10525 Cory Lake: 10525 Cory Lake Dr, Tampa FL 33647

10525 Cory Lake Dr, Tampa, FL 33647

Singlefamily: 4 bedrooms , 4 bathrooms

Year built: 1995, Size: 3152 SF

Investment strategy: Rental Property

This luxury corporate rental has everything you need for an elegant short-term stay in Tampa Bay. This 4/3 waterfront property is perfect for experiencing Florida's natural beauty. This rental is ideal for powerboats and exploring the sites and many more amenities, including a community pool, fitness center, tennis courts, meeting rooms, etc. All utilities included allow you to swiftly step off the plane and into your Corporate luxury rental to start enjoying your Florida Living. The property has a two-car garage, a large pool, an outdoor kitchen, and much more. Close to shops, Busch Gardens to your west, and Orlando's theme parks to the east.

Purchase Price$ 800,000

Rent$ 8,000/mo

Monthly Cash Flow$ 1,123

Cash on Cash Return37.42 %

Financial Analysis

Cash on Cash Return	37.42 %
Internal Rate of Return (IRR)	60.79 %
Capitalization Rate	8.63 %
Gross Rent Multiplier (GRM)	8.33
Debt-coverage Ratio (DCR)	1.24
Operating Expense Ratio (OER)	25.89 %

Financial Breakdown

Purchase Price	$ 800,000
Purchase Costs	$ 8,000
Repair/Construction Costs	$ 0
Total Capital Needed Total Capital Needed Includes all projects costs (except selling costs). Total Capital Needed Includes all projects costs (except selling costs).	$ 808,000
Financing	$ 772,000
Total Cash Needed Cash out of Pocket Shows rehabber's cash outlay. Cash out of Pocket Shows rehabber's cash outlay.	$ 36,000
Cash at Closing Cash at Closing This number includes down payment and loan points. Cash at Closing This number includes down payment and loan points.	$ 28,000
Cash During Rehab Cash During Rehab Shows the cash amount remaining to fund the purchase and rehab/construction. Cash During Rehab Shows the cash amount remaining to fund the purchase and rehab/construction.	$ 8,000

Operating Analysis

Rent	$ 8,000/mo
Gross Operating Income (GOI)	$ 93,120
Total Expenses	$ 24,106
Net Operating Income (NOI)	$ 69,014
Annual Debt Service	$ 55,542
Cash Flow Before Taxes (CFBT)	$ 13,472
Income Tax Liability	$ -80
Cash Flow After Taxes (CFAT)	$ 13,552

This luxury corporate rental has everything you need for an elegant short-term stay in Tampa Bay. This 4/3 waterfront property is perfect for experiencing Florida's natural beauty. This rental is ideal for powerboats and exploring the sites and many more amenities, including a community pool, fitness center, tennis courts, meeting rooms, etc. All utilities included allow you to swiftly step off the plane and into your Corporate luxury rental to start enjoying your Florida Living. The property has a two-car garage, a large pool, an outdoor kitchen, and much more. Close to shops, Busch Gardens to your west, and Orlando's theme parks to the east.

Purchase Price	$ 800,000
Address	10525 Cory Lake Dr , Tampa, 33647, FL
MLS^® #	T3461892
Listing Agent	Nadia Daggett
Year Built	1995
Type	Singlefamily
Size	3152 SF
Bedrooms	4
Bathrooms	4

Property History

Date	Price	Event
2/28/2024	7495	Price Changed for rent
10/28/2023	7400	Price Changed for rent
10/16/2023	7450	Price Changed for rent
7/26/2023	7950	Listed for rent
7/25/2023	7950	Listing removed
1/23/2023	7950	Price Changed for rent
1/17/2023	8850	Listed for rent
1/25/2016	495000	Sold
11/9/2015	509000	Price Changed
10/27/2015	519000	Price Changed
7/29/2015	529000	Price Changed
6/23/2015	539000	Listed
4/30/2003	370000	Sold
5/19/1997	362000	Sold
11/30/1994	79900	Sold

Annual Property Operating Data

Incomes		% of GOI
Gross Scheduled Income Gross Scheduled Income (GSI) Represents the total of monthly rents for the particular property, including the potential rents from vacant units and uncollectable rents. Gross Scheduled Income (GSI) Represents the total of monthly rents for the particular property, including the potential rents from vacant units and uncollectable rents.	$ 96,000
Total Gross Income	$ 96,000
Vacancy loss Vacancy and Credit Loss Part of the potential rental income that is lost because of unoccupied units or uncollectable rent from tenants. Vacancy and Credit Loss Part of the potential rental income that is lost because of unoccupied units or uncollectable rent from tenants.	$ 2,880
Gross Operating Income Gross Operating Income (GOI) An actual income which is expected to be collected in the property. Gross Operating Income (GOI) An actual income which is expected to be collected in the property.	$ 93,120	100.00 %
Expenses Operating Expenses Expenses necessary for maintaining the property and ensuring its continued ability to produce income (doesn't include mortgage payments or depreciation). Operating Expenses Expenses necessary for maintaining the property and ensuring its continued ability to produce income (doesn't include mortgage payments or depreciation).
Property manager	$ 12,106	13.00 %
Utilities	$ 6,000	6.44 %
Insurance	$ 3,000	3.22 %
Property tax	$ 3,000	3.22 %
Total Expenses	$ 24,106	25.89 %
Net Operating Income Net Operating Income (NOI) Important measurement calculated as gross operating income minus operating expenses. Net Operating Income (NOI) Important measurement calculated as gross operating income minus operating expenses.	$ 69,014	74.11 %

