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3516 Omela Ter North Port, FL 34286

3 Beds 2 Baths 1,784 sqft Built 2004

$260,500

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $146.02
  • 23 Days on Market
  • MLS # : C7436667
  • Updated Date : 01/08/2021 at 12:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,784 sqft
  • Baths : 2 full
Listing Agent

Century 21 Aztec & Associates

Listing Agent's Description

PRICE ADJUSTMENT! Fabulously updated family home, with plenty of space inside and out to entertain family and friends. Home is move in ready and has been meticulously maintained. The kitchen, which is open to the family room, is bright and modern, with upgraded stainless steel appliances and beautiful glass subway tile backsplash. Plenty of space outdoors to create a play area if desired. The large screened lanai connects to a deck and gazebo. This home has everything it needs to make it a wonderful family home. Don't hesitate to see it, it won't disappoint. Seller may be interested in a short term leaseback. Will include basic home warranty.

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
 

$234,450$286,550$260,500

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$905
Property Tax -$338
Property Insurance -$145
Property Management Fees -$129
CASH FLOW
-$7

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.

$260,500

PROJECTED PRICE

$1,510

PROJECTED RENT

0.58%

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-$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,783

INVESTMENT

$74,783

Down Payment
$65,125
Rehab Estimate
$5,750
Closing Costs
$3,908

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$905

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,125
Loan Amount $195,375
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$16,300

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,499

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4003$1,4504$1,5105$1,795
$1,795
RENT COMPS ANALYSIS
  • 3516 Omela Ter North Port, FL 4
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.85
    •  
  • 3643 Melissa Ter North Port, FL 1
    • 3 beds 2 baths ∙ 1,788 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,788 Sqft ∙ Built 2004
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.76
    •  
  • 2840 Mayflower Ter North Port, FL 2
    • 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 2002
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.79
    •  
  • 1935 Marasco Ln North Port, FL 3
    • 3 beds 2 baths ∙ 1,699 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,699 Sqft ∙ Built 2006
    property image
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.85
    •  
  • 1940 Franklin Ln North Port, FL 5
    • 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 2003
    property image
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.96
    •  
PROPERTY LISTING DETAILS
Donna Huxstep
1.941.815.7179
Century 21 Aztec & Associates
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: C7436667
Last Updated: 01/08/2021
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