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6701 Florida Ave New Port Richey, FL 34653

3 Beds 2 Baths 1,845 sqft Built 1970

$219,900

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1970
  • Price/Sqft : $119.19
  • 3 Days on Market
  • MLS # : W7828216
  • Updated Date : 11/07/2020 at 16:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,845 sqft
  • Baths : 1 full , 1 half
Listing Agent

Listwithfreedom.com

Listing Agent's Description

Very nice, move in ready home, with lots of upgrades such as a new roof (2019). New ac being installed 11/10. New bath, kitchen cabinets and stainless appliances. Lots of room as this house boasts over 1800 sf. Fireplace with matching built in grill. House needs very little. Extra bonus unique living room. $5000 bonus back to buyer with full price offer to make it your own.

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: Barbara Ann Acres

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $53k238k

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

Neighborhood: Barbara Ann Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5921590

* 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
 

$197,910$241,890$219,900

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$811
Property Tax -$240
Property Insurance -$144
Property Management Fees -$80
CASH FLOW
-$15

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.

$219,900

PROJECTED PRICE

$1,260

PROJECTED RENT

0.57%

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,024

INVESTMENT

$64,024

Down Payment
$54,975
Rehab Estimate
$5,750
Closing Costs
$3,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$811

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,975
Loan Amount $164,925
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$15,862

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,467

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2003$1,2454$1,2605$1,524
$1,524
RENT COMPS ANALYSIS
  • 6701 Florida Ave New Port Richey, FL 4
    • 3 beds 2 baths ∙ 1,845 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,845 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.68
    •  
  • 7742 Yucca Dr New Port Richey, FL 1
    • 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1973
    LEASED 08/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.76
    •  
  • 6233 Cecelia Dr New Port Richey, FL 2
    • 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1974
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.78
    •  
  • 6316 Bonaire Ave New Port Richey, FL 3
    • 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 1973
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.76
    •  
  • 6200 Central Ave New Port Richey, FL 5
    • 4 beds 2 baths ∙ 1,737 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,737 Sqft ∙ Built 1980
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,524
    • $0.88
    •  
PROPERTY LISTING DETAILS
Ralph Harvey
1.855.456.4945
Listwithfreedom.com
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: W7828216
Last Updated: 11/07/2020
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