1.) 300 N Atlantic Ave #1911
b.) HOA: $1,076.42/month (does not include electric)
c.) it is lock off unit adjoining two 1/1 units together, one of them is bigger and more spacious then the other but provides two rental income opportunities in the aspect that it is able to meet the needs of both small families with one room or big families who need the adjoining rooms. Could use some updating.
d.) 19th floor with an ocean front view (1,516 sqft)
e.) rental history for 2016: is $51,552 (Keep in mind Hurricane Matthew)
f.) This unit was bought in 2001 for $254,000 and has remained with the original owner since. (15+ years and its only gone up 50% which is really good)
g.) This properties yearly tax's are $5,939.53 as of 2016 but keep in mind if you purchase this the tax record will reflect a higher purchase price and two years from now those tax's will be around $9,000/yr
This unit did as expected for a 2/2 lock off with an ocean front view at $51,500 and had hurricane Matthew not been around maybe even 53k-54k.
2.) 300 N Atlantic Ave. #1401
b.) HOA: $992.00/month (does not include electric)
c.) Lock off unit adjoining two 1/1 units together, very nice updated unit, fully furnished, 2 rental income potential to meet the needs of small and large families. two kitchen, two washer and dryers.
d.) 14th floor with an ocean front view (1,334 heated /1,550 total sqft)
e.) Never been in a rental program just used as a vacation spot for a family
f.) this unit was bought in 2001 for $241,900 and has remained with the same owner since purchase.
g.) This properties tax's are $6291.22 as of 2016 also keep in mind a slight increase in tax's two years from now since your purchase price will be higher then previously reported.
3.) 300 N Atlantic Ave #2432
b.) HOA: $959.00 (does not include electric)
c.) singe condo 2/2 half way updated.
d.) 24th floor ocean view (Faces north not ocean front view) (1,494sqft)
e.) Rental history as provided through a private rental company (Not Wyndham)
2016: $36,175 (Hurricane Matthew lost 1-2k)
2017: $26,488 (July update)
f.) this unit was bought in 2004 for $356,000, again in 2007 at peak times before recession by a new owner for $445,000. Here is an opportunity to take advantage of someone who paid during the peak market, they are able to take the loss at the table because they got what they wanted in prior rental income and depreciation and more then likely they don't have loan on it.
g.) this properties tax's were $5,332.94 will expect a slight increase two years from now.
4.) 300 N Atlantic Ave #2020
b.) HOA: $808.52 (doesn't include power)
c.) single condo 2/2 fully updated
d.) 20th floor ocean view (not ocean front faces north) (1,260 heated/ 1,320 total sqft)
e.) Rental history: was in the Wyndham rental program, still waiting for bookkeeping from Wyndham to forward me those numbers for its rental history.
f.) This unit was bought in 2004 for $339,000 and again in 2016 on at a good price for $275,000, in 2016 it was fully updated, it is looking like the owner who bought in 2016 did buy cheap, fix it up, and is now selling it.
g.) Tax's for this property are $5,081.05 for 2016 and would most likely slightly increase two years from now.
a.) electricity ranges room $800-$1000 per year for most 2/2
b) North Tower has free internet which all of these are in, South tower has payable internet
OUR IN HOUSE LENDER AS AN ON UNIT 1911 (WE HAVE LENDERS WHO WORK WITH ALL TYPES)
$450,000 Purchase Price
50% down ($225,000 loan) @ 8% interest
mortgage of $1,650/month (x12 = $19,800) @ 30 years----- $2,150/ month (x12 = $25,800) @ 15 years
plus electric estimate high and say $125/month (x12 = $1,500)
property taxes @ $494.96/monthly (x12 = $5939.53)
Rental commission @ 20% so take your 2016 rental income @ $51,552 - 20% =$10,310.40 commission
Depreciation per year on wear and tear say $1,500/year
HOA: $1,076.42/monthly (x12 = $12,917.04)
***NOW SOME YEARS YOU WILL MAKE A LITTLE AND OTHERS YOU WILL LOSE A LITTLE UNTIL THE LOAN IS PAID OFF THAT IS NORMAL, A LOT OF OWNERS BUY, WAIT FOR THE MARKET TO COME UP AND SELL FOR A PROFIT AND MAKE THEIR MONEY ON THE SALE, OR A LOT OF OWNERS PAY OFF THE NOTE AND THEN THEY ARE NETTING 20-25K A YEAR****
Aswin and I believe that #2 (2020) has the greatest income margin, as well as it being the best deal. It is a lock off unit, that is fully updated. It was bought in 1998 during pre construction and closed on in 2001 for $241,900 and has been owned by the original owner ever since. The owner is able to sell this property in the 300's because he is the original owner so to him he's making money. It has never been in a rental program most likely because the owner used it alot or they were financially stable so never felt the need to rent it out, but other similar units like this do VERY GOOD. Remember this is an ocean front view on the 14th floor with very good potential and fully updated for $369,900. In comparison #1 (1911) the property you called on is an ocean front, lock off unit on the 24th floor for $450,000.. this deal on #2 (2020) is not going to last long! They have ocean view properties that face north (not east) selling in the $450's not ocean front like #2 which is $369,900 this is a fantastic deal and you might be able to get cheaper with the right offer!
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The source of the listing data is as follows:
Daytona Beach Area Association of REALTORS (updated 10/14/18) , My Florida Regional MLS (updated 10/14/18)