Cash Flow (Year 1)

Net Operating Income	$ 69,014	74.11 %
Annual Debt Service	$ 55,542	59.65 %
Cash Flow Before Taxes (CFBT) Cash Flow All the inflows and outflows of cash for a certain property (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property. Cash Flow All the inflows and outflows of cash for a certain property (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property.	$ 13,472	14.47 %
Income Tax Liability	$ -80	-0.09 %
Cash Flow After Taxes (CFAT) Cash Flow All the inflows and outflows of cash (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property. Cash Flow All the inflows and outflows of cash (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property.	$ 13,552	14.55 %

Operating Ratios

Operating Expense Ratio Operating Expense Ratio Ratio of the operating expenses to the gross operating income (GOI). Operating Expense Ratio Ratio of the operating expenses to the gross operating income (GOI).	25.89 %
Break-Even Ratio Break-Even Ratio (BER) Another benchmark used by mortgage lenders, estimating how vulnerable is a certain property to defaulting on its mortgage if part of the rental income is declined. Most of the lenders are looking for BER of 85% or less. Break-Even Ratio (BER) Another benchmark used by mortgage lenders, estimating how vulnerable is a certain property to defaulting on its mortgage if part of the rental income is declined. Most of the lenders are looking for BER of 85% or less.	85.53 %

Financial Measures

Net Present Value Net Present Value (NPV) Probably the best measure of any investment thanks to its complexity; taking into account all future cash flows including the selling price, and it converts all these amounts to their present values using discount rate required by the investor. More information and an example on the blog. Net Present Value (NPV) Probably the best measure of any investment thanks to its complexity; taking into account all future cash flows including the selling price, and it converts all these amounts to their present values using discount rate required by the investor. More information and an example on the blog.	$ 150,278
Internal Rate of Return Internal Rate of Return (IRR) Rate which an investment will return over the estimated period of ownership. It is in fact the discount rate that produces NPV of zero. Internal Rate of Return (IRR) Rate which an investment will return over the estimated period of ownership. It is in fact the discount rate that produces NPV of zero.	60.79 %
Profitability Index Profitability Index Similar to NPV, also calculates with the present values of future cash flows and discount rate. It shows whether the present value of the cash flows is worth the initial investment. Good investment should be above 1.0 Profitability Index Similar to NPV, also calculates with the present values of future cash flows and discount rate. It shows whether the present value of the cash flows is worth the initial investment. Good investment should be above 1.0	5.17
Annual Depreciation	$ 23,273

Holding period of 5 years and discount rate of 5.00% were used for calculation of NPV and IRR. The rest of the financial measures are for the 1st year only and therefore don't provide such an exact information.

Investment Return Ratios

Cash on Cash Return Cash on Cash Return Ratio between annual cash flow before taxes and the total initial investment, expressed as a percentage. It does not take in account the future value of money. Cash on Cash Return Ratio between annual cash flow before taxes and the total initial investment, expressed as a percentage. It does not take in account the future value of money.	37.42 %
Return on Investment Return on Investment Very similar to Cash on Cash Return, but also takes in account appreciation of the property in the first year. Return on Investment Very similar to Cash on Cash Return, but also takes in account appreciation of the property in the first year.	104.09 %
Capitalization Rate Capitalization Rate Calculated as ratio of the net operating income and the value of the property. Capitalization Rate Calculated as ratio of the net operating income and the value of the property.	8.63 %
Gross Rental Yield Gross Rental Yield Used for a particular property or also as a market indicator when using median values of rent and house prices - counted from gross scheduled rent and initial investment. Gross Rental Yield Used for a particular property or also as a market indicator when using median values of rent and house prices - counted from gross scheduled rent and initial investment.	12.00 %
Gross Rent Multiplier Gross Rent Multiplier (GRM) Counted as a ratio of market value of the property and gross scheduled income. Gross Rent Multiplier (GRM) Counted as a ratio of market value of the property and gross scheduled income.	8.33

Financing
Down Payment		$ 28,000
Conventional		$ 772,000
Loan to Value Ratio Loan to Value Ratio Shows sum of all purchase and rehab loans divided by purchase price. Loan to Value Ratio Shows sum of all purchase and rehab loans divided by purchase price.		96.50 %
Loan to Cost Ratio Loan to Cost Ratio Shows sum of all purchase and rehab loans to construction cost (purchase price + repairs). Loan to Cost Ratio Shows sum of all purchase and rehab loans to construction cost (purchase price + repairs).		96.50 %
Debt Coverage Ratio		1.24

Conventional Financing of: Purchase price ($ 800,000)
Type	Amortized
Loan Amount	$ 772,000
Down payment (4%)	$ 28,000
Amortization	30 years
Interest Rate	6.00 %
Monthly Payment	$ 4,628.53

This chart shows the process of accumulation of investor's equity. There is some equity created right at the beginning with the rehab/construction and later investor's equity is rising by paying off the principal of the loan and also by appreciation over the years. All the green parts is the cummulative equity belonging to the investor and the red part belongs to the lender.

