Short Term Rental Investment Opportunity New Port Richey, FL

6441 River Ridge Road, New Port Richey, FL 34653

$340,000 | 3 Bedrooms | 2 Bathrooms | 6.2% Cap Rate

‍I'm Interested in this Property

Listing Description

Listing: Awning - Redfin - Zillow

Airbnb Estimator: Awning

Market Data: Airbnb Market Data

Welcome to 6441 River Ridge Road in New Port Richey, Florida! This stunning home is an excellent investment opportunity for Airbnb investors. Priced at $340,000, this property offers a fantastic location, quality remodel, and an affordable price.

Situated just a 1.9-mile bike ride from downtown New Port Richey, you'll have easy access to the revitalized area where you can enjoy fishing on the river, exercise in Sims Park, and indulge in the variety of restaurants and bars. The home is also conveniently located just 30 minutes away from the beaches, 45 minutes from the quaint town of Dunedin/Honeymoon Island, and 60 minutes from Clearwater Beach.

With approximately 1,576 square feet of living space, this home features three spacious bedrooms and two beautifully remodeled bathrooms. The open living room and dining room combo provide a comfortable space for relaxation. The huge lanai is perfect for entertaining, and the backyard offers ample space for a pool.

The property boasts several recent upgrades, including a brand new roof installed in March 2023, a new water heater, new kitchen, and new bathrooms. These improvements ensure a modern and attractive living space for your guests.

In terms of amenities, the home is not part of an HOA, offering you more flexibility and no restrictions. However, please note that the property is located in an AE flood zone, which will require flood insurance.

For investors interested in furnishing the property, there is a furnishing estimate of $30,760. This includes the cost of designing the space, purchasing furniture throughout the entire home, outdoor amenities that can increase average daily rates, and the cost of shipping and furniture assembly.

Additionally, the estimated renovation cost is $5,000, which covers any necessary repairs to enhance the house's appearance and ensure it is rent-ready.

Based on Awning's analysis, this property has great investment potential. The estimated monthly Airbnb revenue is $4,200, resulting in a projected annual gross revenue of $50,400. After deducting operating expenses, the net operating income is estimated to be $23,215, and the monthly cash flow is projected to be $390.

The neighborhood surrounding the property receives an overall grade of B, indicating that it is a desirable place to live. The public schools in the area also receive a grade of B, making it an attractive location for families.

Don't miss this opportunity to own a profitable Airbnb investment property in New Port Richey. Schedule a showing today and take advantage of the excellent location, recent upgrades, and strong rental potential.

The Airbnb Investment Financials

How much does the home cost?

$340,000  

How much will it earn on Airbnb?

$4,200 per month

How much will it cost to furnish it?

The estimate for furnishing the property is $30,760. This estimate includes the cost of designing the space, purchasing furniture throughout the entire home, outdoor amenities that are known to increase average daily rates (ADR), and the cost of shipping and assembly of the furniture. With this budget, you can create a well-appointed and inviting space for your guests, ensuring a comfortable and enjoyable stay.

How much will it cost to renovate?

The estimated cost for renovation is $5,000. This amount covers additional repairs to improve the house's appearance and ensure that the property is rent-ready. The renovations will help enhance the overall appeal of the home and ensure that it meets the standards expected by guests. By investing in these renovations, you can attract more guests and potentially increase your rental income.

How much cash can you take home in the first year?

Based on the provided data and Awning's analysis, the estimated cash flow for the first year is $4,683. This represents the amount of money you can expect to take home after deducting operating expenses from the projected gross revenue. It's important to note that this is an estimate and actual results may vary based on factors such as occupancy rates, rental prices, and operating expenses. It's advisable to conduct further research and analysis to get a more accurate projection based on your specific circumstances and market conditions.

What is the cap rate for this property?

The estimated cap rate is 6.2%.

