$1,050,000
Investment Summary
- Monthly Cash Flow
- -$2,261
- Cap Rate
- 3.6%
- Cash-on-Cash Return
- -11.2%
- Debt Coverage Ratio
- 0.58
- Internal Rate of Return (5 years)
- -6.9%
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. MAKE AN OFFER!!! MAGNIFICENCE IN MISTY CREEK – PRIVACY, SHADE & SPACE – A RARE COMMODITY THESE DAYS! Welcome to 8717 MISTY CREEK DRIVE! This 3700+ sf, 4 BEDROOM, 3.5 BATH, WATERFRONT, POOL HOME is nestled in The Preserve at Misty Creek. Set on TWO-THIRDS OF AN ACRE, tucked away within a CUL-DE-SAC at the coveted north end of Misty Creek, this home is, arguably, one of the best lots in all of Misty Creek and is in the X FLOOD ZONE, NO FLOOD INSURANCE REQUIRED. Arthur Rutenberg, known for his exceptional quality construction, personally designed and built the home and showcased it in the Parade of Homes. With a WESTERN FACING BACKYARD, you’ll enjoy SWEEPING VIEWS OF THE SPRING-FED LAKE teeming with life. A preserve provides the lush, green backdrop to the lake – great for viewing birds, wildlife or taking in one of our MESMERIZING FLORIDA SUNSETS - all from the privacy of your heated pool, spa, outdoor deck or backyard swing! Combining the elements of spaciousness, soaring ceilings, contemporary lines, and warm tones, this home exudes an eclectic vibe you’re going to love! The 3,720 SF OF LIVING SPACE includes a split floor plan with 4 BEDROOMS, 3.5 BATHROOMS, an office or den with an ensuite bathroom and built-in closet that could be used as a 5th bedroom if needed. The large living room has a WOOD-BURNING FIREPLACE, built-in shelving, a wet bar with mini-fridge and opens to an amazing kitchen. The GOURMET-INSPIRED KITCHEN with custom cabinetry has an island with a butcher block countertop, a built-in warming drawer and a custom-made breakfast bar with seating for 3-4. The pass-through windows to the lanai are a wonderful transition to the outdoor space. A stand-alone built-in lighted curio cabinet provides nice separation to the formal dining room. The bonus room has sliders that open to the lanai. Large transom windows let in NATURAL LIGHT to keep this home bright throughout the day. The expansive caged-in pool area embraces what living the Florida lifestyle is all about – extending living space to the outdoors! You’ll find a BUILT-IN OUTDOOR KITCHEN and your SPARKLING HEATED POOL & SPA, both heated quickly with a propane gas heater. Lots of covered area gives you an OUTDOOR LIVING ROOM & DINING ROOM! For your fur babies, sellers have installed an INVISIBLE ELECTRIC PET FENCE. There are so many reasons to love this home – be sure to ask for the list of highlights and improvements. It's an exciting time in Misty Creek as the Misty Creek Country Club is currently closed for renovations and the new improved club is expected to open in the fall! Perks of Misty Creek – NO MANDATORY GOLF MEMBERSHIP, a well-run responsive HOA with LOW HOA FEES, “A” RATED SCHOOL DISTRICT with school bus stops within the community, a manned security gate, the feeling of being in the country with close proximity to everything you need, an established community with many longtime residents, the wildlife, nature & abundance of 100+ year old oak trees just to name a few. Misty Creek offers convenient access to shopping, beaches, parks, dining, I75, golfing, boating, fishing & more! Don’t miss your opportunity to have your own personal sanctuary in this beautiful community!!! HOME WARRANTY INCLUDED with purchase! SCHEDULE A SHOWING TODAY!!!
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Location
Property Details
Parking
- Description: Garage Door Opener
- Details: Driveway, Electric Vehicle Charging Station(s), Garage Door Opener, Garage Faces Side, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 9
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Hip
- Roof Material: Tile
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Lynn Pecharich, President
- HOA Fee: $1,933/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0255010420
- Lot Size: 30788 sqft
Property Information
- Property Type: Single Family Residence
- Year Built: 1987
Tax Information
- Annual Tax: $6,194
Utilities
- Water & Sewer: Public
- Heating: Central, Electric, Propane
- Cooling: Central Air, Ductless, Zoned
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$2,261
- Cap Rate
- 3.6%
- Cash-on-Cash Return
- -11.2%
- Debt Coverage Ratio
- 0.58
- Internal Rate of Return (5 years)
- -6.9%
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:
| $1,050,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$840,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $210,000 |
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:
| $31,500 |
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:
| $241,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,720 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $282 |
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:
| $1.48 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $840,000 |
|---|---|
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:
| $5,379 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $516 |
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:
| $385 |
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:
| $6,280 |
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:
| $5,500 | $66,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$330 | -$3,960 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,170 | $62,040 |
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% | -$516 | -$6,194 |
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% | -$385 | -$4,620 |
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% | -$440 | -$5,280 |
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% | -$275 | -$3,300 |
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% | -$275 | -$3,300 |
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. | 3% | -$161 | -$1,932 |
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 | 37% | -$2,052 | -$24,626 |
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:
| $3,118 | $37,416 |
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. | -$5,379 | -$64,548 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $2,261 | $27,132 |