$379,990
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$174
- Cap Rate
- 5.6%
- Cash-on-Cash Return
- -2.4%
- Debt Coverage Ratio
- 0.91
- Internal Rate of Return (5 years)
- 1.7%
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
PLEASE CLICK the excellent 3D-TOUR now - or come in person soon to 1503. YOU MUST SEE IT TO BELIEVE IT. Classic & Classy, Fine Finishes, Stylish & Just Right, Inside & Out, All Around. MOVE-IN ready. PRIVATE & peaceful, Lakefront & tree top views. NO EVACUATION NECESSARY, four miles to the coast, MILESTONE or SIRS REPORTS - no worries! WELCOME. Step into a well thought out & laid out 5th floor Penthouse of Golf Lake One at East Bay. Here is great value and good quality. CONDOMINIUM 1503. This masterpiece 3-bedroom, 2-bathroom floorplan offers 1,733 total sq ft (1,576 sq ft living space) of beautifully finished interiors. The spacious open plan living & dining room give great space for everyday living or entertaining. Upgraded vinyl plank effect floors and beautiful as-new bathrooms show pride of ownership. The private screened lanai is accessible from both living room and owner’s suite. The main bedroom is a true retreat, featuring two walk-in closets, double vanities, an oversized walk-in shower, and a private toilet area all beautifully separated from guest space by the privacy-enhancing split-bedroom layout. The big chef’s kitchen features premium elegant granite countertops, stainless steel appliances, eat-in dining area plus breakfast bar. Bedroom 2 and bathroom 2 are located together, providing comfortable convenience for guests. Versatile Bedroom 3 can also serve as dining room or home office. A dedicated laundry room (not a laundry closet) includes full-size washer and dryer. Deeded personal parking space 24 is under building while ample guest parking is just steps away. This home was created and updated with professional skill, attention to detail, pride of ownership – all thoughtfully designed for comfort and function. BUILDING ONE. High & dry, safe & sound, strong & solid, all-concrete construction is well designed, well built, well maintained and well managed. Modest HOA fees that cover... a lot, including all utilities except for Duke Energy for less-hassle living. Spectrum services include cable TV and internet with wi-fi. Insurances except contents, and upkeep of shared areas. Building One offers peace of mind with proven strength and safety. It is located in a non-evacuation zone and has no structural milestone or SIRS concerns. The first SIRS report is already complete, recommending only minor maintenance funded from reserves. With professional on-site property management, a proactive HOA, well-funded reserves, the community delivers stability and value. 1503 in Building One is exceptional - skillfully built with lasting construction materials, meticulously maintained for long-term low repair costs; professionally managed with care and attention to detail - part of a welcoming but also private community. THIS COMMUNITY GOLF LAKE. Offers a peaceful, park-like setting that is tranquil and private, surrounded by freshwater lakes, wildlife, lush greenery, and golf course views. There is not one but two inviting heated pools, spa and resort style clubhouse with full kitchen, etc. Along with a country club lifestyle and golf club without membership fees but bar & snack bar open daily to all residents. GL 1503 is safe and serene; an exceptional value and a sound property investment in a high demand beautiful premier Tampa Bay community. Please call or text Broker Steve any time for your personal showing. Thank you.
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Location
Property Details
Parking
- Description: Underground/Basement
- Details: Covered, Guest, Open, Basement
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 8
- # of Stories: 5
Exterior Features
- Exterior Walls Materials: Masonry
- Foundation: Slab
- Roof Material: Concrete
- Pool: Yes
HOA
- Association: Golf Lake Condominium
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 023015319510001503
- Lot Size: 11564 sqft
Property Information
- Property Type: Condominium
- Style: Contemporary, Patio Home
- Year Built: 2006
Tax Information
- Annual Tax: $1,912
Utilities
- Water & Sewer: Public
- Heating: Electric, Heat Pump
- Cooling: Central Air
Location
- County: Pinellas
Listing Details
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$174
- Cap Rate
- 5.6%
- Cash-on-Cash Return
- -2.4%
- Debt Coverage Ratio
- 0.91
- Internal Rate of Return (5 years)
- 1.7%
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:
| $379,990 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$303,992 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $75,998 |
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:
| $11,400 |
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:
| $87,398 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,576 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $241 |
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:
| $1.78 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $303,992 |
|---|---|
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:
| $1,947 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $159 |
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:
| $196 |
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:
| $2,302 |
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:
| $2,800 | $33,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$168 | -$2,016 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,632 | $31,584 |
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. | 6% | -$159 | -$1,912 |
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% | -$196 | -$2,352 |
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% | -$224 | -$2,688 |
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% | -$140 | -$1,680 |
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% | -$140 | -$1,680 |
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. | n/a | n/a | n/a |
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 | 31% | -$859 | -$10,312 |
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:
| $1,773 | $21,276 |
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. | -$1,947 | -$23,364 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $174 | $2,088 |