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466 Bermuda Isles Cir Venice, FL 34292

3 Beds 2 Baths 1,875 sqft Built 1994

INVESTimate

$324,900

List Price

$2,280

$2,052 - $2,508

Rent Est.

$347,123  ( +6.84%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $173.28
  • 7 Days on Market
  • MLS # : D6113476
  • Updated Date : 08/25/2020 at 18:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,875 sqft
  • Baths : 2 full
Listing Agent

Program Realty, Llc

Listing Agent's Description

This updated and upgraded home in the Isles of Chestut Creek is perfect for the nature lover who wants to enjoy all Sarasota County has to offer! Come see the fish jumping, turtles climbing the berm to lay eggs, herons, ibis and sandhill cranes hunting and even occasionally otters playing right in your back yard! From the moment you walk in the front door you see the lake and green space calling you to sit and relax with a cool drink on the covered and screened lanai. This 3- bedroom 2 bath open concept home is clean and well maintained—ready for you to move in! The layout is incredibly livable, and you will have no worries about maintenance. The yardwork is done for you and the neighborhood is pristine. Recent home improvements include a new Amish-made cabinet facings and top-quality granite counter tops in the kitchen and baths(2016), new roof (2016), new HVAC (2018), new plumbing (2017), new PGT Impact Resistant windows(2018), inside and outside painting. The Isles of Chestnut Creek is a wonderful place to live. Relax and enjoy the beautiful community pool, water aerobics, tennis/pickle ball court, and shuffleboard in your Isles community. Connect with neighbors by playing Bridge, Dominos, TGIFs, holiday celebrations, games, Bible Studies… all in the clubhouse. You can even use the facilities for reunions/receptions at no charge! Bike or walk to the rookery of Chestnut Creek and see the great blue herons nest. Shop, dine and enjoy quaint historic downtown Venice. Ride the Bike Legacy bike trail—4 miles away. Swim, sunbathe or simply walk at one of the 7 Gulf beaches 4-13 miles away. Take your dog to the Woodmere dog park or the Brohard Paw Park/Beach. Hike the literally hundreds of miles of Sarasota County Hiking trails, in nearby areas like Sleeping Turtles Preserve North. Schedule an appointment for a private showing of this property today!

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MARKET HIGHLIGHTS

  • 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.
  • Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 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
 

$292,410$357,390$324,900

PURCHASE PRICE

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$1,199
Property Tax -$301
Property Insurance -$151
HOA -$44
Property Management Fees -$80
CASH FLOW
$505

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.

$324,900

PROJECTED PRICE

$2,280

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 6.84%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,849

INVESTMENT

$91,849

Down Payment
$81,225
Rehab Estimate
$5,750
Closing Costs
$4,874

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% 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 $81,225
Loan Amount $243,675
See What Happens When You Reinvest Cash Flow

13.5

YEARS SAVED

$82,785

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $1,936

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7953$1,9504$2,2005$2,280
$2,280
RENT COMPS ANALYSIS
  • 466 Bermuda Isles Cir Venice, 5
    • 3 beds 2 baths ∙ 1,875 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,875 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $1.22
    •  
  • 3222 Meadow Run Dr Venice, 1
    • 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 1984
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.99
    •  
  • 1514 Quail Lake Dr Venice, 2
    • 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1989
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.06
    •  
  • 1817 Raintree Ln Venice, 3
    • 3 beds 2 baths ∙ 1,977 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,977 Sqft ∙ Built 1985
    LEASED 04/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.99
    •  
  • 1290 Covey Ct Venice, 4
    • 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
    •  
PROPERTY LISTING DETAILS
Jason Painter
1.941.999.9900
Program Realty, Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: D6113476
Last Updated: 08/25/2020
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