All of the cap rates and returns for this property are estimates and are not intended as a guarantee of income or returns. Every investment has risks. It's important to discuss any investment, returns, regulations, laws and projections with a financial advisor, attorney or another fiduciary.

New Port Richey Short-Term Rental Regulations

What are the short-term rental laws and regulations in New Port Richey, Florida?

The specific short-term rental laws and regulations for New Port Richey, Florida, are not directly available. However, you can find the Code of Ordinances for the City of New Port Richey, which may contain information about short-term rental regulations, at the following link: Code City of NEW PORT RICHEY, FLORIDA. The code was last updated on January 23, 2023, and codified through Ordinance No. 2022-2262, adopted on June 7, 2022.

For Florida state law, it is known that local governments cannot fine residents more than $1,000 per day for the first infraction and $5,000 per day for repeat violations related to short-term rental regulations.

To get more detailed information on short-term rental laws and regulations in New Port Richey, Florida, you can contact the city's office at 5919 Main Street, New Port Richey, FL 34652, call them at (727) 853-1016, or refer to their website at https://www.cityofnewportrichey.org/.

Is there a moratorium in short-term rentals in New Port Richey, Florida?

As of the current date, May 16, 2023, there is no clear indication of a moratorium on short-term rentals in New Port Richey, Florida.

Why Airbnb Guests Stay In New Port Richey, Florida

‍Where is New Port Richey, Florida?

New Port Richey is a city located in Pasco County, Florida, United States. It is situated on the western coast of Florida, along the Gulf of Mexico. The city is part of the Tampa-St. Petersburg-Clearwater metropolitan area and is approximately 35 miles northwest of downtown Tampa. New Port Richey is known for its waterfront location, beautiful parks, and proximity to beaches and nature preserves.

What is there to do in New Port Richey, Florida?

• Sims Park: Located in downtown New Port Richey, Sims Park is a popular gathering spot. It features beautiful river views, a playground, picnic areas, walking trails, and hosts various events and festivals throughout the year.
• Cotee River: The Cotee River runs through New Port Richey, offering opportunities for boating, kayaking, and fishing. You can rent watercraft or take a scenic boat tour to explore the river and its natural surroundings.
• Green Key Beach: This local beach park provides a tranquil spot for swimming, sunbathing, and picnicking. It offers sandy shores, a boardwalk, picnic shelters, and scenic views of the Gulf of Mexico.
• James E. Grey Preserve: Nature enthusiasts can visit this 80-acre preserve featuring hiking trails, wildlife viewing, and boardwalks that wind through wetlands and cypress swamps. It's a great place for birdwatching and observing the local flora and fauna.
• Richey Suncoast Theatre: If you enjoy live performances, check out the Richey Suncoast Theatre. This historic theater showcases a variety of productions, including plays, musicals, concerts, and comedy shows.
• Shopping and Dining: Downtown New Port Richey offers charming shops, boutiques, and antique stores, where you can find unique items and souvenirs. The area is also home to a diverse range of restaurants, cafes, and bars, offering various cuisines to suit different tastes.
• Anclote River Park: Just a short drive away, Anclote River Park in Tarpon Springs offers a scenic location for boating, fishing, and picnicking. You can also take a boat tour to Anclote Key Preserve State Park, a pristine barrier island with beautiful beaches and nature trails.
• Golfing: New Port Richey and its surrounding areas have several golf courses where golf enthusiasts can enjoy a round of golf. Some popular courses include Summertree Golf Club, Seven Springs Golf & Country Club, and Fox Hollow Golf Club.

‍What kinds of people travel to New Port Richey, Florida?

