5514 Indiana Ave, New Port Richey, FL 34652

$169,900

Description

This is a rare four bed two bath single family home on a quiet cul-de-sac surrounded by beautiful $300,000 – $600,000 waterfront homes. It has a double sized 0.31-acre lot and a large open plan layout with huge potential. It also has a screened porch and a big garden with mature trees. 

Indiana Ave is located on one of New Port Richey’s hottest neighborhoods and is adjacent to a very popular river walk. This is a high end residential area and more affluent than the $90,000 – $120,000 rental properties we have been selling a couple of miles away. 

A huge $50,000+ renovation was completed which involved a huge amount of interior reconstruction and updates. This property has terrific potential as both a high end rental and future resale to the local owner occupier market.

 

Purchase Price $169,900
Beds 4
Baths 2
Garage 1 car garage
Sq Ft 1617 heated / 2019 total
Year Built 1956
Flood Zone AE
Estimated Income & Overheads
Target Annual Rent $18,000
Target Monthly Rent (A) $1,500
Management (8%) $1,368
Estimated Taxes $1,711
Home Insurance Estimate $3,200
Maintenance Reserves (5%) $900
Vacancy Reserves (5%) $900
Annual Overheads $8,079
Monthly Overheads (B) $673
Est. Net Monthly Income (A-B) $827
Est. Cash on Cash Return 5.8%
Sample Mortgage Calculations
20% down payment $33,980
Cap + int mortgage 30 yrs @ 5% int $730
Net Monthly Income After Mortgage $97
Est. Cash on Cash Return 3.4%

 

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