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2556 Traverse Ave North Port, FL 34286

3 Beds 2 Baths 1,775 sqft Built 2005

$234,900

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $132.34
  • 7 Days on Market
  • MLS # : T3276433
  • Updated Date : 11/17/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,775 sqft
  • Baths : 2 full
Listing Agent

Community Realty Associates

Listing Agent's Description

Lovely 3 bedroom 2 bath home with 2 car gargae.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

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
Lamarque Elementary School Primary Regular 805 65 7
Woodland Middle School Middle Regular 857 50 7
North Port High School High Regular 2,315 119 6

Lamarque Elementary School

  • Education Level: Primary
  • # of students: 805
  • # of teachers: 65
7
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
 

$211,410$258,390$234,900

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$867
Property Tax -$289
Property Insurance -$145
Property Management Fees -$80
CASH FLOW
$120

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.

$234,900

PROJECTED PRICE

$1,500

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$1.0M

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$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$31,869

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,602

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5003$1,5004$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 2556 Traverse Ave North Port, FL 3
    • 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.85
    •  
  • 1698 N Lavina St North Port, FL 1
    • 3 beds 2 baths ∙ 1,637 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,637 Sqft ∙ Built 2006
    property image
    LEASED 11/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.86
    •  
  • 3605 Caballero Ave North Port, FL 2
    • 3 beds 4 baths ∙ 1,602 Sqft ∙ Built 2006 3 beds 4 baths ∙ 1,602 Sqft ∙ Built 2006
    property image
    LEASED 06/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.94
    •  
  • 3726 N Cranberry Blvd North Port, FL 4
    • 3 beds 2 baths ∙ 1,922 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,922 Sqft ∙ Built 2007
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.86
    •  
  • 1666 Boca Chica Ave North Port, FL 5
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 2004
    property image
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.95
    •  
PROPERTY LISTING DETAILS
Douglas Addeo
1.561.251.3408
Community Realty Associates
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3276433
Last Updated: 11/17/2020
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