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2078 Smyer Ave North Port, FL 34288

3 Beds 2 Baths 1,482 sqft Built 2004

$225,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $151.82
  • 3 Days on Market
  • MLS # : N6112502
  • Updated Date : 11/02/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,482 sqft
  • Baths : 2 full
Listing Agent

Re/max Platinum Realty

Listing Agent's Description

WELL KEPT! OPEN PLAN! This well cared for home is nestled in an EXCELLENT & quiet community. The home is laid out nicely with its split plan design. Home feels larger than it is. North Port is vastly growing making it harder by the day to find a nice home such as this. Take advantage of this gem before its gone in this HOT market!

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: 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
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$830
Property Tax -$277
Property Insurance -$127
Property Management Fees -$80
CASH FLOW
$136

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.

$225,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.64%

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$14k

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

9.17

YEARS SAVED

$33,266

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,312

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3003$1,3004$1,3505$1,450
$1,450
RENT COMPS ANALYSIS
  • 2078 Smyer Ave North Port, FL 5
    • 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.98
    •  
  • 5158 Foxhall Rd North Port, FL 1
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1999
    LEASED 07/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.94
    •  
  • 4238 Kiska Rd North Port, FL 2
    • 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 2005
    LEASED 07/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.83
    •  
  • 5023 Andris St North Port, FL 3
    • 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 2003
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.83
    •  
  • 4813 Hightower Rd North Port, FL 4
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 2003
    LEASED 10/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.94
    •  
PROPERTY LISTING DETAILS
Kyle Tenbusch
1.941.626.5346
Re/max Platinum Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: N6112502
Last Updated: 11/02/2020
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