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418 Bermuda Isles Cir Venice, FL 34292

3 Beds 3 Baths 2,196 sqft Built 1994

$390,000

List Price

$2,500

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $177.60
  • 4 Days on Market
  • MLS # : N6113820
  • Updated Date : 02/12/2021 at 08:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,196 sqft
  • Baths : 2 full , 1 half
Listing Agent

Michael Saunders & Company

Listing Agent's Description

WELCOME HOME! Double doors open as you enter into this 3 bedroom 2.5 bath pool home. High ceilings and crown molding enhance the living space. The split floor plan allows the owners privacy from their guests. The owners suite has two large walk in closets and sliders that open to the Lanai. The formal dining room, dinette area in kitchen and breakfast bar assures everyone has a seat at meal time! The family room is off the kitchen and the living room is in the front of the house. Both have sliders to the screened and partially covered lanai and from the pool deck you can relax and watch the wildlife in the pond and surrounding open space. Don't miss the very convenient pool bath with access from the lanai. There is plenty of storage in the kitchen between the cabinets and center island. There is even a small writing desk! . Home has newer roof and has been re-plumbed. The Isles of Chestnut Creek is close to shopping, beaches, restaurants, golf and historic downtown Venice! Located in a quiet neighborhood this won't last long! Furniture available under separate contract

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Isles of Chestnut Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k409k

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

Neighborhood: Isles of Chestnut Creek

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q213001400150016001700180019002000210022002300240025002600Rent in $12942642

* 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
 

$351,000$429,000$390,000

PURCHASE PRICE

$2,250$2,750$2,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,500
EXPENSES Loan Payment -$1,355
Property Tax -$362
Property Insurance -$171
HOA -$230
Property Management Fees -$129
CASH FLOW
$254

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.

$390,000

PROJECTED PRICE

$2,500

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 6.8%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
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$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,100

INVESTMENT

$109,100

Down Payment
$97,500
Rehab Estimate
$5,750
Closing Costs
$5,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,355

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,500
Loan Amount $292,500
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$49,061

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,500

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,492

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2003$2,5004$2,5005$2,500
$2,500
RENT COMPS ANALYSIS
  • 418 Bermuda Isles Cir Venice, FL 5
    • 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 1994 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.14
    •  
  • 2113 Date Palm Way Venice, FL 1
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2001
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.19
    •  
  • 1290 Covey Ct Venice, FL 2
    • 3 beds 2 baths ∙ 2,024 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,024 Sqft ∙ Built 1989
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.09
    •  
  • 936 S Gondola Dr Venice, FL 3
    • 3 beds 2 baths ∙ 2,118 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,118 Sqft ∙ Built 1978
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.18
    •  
  • 953 E Gondola Dr Venice, FL 4
    • 3 beds 2 baths ∙ 2,306 Sqft ∙ Built 1975 3 beds 2 baths ∙ 2,306 Sqft ∙ Built 1975
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.08
    •  
PROPERTY LISTING DETAILS
Magda Cetta Whelton
1.941.408.4047
Michael Saunders & Company
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: N6113820
Last Updated: 02/12/2021
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