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6418 Butte Ave New Port Richey, FL 34653

4 Beds 2 Baths 1,360 sqft Built 1982

$175,000

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1982
  • Price/Sqft : $128.68
  • 6 Days on Market
  • MLS # : T3274238
  • Updated Date : 11/04/2020 at 02:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,360 sqft
  • Baths : 2 full
Listing Agent

Hometrust Realty Group

Listing Agent's Description

Excellent Dream home located in the heart of NPR. It features 4 great bedrooms and two fully renovated bathroos. It has a nicely designed open floor plan. Spacious driveway to accomodate up to three cars. Double windows. Roof from 2017, AC is from 2020, water heater is 2020. Floors are all laminate. It has a nice porch and lots of garden space. Each detail was meticulously done.

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: Virginia City

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $45k238k

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

Neighborhood: Virginia City

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5541590

* 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
Cotee River Elementary School Primary Regular 613 57 3
Gulf Middle School Middle Regular 704 51 4
Gulf High School High Magnet 1,191 89 5

Cotee River Elementary School

  • Education Level: Primary
  • # of students: 613
  • # of teachers: 57
3
GreatSchools Rating

Gulf Middle School

  • Education Level: Middle
  • # of students: 704
  • # of teachers: 51
4
GreatSchools Rating

Gulf High School

  • Education Level: High
  • # of students: 1,191
  • # of teachers: 89
5
GreatSchools Rating
 

$157,500$192,500$175,000

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$646
Property Tax -$204
Property Insurance -$115
Property Management Fees -$80
CASH FLOW
$205

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$175,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 9.7%
Maintenance Year (1-5) 8.00%
Vacancy 5.25%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$646

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

11.75

YEARS SAVED

$36,942

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,255

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2503$1,2504$1,3505$1,395
$1,395
RENT COMPS ANALYSIS
  • 6418 Butte Ave New Port Richey, FL 3
    • 4 beds 2 baths ∙ 1,360 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,360 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
  • 6032 12th Ave New Port Richey, FL 1
    • 3 beds 2 baths ∙ 1,261 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,261 Sqft ∙ Built 1973
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.91
    •  
  • 5037 Brookside Ln New Port Richey, FL 2
    • 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 1977
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.94
    •  
  • 6037 Cecelia Dr New Port Richey, FL 4
    • 3 beds 2 baths ∙ 1,454 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,454 Sqft ∙ Built 1973
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
  • 6104 11th Ave New Port Richey, FL 5
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1973
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.91
    •  
PROPERTY LISTING DETAILS
Santa Dominguez
1.813.516.1542
Hometrust Realty Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3274238
Last Updated: 11/04/2020
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