$799,500
Investment Summary
- Monthly Cash Flow
- -$1,163
- Cap Rate
- 4.5%
- Cash-on-Cash Return
- -7.6%
- Debt Coverage Ratio
- 0.72
- Internal Rate of Return (5 years)
- -3.4%
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
CUSTOM DESIGNED BY DON TRAURIG . . . FAIRWAY VIEWS OF 5TH HOLE . . . CUSTOM DESIGNED KITCHEN ISLAND . . . REMODELED AND BEAUTIFULLY UPDATED . . . 15' CEILINGS . . . SOLID MAPLE CABINETS . . . 5 SKYLIGHTS . . . GRANITE COUNTERTOPS THROUGHOUT . . . HUNTER DOUGLAS WINDOW TREATMENTS . . . SHELL STONE FIREPLACE . . . OPEN FLOOR PLAN . . . HEATED POOL AND HOT TUB . . . ABUNDANT STORAGE . . . AIR-CONDITIONED WORKSHOP . . . Welcome to this custom-designed home by Don Traurig in the desirable Misty Oaks neighborhood of Palm Aire Country Club. Set along the 5th fairway of the Lakes Course, this thoughtfully updated residence offers 3 bedrooms, 2 full baths, a dedicated office and an oversized garage with a golf cart bay and air-conditioned workshop. Step through the signature solid wood double doors into a light-filled great room with soaring 15-ft ceilings, a floating shell stone fireplace with stainless kaleidoscope design surround and five new impact-rated VELUX skylights. The adjacent wet bar adds the perfect touch for entertaining. The kitchen boasts solid maple cabinetry, granite counters, stainless appliances, a downdraft cooktop, stainless backsplash and a backlit glass-block island with wine rack. Abundant storage includes a pantry, broom closet, pull-out drawers, lazy Susans and a cabinet-depth fridge. Indoor living flows seamlessly to the screened lanai with a free-form heated pool, gas spa and resurfaced paver deck. The primary suite is a private retreat with a 12-ft closet and second walk-in closet, linen closet and pet/stain-resistant carpet. The ensuite bath features Travertine marble, maple cabinet vanities, a whirlpool tub and frameless glass shower. Double pocket doors open to an office with a modular desk/storage unit and sideboard that are included. A sliding glass door gives a view of 5th fairway. The second bedroom, used as a media room, has a walk-in closet and ensuite access to a full bath with a custom designed marble counter, floating underlit vanity, vessel sink, frameless shower and adjacent linen closet. The third bedroom offers a walk-in closet and serene pool, garden and fairway views. Major upgrades include a 2022 roof with GAF 50-year transferable warranty and hurricane-rated underlayment, hurricane shutters (including locking office slider) and a 2022 wind mitigation report for insurance savings. There are two HVAC systems, two water heaters and an instant hot water unit at the kitchen sink. The oversized garage includes an air-conditioned workshop with built-in cabinets and utility sink. It has access to a floored attic with stand-up headroom. Additional highlights include ceiling speakers in the great room, lanai and primary bedroom, motion lighting, security system, attic TV antenna, Frontier internet and Xfinity wiring. Extensive tropical landscaping, a custom bronze heron fountain and an irrigation system on a separate meter complete the setting. Optional memberships are available at Palm Aire Country Club, a golf-cart-friendly community. Misty Oaks has low HOA dues and NO CDD. Located just west of I-75 near SRQ Airport, UTC, downtown Sarasota and Gulf beaches. All information provided by the sellers is deemed reliable but is not guaranteed. Buyers are encouraged to verify all information independently.
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Location
Property Details
Parking
- Description: Driveway, Garage Door Opener, Golf Cart Garage, Off Street, Oversized, Workshop in Garage
- Details: Driveway, Garage Door Opener, Golf Cart Garage, Off Street, Oversized, Workshop in Garage, Attached
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 6
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Shingle
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Joe Morrison
- HOA Fee: $200/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 20517.80555
- Lot Size: 13199 sqft
Property Information
- Property Type: Single Family Residence
- Style: Contemporary
- Year Built: 1988
Tax Information
- Annual Tax: $5,063
Utilities
- Water & Sewer: Public
- Heating: Central, Heat Pump, Zoned
- Cooling: Central Air, Humidity Control
Location
- County: Manatee
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,163
- Cap Rate
- 4.5%
- Cash-on-Cash Return
- -7.6%
- Debt Coverage Ratio
- 0.72
- Internal Rate of Return (5 years)
- -3.4%
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:
| $799,500 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$639,600 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $159,900 |
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:
| $23,985 |
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:
| $183,885 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,659 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $301 |
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:
| $1.88 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $639,600 |
|---|---|
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:
| $4,174 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $422 |
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:
| $350 |
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:
| $4,946 |
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:
| $5,000 | $60,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$300 | -$3,600 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,700 | $56,400 |
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. | 8% | -$422 | -$5,063 |
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% | -$350 | -$4,200 |
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% | -$400 | -$4,800 |
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% | -$250 | -$3,000 |
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% | -$250 | -$3,000 |
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% | -$17 | -$204 |
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 | 34% | -$1,689 | -$20,267 |
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:
| $3,011 | $36,132 |
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. | -$4,174 | -$50,088 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,163 | $13,956 |