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1 Crane Rd Venice, FL 34293

3 Beds 2 Baths 1,480 sqft Built 1961

$259,900

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
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!

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MARKET HIGHLIGHTS

  • 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

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $91k297k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: South Venice

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2110012001300140015001600170018001900200021002200Rent in $10512260

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Taylor Ranch Elementary School Primary Regular 630 44 8
Venice Middle School Middle Regular 543 41 7
Venice High School High Regular 1,941 96 8

Taylor Ranch Elementary School

  • Education Level: Primary
  • # of students: 630
  • # of teachers: 44
8
GreatSchools Rating

Venice Middle School

  • Education Level: Middle
  • # of students: 543
  • # of teachers: 41
7
GreatSchools Rating

Venice High School

  • Education Level: High
  • # of students: 1,941
  • # of teachers: 96
8
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

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
$1,500
1$1,5002$1,5503$1,5954$1,6005$1,900
$1,900
RENT COMPS ANALYSIS
  • 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
Danielle Dietrich
1.603.767.9166
Coldwell Banker Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: N6113497
Last Updated: 01/22/2021
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