$4,445,000
Investment Summary
- Monthly Cash Flow
- -$18,633
- Cap Rate
- 1.2%
- Cash-on-Cash Return
- -21.9%
- Debt Coverage Ratio
- 0.20
- Internal Rate of Return (5 years)
- -17.1%
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
Step into your coastal waterfront dream home at 815 Tropical Circle on Siesta Key, unscathed by the two storms that impacted Sarasota. This exquisite four-bedroom, four-bath residence spans 5,988 square feet of meticulously updated living space, offering an unparalleled island lifestyle all while remaining unscathed by the two major hurricanes that impacted Sarasota and the Barrier Islands. A circular paver driveway leads you past lush landscaping to the charming front porch, welcoming you home. Once inside, travertine floors guide you through a grand foyer with high ceilings, setting a tone of casual elegance. The living room features a bay window with a bench seat and a decorative stone fireplace. The kitchen boasts a tray ceiling with crown molding, custom cabinetry with intricate detailing, and a massive island with seating and a prep sink. Culinary enthusiasts will appreciate the Wolf stainless steel appliance package, including a six-burner gas range, oversized oven, convection oven, and Sub-Zero® cabinet-faced fridge. A tumbled marble backsplash, farm sink, and customized storage options further enhance functionality. Adjacent to the kitchen, a breakfast nook with abundant natural light, and a built-in desk area adds convenience. The dining room, with its custom shiplap ceiling with beams, brick accent walls, and wall of windows and doors, connects indoor and outdoor spaces. The family room features high coffered ceilings, a marble-topped bar, and a large wall of windows. The game room is another great place for entertaining with its well-appointed bar and direct access to the outdoor living space. Nearby, the den provides a retreat with coffered ceilings, built-in storage, and a large bay window. One staircase leads to the primary suite with high ceilings, crown molding, a decorative stone fireplace, and sliders to a private terrace with water views. The en-suite bath includes spacious vanities, a jetted garden tub, custom shoe closet, and a travertine shower with multiple shower heads. On the opposite side of the home, a second staircase leads to a guest suite with stunning views, a walk-in closet, and a shared en-suite bath featuring a shower, vanity, and travertine floors. On the main living level, the second guest suite offers high ceilings, crown molding, and a large walk-in closet. The fourth bedroom, currently a fitness room, can be converted to suit your needs. The outdoor area is a bay-front oasis, featuring a stunning pool with a travertine deck, covered and uncovered seating and dining areas, and a large backyard with steps leading to a dock on Roberts Bay. Enjoy boating, fishing, and kayaking, with a 10,000-pound boat lift and dock equipped with power and water. Recent upgrades include a flat roof, remarcited pool, a security system, landscape lighting, a dock, and a boat lift. Additionally, AC units and many impact-resistant windows and doors were installed together with the garage door. There is also a long list of interior updates. 815 Tropical Circle offers the perfect blend of elegance, comfort, and waterfront living. Enjoy mornings on the private terrace, afternoons by the pool, and evenings entertaining in style. Located on the north end of the island, this home is moments from Siesta Key Beach and Sarasota, with Siesta Key Village within walking distance for dining, shopping, and entertainment.
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Location
Property Details
Parking
- Description: Circular Driveway, Driveway, Garage Door Opener, Off Street
- Details: Circular Driveway, Driveway, Garage Door Opener, Off Street, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 11
- # of Stories: 2
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Brick
- Foundation: Slab
- Roof Type: Mansard
- Roof Material: Membrane
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Bayside Club Association/ Kathleen Kuss
- HOA Fee: $700/annually
- Additional Association: BAYSIDE CLUB ASSOCIATION
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0079160015
- Lot Size: 16289 sqft
Property Information
- Property Type: Single Family Residence
- Style: French Provincial
- Year Built: 1975
Tax Information
- Annual Tax: $28,060
Utilities
- Water & Sewer: Public
- Heating: Central, Electric, Zoned
- Cooling: Central Air, Zoned
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$18,633
- Cap Rate
- 1.2%
- Cash-on-Cash Return
- -21.9%
- Debt Coverage Ratio
- 0.20
- Internal Rate of Return (5 years)
- -17.1%
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:
| $4,445,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$3,556,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $889,000 |
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:
| $133,350 |
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:
| $1,022,350 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 5,988 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $742 |
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:
| $1.69 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $3,556,000 |
|---|---|
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:
| 6.810% |
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:
| $23,206 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,338 |
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:
| $707 |
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:
| $26,251 |
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:
| $10,100 | $121,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$606 | -$7,272 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $9,494 | $113,928 |
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. | 23% | -$2,338 | -$28,060 |
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% | -$707 | -$8,484 |
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% | -$808 | -$9,696 |
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% | -$505 | -$6,060 |
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% | -$505 | -$6,060 |
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. | 1% | -$58 | -$696 |
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 | 49% | -$4,921 | -$59,056 |
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:
| $4,573 | $54,876 |
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. | -$23,206 | -$278,472 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $18,633 | $223,596 |