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1642 Banyan Dr Venice, FL 34293

3 Beds 2 Baths 1,529 sqft Built 1960

$269,900

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $176.52
  • 4 Days on Market
  • MLS # : T3293722
  • Updated Date : 03/05/2021 at 10:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,529 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Welcome home to this mid-century modern charmer on two lots! This beautifully maintained home has the original terrazzo floors (in great condition), a separate 3rd bedroom with it's own exterior door (teen hangout, office space, rental or ?), open floor plan with updated kitchen with newer appliances and quartz countertops, vaulted ceiling, large separate office space off living area, screened in lanai area, updated bathrooms, large 10X12 newer storage shed, new AC 2018, new washer dryer 2018 and house was completely re-piped. Attached lot 30'X100' could be used for utility building, guest house, large garage, pool, RV parking...? No flood plain and voluntary HOA of $100 per year! Quiet location and close to everything Venice has to offer including a short drive to Venice Beach, restaurants and shopping. Don't miss this fantastic opportunity and schedule your showing today!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Venice Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $101k297k

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

Neighborhood: Venice Gardens

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q212001300140015001600170018001900200021002200Rent in $11702260

* 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
Garden Elementary School Primary Regular 649 43 6
Venice Middle School Middle Regular 543 41 7
Venice High School High Regular 1,941 96 8

Garden Elementary School

  • Education Level: Primary
  • # of students: 649
  • # of teachers: 43
6
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
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$937
Property Tax -$263
Property Insurance -$130
Property Management Fees -$129
CASH FLOW
$191

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.

$269,900

PROJECTED PRICE

$1,650

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 7.4%
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$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$937

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

9.75

YEARS SAVED

$37,576

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,670

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6503$1,6504$1,7005$1,915
$1,915
RENT COMPS ANALYSIS
  • 1642 Banyan Dr Venice, FL 3
    • 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.08
    •  
  • 410 Burke Rd Venice, FL 1
    • 3 beds 2 baths ∙ 1,412 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,412 Sqft ∙ Built 1965
    property image
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.06
    •  
  • 2551 Yucca Rd Venice, FL 2
    • 4 beds 2 baths ∙ 1,491 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,491 Sqft ∙ Built 1971
    property image
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.11
    •  
  • 2608 Oneida Rd Venice, FL 4
    • 3 beds 2 baths ∙ 1,643 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,643 Sqft ∙ Built 1968
    property image
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.03
    •  
  • 361 Gardenia Rd Venice, FL 5
    • 4 beds 2 baths ∙ 1,634 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,634 Sqft ∙ Built 1960
    property image
    LEASED 02/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,915
    • $1.17
    •  
PROPERTY LISTING DETAILS
Margaret Hess
1.720.201.5532
Redfin Corporation
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3293722
Last Updated: 03/05/2021
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