Looking for great upside and a reason to visit the beautiful west coast Florida beaches? Look no further, this is a great opportunity to own at a fraction of prior peak value. Lease this property out and eventually use as a vacation condo or retirement residence. Located just 5 minutes from St. Pete Beach, this property is on the intra-coastal waterway and has excellent water views.
This community is full of amenities including: a pool, beautifully landscaped grounds, covered parking, shuffleboard, and its own marina area. As a bonus this unit comes with its own boat slip/dock and lift. This is valued at over $30,000 just for the dock/slip.
The unit itself is in excellent condition. It needs limited work (paint, carpet, and fixtures).
- List Price: $209,900
- Investor Price: $199,900
- 2 bed / 2 bath condo
- 1100 sq ft
- 1984 construction
- Rent range: $1200-1300
- Boat slip rent range: $200-300
- HOA: $400/mo
- Property taxes: $2013
Cash flow after Taxes, Insurance, HOA, & Property Management expense (using $1250 rent on the unit and $250 on the boat slip) = $756/mo (assuming cash purchase) or 4.43% yield
Estimated 1 year appreciation using 4.5% = $9450*
Year 1 ROI (net return after vacancy, maintenance, and all fixed costs + 4.5% growth) = 9%
*This unit was on the market for over $400,000 at the peak!
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