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1669 New London St North Port, FL 34288

3 Beds 2 Baths 1,040 sqft Built 1998

$229,800

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $220.96
  • 1 Days on Market
  • MLS # : C7436947
  • Updated Date : 01/03/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,040 sqft
  • Baths : 2 full
Listing Agent

Re/max Palm Pcs

Listing Agent's Description

POOL BLOCK HOME, CITY WATER . NEW ROOF OCT. 2020. If you are looking for a beautiful home in a quiet neighborhood, look no further. This 3 bedroom, 2 full bath pool home has just been listed. Home boasts an open floor plan, cathedral ceilings, stainless steel appliances, with multiple upgrades such as new waterproof flooring, new carpet in bedrooms, new 5 inch baseboards, new paint, new backsplash in kitchen, new bathroom mirrors, new landscaping, new microwave, new roof, upgraded ceiling fans and light fixtures. FREE 1 YEAR WARRANTY ON AIR CONDITIONING AND ALL APPLIANCES. Home has a screened front entryway, nice sized closets in bedrooms, walk in closet in the master bedroom, wired security system, screened pool area and washer and dryer is included with purchase of home. The back lanai is very spacious and overlooks a huge backyard with lemon and banana trees. This area is not in a flood zone or has HOA. There is a beautiful Atwater Community Park which includes a splash pad, all in walking distance as well as gorgeous beaches driving distance away. Southwest Florida is a perfect location for golfing, fishing, boating, with many restaurants and shopping, Home is vacant and is available to be seen anytime. DONT DELAY, CALL TODAY. Seller says bring all offers.

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MARKET HIGHLIGHTS

  • #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)
  • 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)

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
Atwater Elementary School Primary Regular 718 53 6
Woodland Middle School Middle Regular 857 50 7
North Port High School High Regular 2,315 119 6

Atwater Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 53
6
GreatSchools Rating

Woodland Middle School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 50
7
GreatSchools Rating

North Port High School

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

$206,820$252,780$229,800

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$848
Property Tax -$283
Property Insurance -$100
Property Management Fees -$129
CASH FLOW
$1

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.

$229,800

PROJECTED PRICE

$1,360

PROJECTED RENT

0.59%

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-$2.0k$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$66,647

INVESTMENT

$66,647

Down Payment
$57,450
Rehab Estimate
$5,750
Closing Costs
$3,447

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,450
Loan Amount $172,350
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$19,161

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $1.31

    LIST RENT PER SQFT
  • $1,068

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2993$1,3004$1,360
$1,360
RENT COMPS ANALYSIS
  • 1669 New London St North Port, FL 4
    • 3 beds 2 baths ∙ 1,040 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,040 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $1.31
    •  
  • 2614 S San Mateo Dr North Port, FL 1
    • 3 beds 2 baths ∙ 1,211 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,211 Sqft ∙ Built 1999
    property image
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.99
    •  
  • 1722 Boswell St North Port, FL 2
    • 3 beds 2 baths ∙ 1,245 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,245 Sqft ∙ Built 2006
    property image
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $1.04
    •  
  • 2163 S San Mateo Dr North Port, FL 3
    • 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1997
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.05
    •  
PROPERTY LISTING DETAILS
Nick Demers
1.941.585.3787
Re/max Palm Pcs
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: C7436947
Last Updated: 01/03/2021
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