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1505 Sontana St North Port, FL 34291

3 Beds 2 Baths 1,397 sqft Built 1998

$223,890

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $160.26
  • 2 Days on Market
  • MLS # : A4484907
  • Updated Date : 12/05/2020 at 06:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,397 sqft
  • Baths : 2 full
Listing Agent

Bright Realty

Listing Agent's Description

Here's one to look at! Almost a half acre total (a double lot), so you may have options! 1). Use the extra lot for your own enjoyment, like play space or big workshop. 2). If you don't need it, split it off and sell it financial gain, or 3). Build a new home to rent or occupy. Check with county to verify, but there is definitely a value in owning it. So anyway, let's get to the cute home your looking at here. Yes, the sellers are the ones whom originally had the home built. A 3/2 block home with a 2 car garage and a screened rear patio. Ceramic tile and wood laminate flooring throughout. Wood blinds on the windows, and verticals over the sliders. This home has one thing that others tend to run short on. When viewing the property, notice all the electrical outlets around the interior. If you buy this house, you can probably throw out all your extension cords, because there are outlets everywhere! A nice touch for sure. A well planned kitchen dinette area for a modest home as there seems to be plenty of room in this combo area for family and friends and lots of windows for light and views. Also a little storage cabinet under the counter on the dinette side comes in handy, so don't miss it. Access to the screened patio from the kitchen, dining room, or 3rd bedroom. Interior laundry leads right to the garage which also has a side service door and electric opener. An oversized driveway can hold a few cars which is nice for when company comes a knocking. The worhop/shed is included, and I don't need to explain how handy that will be, especially with two doors, both ramped and electric power. Anyway, that's about enough talk. Come take a look for yourself and see what a nice home this can make for the long term. Not too big, not too little, and not too far from anything! Thanks for the peek! P.S. Room sizes are close approximates, and should be verified by buyer.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Port Charlotte

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $91k297k

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

Neighborhood: North Port Charlotte

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q210001100120013001400150016001700180019002000Rent in $9362041

* 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
Glenallen Elementary School Primary Regular 697 55 5
Heron Creek Middle School Middle Regular 863 64 6
North Port High School High Regular 2,315 119 6

Glenallen Elementary School

  • Education Level: Primary
  • # of students: 697
  • # of teachers: 55
5
GreatSchools Rating

Heron Creek Middle School

  • Education Level: Middle
  • # of students: 863
  • # of teachers: 64
6
GreatSchools Rating

North Port High School

  • Education Level: High
  • # of students: 2,315
  • # of teachers: 119
6
GreatSchools Rating
 

$201,501$246,279$223,890

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$826
Property Tax -$275
Property Insurance -$122
Property Management Fees -$129
CASH FLOW
$58

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.

$223,890

PROJECTED PRICE

$1,410

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 9.9%
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

PROJECTED ANNUAL CASH FLOW

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

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$65,081

INVESTMENT

$65,081

Down Payment
$55,973
Rehab Estimate
$5,750
Closing Costs
$3,358

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$826

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,973
Loan Amount $167,918
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$24,521

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,404

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,4103$1,4504$1,4755$1,600
$1,600
RENT COMPS ANALYSIS
  • 1505 Sontana St North Port, FL 2
    • 3 beds 2 baths ∙ 1,397 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,397 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $1.01
    •  
  • 6915 Glacier Ave North Port, FL 1
    • 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 2006
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.99
    •  
  • 2442 Morton Rd North Port, FL 3
    • 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 2005
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.96
    •  
  • 2598 N Biscayne Dr North Port, FL 4
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 1995
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.05
    •  
  • 6670 Glacier Ave North Port, FL 5
    • 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1997
    LEASED 06/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.02
    •  
PROPERTY LISTING DETAILS
Eric Dammann
1.941.374.2665
Bright Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4484907
Last Updated: 12/05/2020
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