• Beachgoers and Nature Enthusiasts: New Port Richey's proximity to the Gulf of Mexico and its natural surroundings make it appealing to beach lovers and nature enthusiasts. Travelers who enjoy swimming, sunbathing, kayaking, boating, fishing, and exploring natural preserves are likely to visit the area.
• Snowbirds and Retirees: Like many parts of Florida, New Port Richey attracts "snowbirds" - seasonal visitors who escape colder climates during winter months. The city's pleasant weather, recreational activities, and affordable living options make it an attractive destination for retirees and those looking for a warm and welcoming community.
• Families: New Port Richey's family-friendly amenities, such as parks, playgrounds, and outdoor activities, make it a popular destination for families. Travelers with children may enjoy the city's recreational offerings, events, and proximity to family-friendly attractions in the region.
• Water Sports Enthusiasts: The Cotee River and nearby waterways provide opportunities for water sports enthusiasts. Visitors who enjoy activities such as boating, jet skiing, paddleboarding, and fishing may choose New Port Richey as a destination.
• Cultural and Arts Appreciators: New Port Richey is home to the Richey Suncoast Theatre, which attracts theater enthusiasts and those interested in live performances, including plays, musicals, and concerts. Visitors seeking cultural experiences and artistic events may be drawn to the city's artistic offerings.
• History and Heritage Seekers: With its rich history and connection to the Gulf Coast region, New Port Richey can appeal to travelers interested in local history, heritage, and exploring historical sites. Nearby Tarpon Springs, known for its Greek heritage and sponge diving history, is also a popular attraction for history enthusiasts.
• Budget-Conscious Travelers: New Port Richey offers a more affordable alternative to some of the busier tourist destinations in Florida. Visitors looking for a budget-friendly vacation spot with access to beaches, outdoor activities, and cultural attractions may choose New Port Richey.

When are the busiest and slowest seasons for tourism in New Port Richey, Florida?

The tourism season in New Port Richey, Florida experiences fluctuations throughout the year. While specific patterns can vary, here's a general overview of the busiest and slowest seasons for tourism in the area:

Busiest Season: The busiest tourism season in New Port Richey typically aligns with the winter months, particularly from December to March. This period attracts "snowbirds" who seek warmer weather and escape colder climates. Many visitors from northern states and Canada flock to Florida during this time, resulting in increased tourism activity. The pleasant temperatures, sunny skies, and various outdoor attractions make it an appealing destination during the winter season.

Spring Break: Spring break, typically falling in March or April, can also be a busy period for tourism in New Port Richey. Many students and families take vacations during this time, contributing to higher visitor numbers. Beaches, outdoor activities, and family-friendly attractions often see increased traffic during the spring break period.

Slow Season:The summer months, from June to August, often experience a slower season for tourism in New Port Richey. The combination of higher temperatures, increased humidity, and the potential for tropical storms or hurricanes can lead to reduced visitor numbers during this time. However, some travelers still visit during the summer months, taking advantage of lower accommodation rates and enjoying indoor attractions, water activities, and cultural events.

Shoulder Seasons: The transitional periods between the busy and slow seasons, known as shoulder seasons, can experience moderate tourism activity. The fall months, from September to November, and the spring months, from April to May, fall into this category. These periods offer more moderate temperatures and fewer crowds compared to the peak winter season. It can be a good time to visit for those seeking a quieter experience while still enjoying favorable weather.

How far is New Port Richey, Florida from the nearest airport?

The nearest major airport to New Port Richey, Florida is Tampa International Airport (TPA). The distance between New Port Richey and Tampa International Airport is approximately 30 miles, and the driving time can vary depending on traffic conditions. On average, the drive from New Port Richey to the airport takes around 45 minutes to 1 hour.

Alternative airports within a reasonable driving distance include St. Pete-Clearwater International Airport (PIE), located approximately 23 miles away, and Sarasota-Bradenton International Airport (SRQ), located about 75 miles away. These airports may offer additional flight options and can be considered as alternatives depending on your specific travel needs and preferences.

Are there any major events in New Port Richey, Florida?