Year	0	1	2	3	4	5
Operational Analysis
Gross Scheduled Income	0	96,000	97,920	99,878	101,876	103,913
Vacancy Loss	0	2,880	2,938	2,996	3,056	3,117
Gross Operating Income	0	93,120	94,982	96,882	98,820	100,796
Expenses	0	24,106	24,588	25,079	25,581	26,093
Net Operating Income	0	69,014	70,395	71,803	73,239	74,703
Loan Payment	0	55,542	55,542	55,542	55,542	55,542
Payment Interest Part	0	46,062	45,477	44,857	44,198	43,498
Payment Principal Part	0	9,480	10,065	10,686	11,345	12,045
Cash Flow
Repairs/Construction	0	0	0	0	0	0
Cash Flow Before Taxes	-36,000	13,472	14,852	16,260	17,696	19,161
Depreciation	0	23,273	23,273	23,273	23,273	23,273
Taxes	0	-80	411	918	1,442	1,983
Cash Flow After Taxes	-36,000	13,552	14,441	15,342	16,254	17,178

Note: All amounts in the table above are in $

Resale Price Evaluation Methods

The property is sold after 5 years. Below is the resale price calculated using different methods.

Appreciation (3.00%)	$ 927,419
Cap Rate (8.63%) & NOI	$ 865,625
Gross Rent Multiplier	$ 865,599

Sale Proceeds

Projected Selling Price	$ 927,419
Costs of Sale (6.00%)	$ 55,645
1. Loan Balance Payoff	$ 718,380
Net Sale Proceeds Before Tax	$ 153,394

In the resale analysis we do not include any calculation for taxes that might be owed on sale of the property. The tax laws for the resale are rather complex and subjected to frequent changes.

Net Assets and Yield

Net Assets
Sale Proceeds Before Tax	$ 153,394
Investor Cash Outlay	$ 36,000
Net Assets	$ 117,394
Average Yield
Annual Net Assets	$ 23,479
Average Cash Flow (After Taxes)	$ 11,918
Average Annual Gain (After Taxes)	$ 35,397
Average Annual Yield (After Taxes)	4.42 %

This charts shows Net Present Value (NPV) when property is sold in various years, i.e. when sold in 5th year, the NPV is calculated from 5 years of Cash Flow (including the selling price) and this NPV is displayed in year 5. Optimal holding period can be estimated, using this method - when NPV is the highest. Please note that appreciation growth can change these numbers greatly. It sometimes makes sense to sell the property even before the end of the mortgage term.

Property Report: 10525 Cory Lake RENTAL

Property Report :

10525 Cory Lake

10525 Cory Lake Dr, Tampa, FL 33647

Executive Summary

10525 Cory Lake Dr, Tampa, FL 33647

Financial Analysis

Financial Breakdown

Total Capital Needed

Total Capital Needed

Cash out of Pocket

Cash out of Pocket

Cash at Closing

Cash at Closing

Cash During Rehab

Cash During Rehab

Operating Analysis

Property Description

Property History

Operating Analysis

Annual Property Operating Data

Gross Scheduled Income (GSI)

Gross Scheduled Income (GSI)

Vacancy and Credit Loss

Vacancy and Credit Loss

Gross Operating Income (GOI)

Gross Operating Income (GOI)

Operating Expenses

Operating Expenses

Net Operating Income (NOI)

Net Operating Income (NOI)

Cash Flow (Year 1)

Cash Flow

Cash Flow

Cash Flow

Cash Flow

Operating Ratios

Operating Expense Ratio

Operating Expense Ratio

Break-Even Ratio (BER)

Break-Even Ratio (BER)

Financial Analysis

Financial Measures

Net Present Value (NPV)

Net Present Value (NPV)

Internal Rate of Return (IRR)

Internal Rate of Return (IRR)

Profitability Index

Profitability Index

Investment Return Ratios

Cash on Cash Return

Cash on Cash Return

Return on Investment

Return on Investment

Capitalization Rate

Capitalization Rate

Gross Rental Yield

Gross Rental Yield

Gross Rent Multiplier (GRM)

Gross Rent Multiplier (GRM)

Financing Overview

Loan to Value Ratio

Loan to Value Ratio

Loan to Cost Ratio

Loan to Cost Ratio

Long-term Cash Flow Forecast

Resale Analysis

Resale Price Evaluation Methods

Sale Proceeds

Net Assets and Yield

Photos