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.
|Garage||1 car garage|
|Sq Ft||1617 heated / 2019 total|
|Estimated Income & Overheads|
|Target Annual Rent||$18,000|
|Target Monthly Rent (A)||$1,500|
|Home Insurance Estimate||$3,200|
|Maintenance Reserves (5%)||$900|
|Vacancy Reserves (5%)||$900|
|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%|