Discover the epitome of convenience, style, and comfort in this pristine 2-bedroom 2-bathroom condominium located in the esteemed Hamptons at MetroWest community. This unit boasts a prime location within the community. Being just minutes away from local attractions, shopping, and dining outdoor recreation via turkey lake park a haven for boating, hiking, or picnicking. As you enter the condo you will find an open concept living and dining area that seamlessly flows together. The well-appointed kitchen features stainless steel appliances and ample cabinet space perfect to entertain guests. 6663 Queens Borough offers two spacious bedrooms complete with ensuite bathrooms and walk in closets ensuring your own private retreat. The community has a broad range of amenities, from the resort style swimming pool, 24-hour gated security and much more. Property is zoned for excellent schools and is truly a prime location with access to all major highways making this an excellent area for families or young professionals. Don’t miss your opportunity to experience the Hamptons at MetroWest. Contact today for showing.
Monthly Rent | $1,851 |
Monthly HOA | $0 |
rental Policy | STR Restrictions |
Yearly Taxes | $2404 |
Bedrooms | 2 |
Bathrooms | 2 |
SQFT | 1,233 |
Furnished | unknown |
Year built | 2000 |
MLS | S5092962 |
Let's consider the scenario of taking a 30-year fixed-rate mortgage for at today's interest rate of 0.07%.
Here's the breakdown of your mortgage expenses:
Principal loan amount:This is the initial size of your loan, or in other words, your condo price. For this scenario, it's .
Interest rate:This is the cost of borrowing money, calculated monthly. Your annual interest rate is 0.07%, so we divide that by 12 for each month.
Total number of payments: Over the course of 30 years, you'll make 360 payments (that's 30 years multiplied by 12 months).
HOA fees: Homeowner Association fees are estimated to be $0 each month.
Property Taxes:Your yearly property taxes are $2404. We divide this by 12 to estimate the monthly cost.
Given these factors, your yearly mortgage expenses would be calculated using a formula that includes your principal loan amount, interest rate, total number of payments, HOA fees, and property taxes. This comes out to be approximately $17,412, rounded to the nearest cent.
The capitalization (cap) rate measures a property's rate of return based on its income. It's calculated as the Net Operating Income (NOI) divided by the property's Current Market Value.
Cap Rate Formula: NOI / Current Market Value
Net Operating Income (NOI): The income after subtracting operating expenses like management, maintenance, and insurance. Typically, it's the gross rental income minus these expenses which is $4,800.
Current Market Value: The estimated property value based on recent sales of similar properties which is $235,000.
Calculation: For a property with an NOI of $-17,412 per year and a market value of , the cap rate would be: $4,800 / $235,000 = 2.0%
The capitalization (cap) rate measures a property's rate of return based on its income. It's calculated as the Net Operating Income (NOI) divided by the property's Current Market Value.
Cap Rate Formula: NOI / Current Market Value
Net Operating Income (NOI): The income after subtracting operating expenses like management, maintenance, and insurance. Typically, it's the gross rental income minus these expenses which is $-17,412.
Current Market Value: The estimated property value based on recent sales of similar properties which is $235,000.
Calculation: For a property with an NOI of $-17,412 per year and a market value of , the cap rate would be: $-17,412 / $235,000 = -7.4%
Interest rate
Interest rate
Cash on Cash Return is a rate of return metric used in real estate investments that calculates the cash income earned on the cash invested in a property. It is expressed as a percentage and is calculated by dividing the annual pre-tax cash flow by the total cash invested.
Cash on Cash Formula: Annual Pre-Tax Cash Flow / Total Cash Invested
Annual Pre-Tax Cash Flow is the income the property generates in a year after operating expenses, excluding financing costs.
Total Cash Invested includes the down payment and any additional costs like closing costs.
For example, with a down payment of 20% and closing costs of 3% on a property priced at $235,000, and annual pre-tax cash flow of $4,800
The Cash on Cash Return would be:
$4,800 / ($235,000 * 0.2 + $235,000 * 0.03) = 8.9%
Cash on Cash Return is a rate of return metric used in real estate investments that calculates the cash income earned on the cash invested in a property. It is expressed as a percentage and is calculated by dividing the annual pre-tax cash flow by the total cash invested.
Cash on Cash Formula: Annual Pre-Tax Cash Flow / Total Cash Invested
Annual Pre-Tax Cash Flow is the income the property generates in a year after operating expenses, excluding financing costs.
Total Cash Invested includes the down payment and any additional costs like closing costs.
For example, with a down payment of 20% and closing costs of 3% on a property priced at $235,000, and annual pre-tax cash flow of $-17,412,
The Cash on Cash Return would be:
$-17,412 / ($235,000 * 0.2 + $235,000 * 0.03) = -32.2%
Here's how we calculate your potential yearly revenue:
Total days in a year: We start with 365 days, the total number of days in one year.
Occupancy rate: This is the percentage of the year your property is rented out. For this scenario, it's Hidden%.
Rented days per year: We calculate this by multiplying the total days in a year (365) by your occupancy rate.
Daily rental rate: This is the amount you charge for one day of renting out your property. In this case, it's Hidden.
Gross rental income: We calculate this by multiplying the number of rented days by the daily rental rate.
Airbnb and other fees: These are the costs of using a service like Airbnb to rent out your property, which typically take about 3% from your rental income. Additional fees may include homeowner association fees or other applicable costs.
Net rental income (your yearly revenue): We calculate this by subtracting the Airbnb and other fees from your gross rental income. In this case, this amount is $0.
Please note that some properties may have additional short-term rental fees. For example, the Club at Brickell in Edgewater, Miami, charges an additional 15% for short-term rentals. These additional fees are already included in the revenue calculation.
So, given these factors, your potential yearly revenue is calculated using the number of rented days, the daily rental rate, and any applicable fees. This comes out to be approximately $0.
Monthly Rent Revenue
Yearly Rent Revenue
*Estimate based on similar properties in the area.
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