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PROPERTY INFO
FACTS
- Single Family
- Built In 1961
- Price/Sqft : $175.61
- 3 Days on Market
- MLS # : N6113497
- Updated Date : 01/22/2021 at 14:51
CONSTRUCTION
- Beds : 3
- Floor Size : 1,480 sqft
- Baths : 2 full
Listing Agent
Coldwell Banker Realty
Listing Agent's Description
THE BEST INVESTMENT PROPERTY IN ALL OF SOUTH VENICE IS FINALLY ON THE MARKET & FULLY REMODELED! This property is a true 3/2, currently zoned RMF3 multi-family and under $300K! NEW ROOF, NEW PLUMBING, NEW SEWER LINES, NEW A/C & DUCTWORK, NEW APPLIANCES (all done 3 years ago). The added 2nd bath has been completed to the nines, making the space that this home offers even better than you could imagine! West of the trail this property sits in South Venice with a large backyard! The Florida room is under air and this home is on PUBLIC Water & Sewer unlike the rest of South Venice! Current tenants are month-to-month. Non-HOA and No CDD Fees here! The perfect investment property or starter home for a family. Close to all the best Gulf Beaches, such as Manasota Key Beach, Venice Beach, Nokomis Beach, Boca Grande, Siesta Key to name a few! Close proximity to shopping, dining, 41 and I-75. Come see for yourself! Call today to schedule your private showing before this is gone!
SEE MORE
- Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 2018)
- Headquarters to several Fortune 1000 companies: Publix Super Markets, Tech Data, Jabil Circuit, WellCare Health Plans, Raymond James Financial, Bloomin’ Brands, HSN, and TECO Energy (Fortune, 2018)
- #8 in America's Fastest Growing Cities (Forbes, 2018)
- Tampa metro employment growth is at 2.6% and predicted to grow at 2.1% in 2019 (USMayors.org, 2018)
- One of the best cost-friendly American cities to do business (KPMG)
- Tampa metro contributes to 15.4% of Florida state economy i.e. Gross State Product (USMayors.org, 2018)
- #2 in Homebuilding Prospects #10 in Overall Real Estate Prospects (Emerging Trends in Real Estate 2019, PWC)
- 2nd Best City for Young Entrepreneurs (Forbes)
- Florida state ranks 4th most favorable in the country in State Business Tax Climate Index (Tax Foundation, 2019). Tampa inherits the rank being part of Florida.
PRICE & RENT TRENDS
Neighborhood: South Venice
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: South Venice
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,550 |
| EXPENSES | Loan Payment | -$903 |
| Property Tax | -$254 | |
| Property Insurance | -$127 | |
| Property Management Fees | -$129 | |
|
CASH FLOW
$137
|
||
This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.
$259,900
PROJECTED PRICE
$1,550
PROJECTED RENT
0.60%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.43% |
| Appreciation Year (1-5) | 9.4% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 3.71% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$74,624
LOAN DETAILS
$903
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $64,975 |
| Loan Amount | $194,925 |
8.83
YEARS SAVED
$31,496
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,550
LIST RENT -
$1.05
LIST RENT PER SQFT
-
$1,587
COMP ESTIMATED VALUE -
$1.07
COMP AVG. RENT PER SQFT
Comps Range
-
1 Crane Rd Venice, FL 2
- 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1961
- Rent
- Rent Per SQFT
- $1,550
- $1.05
-
410 Burke Rd Venice, FL 1
- 3 beds 2 baths ∙ 1,412 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,412 Sqft ∙ Built 1965
LEASED 09/12/20- Rent
- Rent Per SQFT
- $1,500
- $1.06
-
160 Shell Rd Venice, FL 3
- 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1973
LEASED 08/30/19- Rent
- Rent Per SQFT
- $1,595
- $1.02
-
3242 Nocturne Rd Venice, FL 4
- 3 beds 2 baths ∙ 1,548 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,548 Sqft ∙ Built 1981
LEASED 10/10/19- Rent
- Rent Per SQFT
- $1,600
- $1.03
-
755 Taplow Rd Venice, FL 5
- 3 beds 2 baths ∙ 1,615 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,615 Sqft ∙ Built 1971
LEASED 05/28/20- Rent
- Rent Per SQFT
- $1,900
- $1.18
PROPERTY LISTING DETAILS
1.603.767.9166
Coldwell Banker Realty
1.866.250.5610
RentVest Florida
CQ1057457
MLS #: N6113497
Last Updated: 01/22/2021
