULL-OUT SHELVING AND ORGANIZERS. The adjacent casual dinette overlooks the pool and serene surroundings. A private DEN/HOME OFFICE with stylish barn doors adds versatility. The owner’s suite is a serene retreat with a spacious walk-in closet fitted witH CUSTOM CALIFORNIA CLOSETS with organizers, and a spa-like bath featuring split quartz vanities and a luxurious walk-in shower. Your overnight guests will appreciate the two additional guest bedrooms, each featuring a walk-in closet and convenient access to a full bath. Additional features include LED-LIGHTED TRAY CEILINGS, IMPACT GLASS WINDOWS AND DOORS, REVERSE OSMOSIS SYSTEM under the kitchen sink for drinking and cooking water. WHOLE HOUSE CARBON SYSTEM WITH WATER SOFTENER installed by Aqua Systems, Ultra violet WHOLE HOUSE AIR PURIFIER, all three bedrooms are equipped with WALK-IN CLOSETS FEATURING CUSTOM BUILT-INS designs by California Closets, a spacious laundry room, three-car garage, WHOLE HOUSE SURGE PROTECTOR, treatments and blinds with AUTOMATIC MOTORIZED BLINDS, BUILT-IN SURROUND SPEAKERS and more. Don’t miss this opportunity to own a unique sanctuary blending luxury, privacy and natural beauty. Just minutes from the lavish amenity center offering a resort-style pool, spa, fire pits, pickleball courts and a modern fitness facility. Lakehouse Cove is a waterfront community with seven lakes, nature preserves and scenic trails, ideal for outdoor activities. Enjoy shopping, dining, and water taxi rides from the Lakehouse Cove boat house to Waterside Place marina. Experience maintenance-free coastal living in the esteemed community of Lakehouse Cove at Waterside, with low HOA fees, in Lakewood Ranch. Don't wait to make this exceptional home yours!
Build Your Team
Quickly find investor-friendly professionals who can help you succeed in real estate investing at any stage of the investing journey.
Agents
Match with investor-friendly agents who can help you find, analyze, and close your next deal
Lenders
Get the best funding…find investor-friendly lenders who specialize in your deal strategy
Property Managers
Transition to passive investing. Find a trusted property management partnership that lasts.
Tax Pros & Accountants
Taxes and financial reporting made easy—find experts to create tax savings strategies, file taxes, and more
Location
Property Details
Parking
- Description: Garage
- Details: Driveway, Garage Door Opener, Garage, Attached
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 13
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Block, Slab
- Roof Type: Hip
- Roof Material: Tile
- Pool: Yes
- Pool Community: Yes
HOA
- Has HOA: Yes
- Association: RealManage - Melissa Cramer
- HOA Fee: $1,145/quarterly
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0197110061
- Lot Size: 9983 sqft
Property Information
- Property Type: Single Family Residence
- Style: Coastal, Custom
- Year Built: 2020
Tax Information
- Annual Tax: $10,115
Utilities
- Water & Sewer: Public
- Heating: Central, Natural Gas
- Cooling: Central Air
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$3,685
- Cap Rate
- 3.1%
- Cash-on-Cash Return
- -13.3%
- Debt Coverage Ratio
- 0.50
- Internal Rate of Return (5 years)
- -8.8%
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:
| $1,450,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,160,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $290,000 |
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:
| $43,500 |
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:
| $333,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,120 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $465 |
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:
| $2.31 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,160,000 |
|---|---|
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:
| $7,428 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $843 |
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:
| $504 |
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:
| $8,775 |
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:
| $7,200 | $86,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$432 | -$5,184 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,768 | $81,216 |
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% | -$843 | -$10,115 |
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% | -$504 | -$6,048 |
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% | -$576 | -$6,912 |
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% | -$360 | -$4,320 |
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% | -$360 | -$4,320 |
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. | 5% | -$382 | -$4,584 |
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% | -$3,025 | -$36,299 |
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:
| $3,743 | $44,916 |
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. | -$7,428 | -$89,136 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $3,685 | $44,220 |