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6640 Electra Ave North Port, FL 34287

3 Beds 2 Baths 997 sqft Built 1979

$147,000

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1979
  • Price/Sqft : $147.44
  • 2 Days on Market
  • MLS # : A4482655
  • Updated Date : 11/03/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 997 sqft
  • Baths : 2 full
Listing Agent

Re/max Alliance Group

Listing Agent's Description

Great tenant with lease until 2/28/21 would love to stay or will go. Refreshed 3 bedroom, 2 full baths, 1 car attached garage, covered back porch and great back yard home on a quiet street in the Jockey Club neighborhood of Northport. New stainless steel kitchen appliances, washer, and dryer on a private and peaceful lot.

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: Jocky Club of North Point

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240k260k280kPrice in $58k297k

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

Neighborhood: Jocky Club of North Point

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q290010001100120013001400150016001700180019002000Rent in $8632041

* 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
Glenallen Elementary School Primary Regular 697 55 5
Heron Creek Middle School Middle Regular 863 64 6
North Port High School High Regular 2,315 119 6

Glenallen Elementary School

  • Education Level: Primary
  • # of students: 697
  • # of teachers: 55
5
GreatSchools Rating

Heron Creek Middle School

  • Education Level: Middle
  • # of students: 863
  • # of teachers: 64
6
GreatSchools Rating

North Port High School

  • Education Level: High
  • # of students: 2,315
  • # of teachers: 119
6
GreatSchools Rating
 

$132,300$161,700$147,000

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$542
Property Tax -$181
Property Insurance -$97
HOA -$20
Property Management Fees -$80
CASH FLOW
$290

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.

$147,000

PROJECTED PRICE

$1,210

PROJECTED RENT

0.82%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 14.1%
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$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$44,705

INVESTMENT

$44,705

Down Payment
$36,750
Rehab Estimate
$5,750
Closing Costs
$2,205

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$542

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $36,750
Loan Amount $110,250
See What Happens When You Reinvest Cash Flow

14.58

YEARS SAVED

$41,066

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,210

    LIST RENT
  • $1.21

    LIST RENT PER SQFT
  • $1,087

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2103$1,2504$1,2505$1,400
$1,400
RENT COMPS ANALYSIS
  • 6640 Electra Ave North Port, FL 2
    • 3 beds 2 baths ∙ 997 Sqft ∙ Built 1979 3 beds 2 baths ∙ 997 Sqft ∙ Built 1979
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $1.21
    •  
  • 3561 Lullaby Rd North Port, FL 1
    • 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1979
    property image
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.02
    •  
  • 4620 Pan American Blvd North Port, FL 3
    • 3 beds 2 baths ∙ 1,151 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,151 Sqft ∙ Built 1979
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.09
    •  
  • 6816 Carovel Ave North Port, FL 4
    • 3 beds 2 baths ∙ 1,175 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,175 Sqft ∙ Built 1979
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.06
    •  
  • 4740 Avanti Cir North Port, FL 5
    • 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1979
    property image
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.19
    •  
PROPERTY LISTING DETAILS
Mark Hughes
1.941.312.1708
Re/max Alliance Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4482655
Last Updated: 11/03/2020
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