Investing in real estate can be a lucrative venture, and this property presents a compelling opportunity for potential investors. With a fully renovated layout featuring three bedrooms and two baths, it boasts modern amenities such as a new roof, updated flooring, and stainless steel appliances. However, while the property offers a solid cap rate of 6.8% and a monthly rent of $2,104, the cash on cash return is relatively low at 0.3%, which may raise concerns for some investors. Balancing these factors is crucial for making an informed decision.
| Property Detail Name | Property Detail Value |
|---|---|
| Address | 779 E Victoria Cir, Ormond Beach, FL 32174 |
| Property Type | Single Family |
| Price | $349,900 |
| Price Change | $0 |
| Tax Assessed Value | $237,283 |
| Non Owner Occupied? | Yes |
| Pre Foreclosure Auction | No |
| Bedrooms | 3.0 |
| Bathrooms | 2.0 |
| Living Area | 1,420.0 |
| Lot Area | 7840.8 |
| Lot Area Unit | SQFT |
| Year Built | 1985 |
In conclusion, this property offers a mix of appealing features and potential drawbacks for investors. The strong cap rate and modern renovations make it an attractive option for generating rental income. However, the low cash on cash return and minimal monthly cash flow may limit its appeal for those seeking higher immediate returns. Investors should carefully consider their financial goals and risk tolerance before proceeding, as the property presents both opportunities and challenges in the current market landscape.
| Financial Metric Name | Financial Metric Value |
|---|---|
| Cash on Cash Return | 0.3% |
| Monthly Rent | $2,104 |
| Net Operating Income | $1,991 |
| Cap Rate | 6.8% |
| Monthly Cash Flow | $18 |
| Gross Rent Multiplier | 13.9 |
| Debt Service Coverage Ratio | 1.1 |
| Principal and Interest | $1,760 |
| Tax | $213 |
| HOA Fees | $8 |
| Insurance | $105 |
| Total Payment | $2,086 |