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1031 Porpoise Rd Venice, FL 34293

3 Beds 2 Baths 1,252 sqft Built 1969

$229,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $182.91
  • 4 Days on Market
  • MLS # : A4488519
  • Updated Date : 01/16/2021 at 20:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,252 sqft
  • Baths : 2 full
Listing Agent

Dalton Wade, Inc.

Listing Agent's Description

Your new Investment or Dream home awaits you in South Venice located minutes from the Beach. This 3/2 home was remodeled i 2019 with new roof, new air conditioning, new paint, kitchen cabinets , appliances , flooring , newer windows. You will enjoy your screened in lanai while relaxing in your fenced yard. Great spot for the family dogs. Located in a great school district as well. There is also a split bedroom plan for maximum privacy with the Master Bedroom having a separate entrance door as well. You have the option as well to jpin the south Venice Community Center for 60.00 which gives you access to the south venice ferry and private Beach.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

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
 

$206,100$251,900$229,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$795
Property Tax -$224
Property Insurance -$113
Property Management Fees -$129
CASH FLOW
$239

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.

$229,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.66%

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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$795

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

11.42

YEARS SAVED

$39,908

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,500

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,624

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$1,390
1$1,3902$1,5003$1,5504$1,5505$1,575
$1,575
RENT COMPS ANALYSIS
  • 1031 Porpoise Rd Venice, FL 2
    • 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.20
    •  
  • 1401 Horizon Rd Venice, FL 1
    • 3 beds 2 baths ∙ 1,078 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,078 Sqft ∙ Built 1962
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $1.29
    •  
  • 1142 Kenisco Rd Venice, FL 3
    • 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1980
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.30
    •  
  • 324 Azure Rd Venice, FL 4
    • 3 beds 2 baths ∙ 1,139 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,139 Sqft ∙ Built 1978
    LEASED 12/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.36
    •  
  • 5041 Mimosa Rd Venice, FL 5
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1986
    LEASED 11/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.24
    •  
PROPERTY LISTING DETAILS
Mauri Blefeld
1.941.993.6681
Dalton Wade, Inc.
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4488519
Last Updated: 01/16/2021
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