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3500 Heron Island Dr New Port Richey, FL 34655

3 Beds 2 Baths 1,701 sqft Built 2006

$274,997

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $161.67
  • 6 Days on Market
  • MLS # : U8109022
  • Updated Date : 01/08/2021 at 12:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,701 sqft
  • Baths : 2 full
Listing Agent

Future Home Realty Inc

Listing Agent's Description

UPGRADES GALORE!!!! Absolutely gorgeous 3 bedroom, 2 baths, 2 car garage PLUS BONUS ROOM. This home is immaculate, kitchen has 42 in cherry cabinets with crown molding, pull out shelves in lower cabinets, built in wine rack above fridge, cam lighting, granite countertops with rounded option, tile backsplash, large farm house style sink, moen faucets in baths and kitchen, living area has crown molding, separate inside laundry room, gorgeous wood floors, window seats in kitchen and master bedroom, wood blinds throughout. Baths have marble counter tops. Ceiling fans in all the bedrooms and living room. 16 x 16 tile in entry way and kitchen. Living room is prewired for surround sound. Master bath has separate water closet. Master bedroom closet has built ins. 2010 settlement repaired and fully insurable. AC upgraded in 2012 with 10 year warranty. Paver driveway.. Owners spared no expense on upgrading. Pride in ownership shows throughout the home. Home is located in most sought after school district. Close to all shopping, schools, parks, restaurants in trinity. Welcome to paradise.

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: Hunting Creek

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $71k260k

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

Neighborhood: Hunting Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8251759

* 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
Seven Springs Elementary School Primary Regular 513 37 3
Seven Springs Middle School Middle Regular 1,442 88 9
James W. Mitchell High School High Regular 1,892 117 7

Seven Springs Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 37
3
GreatSchools Rating

Seven Springs Middle School

  • Education Level: Middle
  • # of students: 1,442
  • # of teachers: 88
9
GreatSchools Rating

James W. Mitchell High School

  • Education Level: High
  • # of students: 1,892
  • # of teachers: 117
7
GreatSchools Rating
 

$247,497$302,497$274,997

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$955
Property Tax -$307
Property Insurance -$135
HOA -$19
Property Management Fees -$129
CASH FLOW
-$15

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$274,997

PROJECTED PRICE

$1,530

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 5.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.27%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

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$78,624

INVESTMENT

$78,624

Down Payment
$68,749
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,749
Loan Amount $206,248
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$18,369

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,539

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,515
1$1,5152$1,5303$1,5504$1,6855$1,785
$1,785
RENT COMPS ANALYSIS
  • 3500 Heron Island Dr New Port Richey, FL 2
    • 3 beds 2 baths ∙ 1,701 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,701 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.90
    •  
  • 8635 Cypress Lakes Blvd New Port Richey, FL 1
    • 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1990
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,515
    • $0.92
    •  
  • 3437 Heron Island Dr New Port Richey, FL 3
    • 3 beds 2 baths ∙ 1,719 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,719 Sqft ∙ Built 2006
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.90
    •  
  • 3448 Hunting Creek Loop New Port Richey, FL 4
    • 3 beds 3 baths ∙ 1,895 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,895 Sqft ∙ Built 2006
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,685
    • $0.89
    •  
  • 2737 Micah Dr Trinity, FL 5
    • 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 2006
    LEASED 11/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $0.91
    •  
PROPERTY LISTING DETAILS
Laura Roy
1.727.639.3889
Future Home Realty Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8109022
Last Updated: 01/08/2021
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