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3617 Inverness St North Port, FL 34288

4 Beds 2 Baths 2,211 sqft Built 2003

$325,000

List Price

$1,970

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $146.99
  • 5 Days on Market
  • MLS # : C7435618
  • Updated Date : 11/19/2020 at 11:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,211 sqft
  • Baths : 2 full
Listing Agent

Re/max Palm Pcs

Listing Agent's Description

WELCOME TO YOUR OASIS CALLED 'HOME'. ALL YOU NEED IS HERE. BESIDES THE GREAT 4 BR HOME FOR FAMILY & FRIENDS, THIS LOVELY HOME HAS ITS OWN PARKLIKE ESTATE WITH PRIVATE FENCED YARD & LINED WITH ARECA PALMS. FOUR LOTS TOTAL, WITH 2 DRIVEWAYS. YOUR'RE OWN 'RV' CARPORT COVERED AREA (40') WITH ITS OWN REAR ACCESS FROM WENTWORTH ST. TWO (2) ADDITIONAL CARPORTS (31X20) AND (20X11) FOR OTHER RECREATIONAL ITEMS. THE 30X12 SHED/WORKSHOP HAS 30 AMP ELECTRIC. WATER ACCESSIBLE IN REAR YARD FOR WATERING PLANTS. 2 CAR GARAGE HAS SCREEN FRONT. ENTER THE SCREENED FRONT PORCH TO THE MAIN ENTRY, FOYER. LIVING ROOM WITH HIGH CEILINGS, BRIGHT FRONT WINDOWS, PLENTY OF PLANT & DISPLAY SHELVING THROUT THIS HOME. THE KITCHEN IS IN CENTER WITH EATIN AREA SEPARATE ON ONE SIDE AND FORMAL DINING AREA ON OTHER. BONUS ROOM FAMILY RM/WORKOUT RM WITH EQUIPMENT IN PLACE. SPLIT BEDROOMS, MASTER BR WITH HIGH CEILINGS AND SLIDER TO BONUS, WALK IN CLOSET & LARGE LINEN CLSET IN MASTER BATH SUITE. MASTER BATH HAS DOUBLE SINKS, LARGE TILED SHOWER (9X3) AND PRIVACY COMMODE. LARGE LAUNDRY RM WITH SINK AND ADDITIONAL 3 BEDROOMS ON OPPOSITE SIDE. SEPARATE DINING RM OFF KITCHEN BREAKFAST BAR, SLIDERS OUT. BR2 & 3 HAVE WALK-IN CLOSETS & HDWD VINYL FLOORS. LARGE BR 4 FOR GUESTS WITH HALL BATH ACROSS HALL. THE HALL BATH HAS DOOR TO OUT FOR GUEST ENTRY FROM LANAI. GATHER FAMILY & FRIENDS ON THE VERY LARGE LANAI (31X17) ENJOY GRILLING OUT ON THE PATIO, GAMES & PARTIES OUT IN THE LARGE PRIVATE YARD. LOTS OF ROOM TO ADD A POOL IF YOU WISH. MOST ALL FURNITURE INCLUDED EXCEPT PERSONAL ITEMS. (GARAGE & SHED ITEMS NOT)

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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
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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,199
Property Tax -$400
Property Insurance -$172
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.

$325,000

PROJECTED PRICE

$1,970

PROJECTED RENT

0.61%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$39,003

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,918

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,599
1$1,5992$1,6993$1,8504$1,9005$1,970
$1,970
RENT COMPS ANALYSIS
  • 3617 Inverness St North Port, FL 5
    • 4 beds 2 baths ∙ 2,211 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,211 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.89
    •  
  • 99 Baldur Dr Port Charlotte, FL 1
    • 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 1992
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.84
    •  
  • 5387 Hader Rd North Port, FL 2
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2001
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $0.85
    •  
  • 3516 Winer Rd North Port, FL 3
    • 3 beds 3 baths ∙ 2,131 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,131 Sqft ∙ Built 2007
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.87
    •  
  • 1622 Boswell St North Port, FL 4
    • 3 beds 2 baths ∙ 2,098 Sqft ∙ Built 2007 3 beds 2 baths ∙ 2,098 Sqft ∙ Built 2007
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.91
    •  
PROPERTY LISTING DETAILS
Maryanna Zito
1.941.276.5445
Re/max Palm Pcs
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: C7435618
Last Updated: 11/19/2020
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