5 Minutes to Beach! Great upside on rental or starter vacation property:

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).

The details:

  • 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
grounds view from lanai boat slip with subject building in back slip 9 marina2 kitchen dining area 2nd bath lanai view living room master bed - 2 2nd bed other buildings view from lanai of marina due east

The result:

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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