Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2240 Terracina Dr Venice, FL 34292

3 Beds 2 Baths 2,050 sqft Built 2012

INVESTimate

$375,000

List Price

$2,520

$2,270 - $2,770

Rent Est.

$393,450  ( +4.92%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $182.93
  • 7 Days on Market
  • MLS # : N6111538
  • Updated Date : 08/24/2020 at 11:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,050 sqft
  • Baths : 2 full
Listing Agent

Michael Saunders & Company

Listing Agent's Description

LOCATION. QUALITY. LAKE VIEWS. CHARACTER. The Pinehurst model offers 3-bedrooms plus a DEN, 2-baths, 2-car garage, 2055 square feet of living space, volume ceilings and an open floor plan. This award-winning design features a central "Rotunda” to add character. Built in 2012 with hurricane protection, this home presents with gorgeous lake views throughout most of the home yet offers a sense of privacy from the screened, covered & extended patio. The gourmet kitchen features 42” wood cabinetry, solid surface countertops, stainless steel appliances, closet pantry, high ceilings and dinette. The formal dining room is perfect for entertaining. Relaxation is achieved in the living room that features a NEW built-in electric FIREPLACE surrounded by floor-to-ceiling, elegant stone, built-in cabinetry and positioned with sweeping views of the lake, volume ceilings and sliding glass doors. Find solitude in the master suite which overlooks the lake and includes a tray ceiling, dual walk-in closets, dual sinks, garden tub and like-new walk-in shower. Two guest bedrooms plus and office/den provide space for guests. The Verona Reserve received its name from a picturesque city in Italy known for its architecture, sweeping vista and the setting for Shakespeare's classic tale, Romeo and Juliet. The gated enclave of 165 home sites is nestled on 55 pristine acres and perfectly located 5-10 minutes to Venice Beach, the island of Venice, restaurants, shopping and 5 minutes to I-75. The community pool, dog park, low HOA dues and no CDDs make this a great community to live. Call for immediate showing.

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 Farms

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k409k

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

Neighborhood: Venice Farms

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q214001600180020002200240026002800Rent in $12942860

* 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
 

$337,500$412,500$375,000

PURCHASE PRICE

$2,268$2,772$2,520

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,520
EXPENSES Loan Payment -$1,384
Property Tax -$348
Property Insurance -$162
HOA -$205
Property Management Fees -$80
CASH FLOW
$342

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.

$375,000

PROJECTED PRICE

$2,520

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 4.92%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

10.5

YEARS SAVED

$68,430

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,520

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $2,214

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0003$2,2004$2,2005$2,520
$2,520
RENT COMPS ANALYSIS
  • 2240 Terracina Dr Venice, 5
    • 3 beds 2 baths ∙ 2,050 Sqft ∙ Built 2012 3 beds 2 baths ∙ 2,050 Sqft ∙ Built 2012
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,520
    • $1.23
    •  
  • 2180 Terracina Dr Venice, 1
    • 3 beds 2 baths ∙ 2,055 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,055 Sqft ∙ Built 2013
    property image
    LEASED 03/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.97
    •  
  • 2113 Date Palm Way Venice, 2
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2001
    property image
    LEASED 05/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.08
    •  
  • 201 Venice Palms Blvd Venice, 3
    • 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2002
    property image
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.18
    •  
  • 9820 Hilltop Dr Venice, 4
    • 4 beds 3 baths ∙ 2,025 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,025 Sqft ∙ Built 2018
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.09
    •  
PROPERTY LISTING DETAILS
Michelle Hupp
1.941.773.5464
Michael Saunders & Company
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: N6111538
Last Updated: 08/24/2020
BESbswy