• Chasco Fiesta: Chasco Fiesta is one of the oldest and largest events in New Port Richey. It typically takes place over several weeks in March and features a variety of activities including a street parade, live music concerts, carnival rides, a boat parade, Native American festival, and other community events. The festival celebrates the city's heritage and raises funds for local charitable organizations.
• Cotee River Bike Fest: Held in the fall, Cotee River Bike Fest is a motorcycle-centric event that draws bikers and enthusiasts from around the region. The festival features bike shows, live music, stunt performances, vendors, and a variety of food and drink options.
• Downtown New Port Richey Art Walk: The Downtown New Port Richey Art Walk showcases local artists, musicians, and performers. Held on selected Fridays throughout the year, visitors can explore galleries, enjoy live entertainment, and experience the vibrant arts scene in downtown New Port Richey.
• Main Street Holidays: During the holiday season, Main Street Holidays offers a festive atmosphere in downtown New Port Richey. The event typically includes a tree lighting ceremony, holiday-themed activities, live entertainment, and opportunities to visit local shops and restaurants.
• Pasco County Fair: While not exclusive to New Port Richey, the Pasco County Fair held in nearby Dade City is a significant event in the area. The fair takes place in February and showcases agricultural exhibits, livestock shows, carnival rides, live entertainment, and a variety of food vendors.

What Airbnb amenities do guests expect and pay a premium for in New Port Richey, Florida?

• Pool: Given the warm climate in Florida, having a private pool or access to a community pool can be a desirable amenity for guests. It provides a refreshing way to cool off and enjoy outdoor leisure time.
• Waterfront Access: New Port Richey's location along the Gulf of Mexico and its rivers means that properties with waterfront access, such as a dock or direct waterway access, can be highly sought after. Guests may be willing to pay more for the opportunity to engage in water activities like boating, fishing, or kayaking.
• Outdoor Space and Patio: A well-maintained outdoor space, such as a patio, deck, or backyard, is often appreciated by guests. It offers a place for relaxation, outdoor dining, and enjoying the Florida sunshine.
• Fully Equipped Kitchen: Having a fully equipped kitchen is valuable for guests who prefer to cook their meals rather than eating out. A kitchen stocked with cooking utensils, appliances, and basic pantry items can enhance the overall experience and convenience for guests.
• High-Speed Internet and Entertainment: Reliable high-speed internet access is increasingly important to guests who rely on it for work, entertainment streaming, or staying connected. Offering amenities like a smart TV, streaming services, or game consoles can further enhance the entertainment options for guests.
• Air Conditioning: Given the warm and humid climate in Florida, air conditioning is a crucial amenity for guest comfort. Providing efficient and effective cooling systems can be a significant factor in attracting guests and receiving positive reviews.
• Pet-Friendly Accommodations: New Port Richey has pet-friendly parks and outdoor areas, making it a destination for travelers with pets. Allowing pets in your Airbnb and providing pet-friendly amenities like designated pet areas or pet supplies can attract a specific group of guests.

From Listing to Airbnb

1. Place an offer on this property: If you have a local real estate agent forward them this email and let them know you are interested in the property. If you want help finding the best representation, simply reply to this email and request an agent. Awning will get in touch with it’s network of agents. It’s best to be qualified for a mortgage, here is a list of lenders that work with Airbnb investors.
2. Close on the property: Closing on this property should be simple. An agent will help you review the contract and confirm that everything in the inspection report makes this a good deal.
3. Renovate and furnish the property: This property is easy to renovate and furnish. Then you’ll need some items, which you can find in this Airbnb Host Checklist.
4. Gather necessary documents and permission: You’ll want to consult Florida Short Term Rental Laws. In most cases, you won’t require an attorney as the paperwork process is straightforward.
5. List the property on Airbnb: To list your property on Airbnb you’ll need a description, title and professional photography.
6. Manage the Airbnb: If you choose to self-manage the Airbnb you should not have much trouble finding reliable cleaners in the area.
7. Awning Management: If you choose to use Awning Property Management we can take care of gathering documents and list the property for you. You can learn more about Awning Property Management or reach our team by responding to this email.