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636 Altair Rd Venice, FL 34293

3 Beds 2 Baths 1,116 sqft Built 1964

INVESTimate

$189,000

List Price

$1,670

$1,503 - $1,837

Rent Est.

$206,728  ( +9.38%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $169.35
  • 4 Days on Market
  • MLS # : N6111560
  • Updated Date : 08/24/2020 at 09:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,116 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

INVESTOR ALERT! DOUBLE INCOME POTENTIAL! Searching for your perfect "Florida Oasis", cash-flowing income property...or both? Then don't miss a truly unique opportunity to own this South Venice gem with SEPARATE GUEST BUNGALOW! Upon entering the main house, you'll immediately notice the open concept floorplan and large kitchen island. Generous sized windows fill this space with light, which creates a bright, airy feel! The main house features 2 bedrooms, 1 bathroom, inside laundry, utility room with abundant storage, and a large Florida Room (under air). To the rear of the property, you'll discover a stand-alone guest bungalow including full bathroom. Main house and guest bungalow are connected by a shared patio area, perfect for relaxing in the Florida sunshine! Double shed with workbench is the ideal "Man Cave" or "She-Shed", and offers ample storage for tools and lawn equipment. Brand new A/C (Feb. 2020) keeps this home cool and comfortable! Located on a very quiet street, you're only moments away from all the shopping, restaurants, and conveniences that South Venice has to offer. Nearby, you'll find the South Venice Beach Ferry, Boat Ramp, and Community Center, which are all available to residents for a small fee of only $235 / year! No deed restrictions mean you have the freedom to enjoy your property, your way! Home is being sold with furniture optional under separate agreement. Bring your creativity.... and this home has endless potential!

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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: South Venice

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $91k297k

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

Neighborhood: South Venice

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2110012001300140015001600170018001900200021002200Rent in $10512260

* 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
 

$170,100$207,900$189,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

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$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$697
Property Tax -$187
Property Insurance -$104
Property Management Fees -$80
CASH FLOW
$601

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.

$189,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.88%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 9.38%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,835

INVESTMENT

$55,835

Down Payment
$47,250
Rehab Estimate
$5,750
Closing Costs
$2,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$697

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $47,250
Loan Amount $141,750
See What Happens When You Reinvest Cash Flow

17.92

YEARS SAVED

$66,311

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $1.5

    LIST RENT PER SQFT
  • $1,311

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5003$1,5504$1,6355$1,670
$1,670
RENT COMPS ANALYSIS
  • 636 Altair Rd Venice, 5
    • 3 beds 2 baths ∙ 1,116 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,116 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $1.50
    •  
  • 551 Crocus Rd Venice, 1
    • 3 beds 2 baths ∙ 1,128 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,128 Sqft ∙ Built 1968
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.24
    •  
  • 313 Glen Oak Rd Venice, 2
    • 3 beds 3 baths ∙ 1,390 Sqft ∙ Built 1960 3 beds 3 baths ∙ 1,390 Sqft ∙ Built 1960
    LEASED 05/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.08
    •  
  • 2863 Gentian Rd Venice, 3
    • 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1982
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.18
    •  
  • 1500 Lakeside Dr Venice, 4
    • 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1972
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $1.20
    •  
PROPERTY LISTING DETAILS
Julie Willett, Pllc
1.941.223.7088
Coldwell Banker Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: N6111560
Last Updated: 08/24/2020
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