$574,700
Investment Summary
- Monthly Cash Flow
- -$1,021
- Cap Rate
- 4.0%
- Cash-on-Cash Return
- -9.3%
- Debt Coverage Ratio
- 0.65
- Internal Rate of Return (5 years)
- -5.0%
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
$15,000 SELLER CONTRIBUTION! With a full price offer, you can use this money for a mortgage rate reduction or your costs. Touch-ups are in process so if you hurry, you may have time to make requests that make it perfect for you! Rare opportunity to own one of the least expensive maintenance-free homes in a top-tier area and a renown, upscale community. Beautiful and quiet, yet 'everything' is minutes away, including the #1 rated grade school in FL, shopping, restaurants, medical facilities, beaches, restaurants, public boat launches, golf, parks, the Legacy trail and more. Set back on a quiet street, on a beautifully landscaped, oversized lot with a preserve as the backdrop, this well maintained, light-filled residence offers a rare combination of elegance, security, privacy, efficiency, value, and lifestyle. The open floor plan features double tray ceilings, crown molding, and built-ins that create a comfortable, sophisticated atmosphere. Seamless indoor outdoor living, with 15 feet of sliding glass doors opening onto a covered patio and lanai. Enjoy nature views and stunning sunsets that are visible throughout the living area. Step through the stylish entryway and you're greeted by sunlight flooding in through custom-made plantation shutters. Large diagonal tile floors flow throughout the main living areas while cherry hardwood flooring adds elegance to the bedrooms and den. The open kitchen features expansive Corian countertops and plenty of wood cabinets for storage. There are two breakfast bars and newer high-quality appliances - all, except the Bosch dishwasher, have been replaced in the last few years. The kitchen has an RO drinking water system, and the whole home provides bottle-quality water with a Kinetico Water Softener, Activated Carbon Water filtration, and a UV light system. The dining area’s bump-out design streams sunlight into the dining and kitchen areas. The master suite is a tranquil retreat, featuring a bump-out with bay windows and glass sliders to the lanai and 2 walk-in closets The ensuite bathroom has a large walk-in shower, soaking tub, and a dual sink vanity. The 2nd bedroom also has bay windows, so the room is bright with plenty of closet space, and there is a full bath just outside the bedroom door. The spacious home office features a decorative archway and dual sliding pocket doors - it could easily be converted to a nursery or 3rd bedroom. Save money with your own private irrigation well and a new 6 zone Irrigation Controller. Landscaping care is provided for only $114/mo through the Woodlands HOA. The entire HVAC (Heat & AC) unit, including a UV light to prevent bacterial growth, was replaced 4/26/22. It has been regularly maintained with a service contract. The 50-gallon electric dual element (for quick heating) water heater was replaced 2/20/23. The oversized 2 car garage features an extra refrigerator/freezer, large utility sink, wall cabinets, and pull-down stairs with plywood flooring overhead provides additional attic storage. Located between Sarasota and Venice, Rivendell offers a beautifully maintained neighborhood, designed to embrace the Florida lifestyle on close to 400 acres of parks, lakes and nature trails. Nature enthusiasts will also appreciate the close proximity to a number of recreational areas, including Oscar Scherer State Park, Myakka River State Park, Bay Street Dog Park, the Legacy Trail system, and numerous other parks for kayaking, biking, and hiking.
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Location
Property Details
Parking
- Description: Driveway, Garage Door Opener
- Details: Driveway, Garage Door Opener, Off Street, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 10
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Hip
- Roof Material: Tile
- Pool Community: Yes
HOA
- Has HOA: Yes
- Association: Casey Condominium Management, LLC / Mgr. Fred Mark
- HOA Fee: $500/quarterly
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0150020038
- Lot Size: 12146 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 2002
Tax Information
- Annual Tax: $3,897
Utilities
- Water & Sewer: Private, Public, Well
- Heating: Central
- Cooling: Central Air
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,021
- Cap Rate
- 4.0%
- Cash-on-Cash Return
- -9.3%
- Debt Coverage Ratio
- 0.65
- Internal Rate of Return (5 years)
- -5.0%
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:
| $574,700 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$459,760 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $114,940 |
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:
| $17,241 |
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:
| $132,181 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,875 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $307 |
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:
| $1.87 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $459,760 |
|---|---|
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:
| $2,944 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $325 |
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:
| $245 |
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:
| $3,514 |
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:
| $3,500 | $42,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$210 | -$2,520 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,290 | $39,480 |
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. | 9% | -$325 | -$3,897 |
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% | -$245 | -$2,940 |
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% | -$280 | -$3,360 |
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% | -$175 | -$2,100 |
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% | -$175 | -$2,100 |
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% | -$167 | -$2,004 |
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 | 39% | -$1,367 | -$16,401 |
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:
| $1,923 | $23,076 |
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. | -$2,944 | -$35,328 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,021 | $12,252 |