NPR Investor Special - Block 2/1 with High Rental Yield

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NPR Investor Special - Block 2/1 with High Rental Yield

ActiveSingle Family

4604 Irene Loop, New Port Richey, FL, 34652

Listed by redeemedkb

About this property

Investor special in New Port Richey! This 2-bed, 1-bath concrete block home offers 676 sqft of potential in the established Melodie Hills community. With a mid-range ARV of $200k and a light-to-moderate rehab required, this property is perfectly positioned for a high-yield rental or a quick entry-level flip. The home sits on a manageable 0.12-acre lot near US-19, providing easy access to local amenities and coastal recreation. Cash or hard money only. Would be perfect as a buy and hold investment. Could be rented out quickly.

2 Beds1 Baths676 sqft

$121,500

ARV$200,000

Est. Repairs$15,000

Potential Profit$63,500

Repair Notes

Light Rehab

AI Property Analysis

Summary

This solid concrete block home in New Port Richey’s Melodie Hills neighborhood represents a high-margin fix-and-flip opportunity in a market with steady demand for affordable housing. Offered at an attractive $125,000, this deal provides a significant equity spread against a projected $200,000 ARV, especially with big-ticket items like the 2020 roof and 2023 water heater already completed. With a streamlined $15,000 rehab estimate, investors can quickly transform this property into a premium starter home and capitalize on the strong sale prices seen in the immediate area. This is a turnkey project for an investor looking to maximize ROI through a fast, efficient renovation in a desirable Florida location.

Est. ARV

$185,000

midpoint

Avg DOM

days

Equity Spread

$48,500

est. profit

Est. Rent

$1,450

/ month

Annual Taxes

$307

est.

Flood Zone

FEMA

Distress Flags

None

Clean

Comparable Sales

Address	Bed/Ba	Sqft	Sale Date	Sale Price
4632 Salvia St(0.3mi) Zillow ↗Realtor ↗	2/1	932	2026-07-07	$210,000
4615 Irene Loop(0.1mi) Zillow ↗Realtor ↗	3/1.5	988	2026-03-03	$189,950
4610 Irene Loop(0.1mi) Zillow ↗Realtor ↗	2/1	1,196	2026-03-04	$189,500
4445 Spring Lake Ct(0.5mi) Zillow ↗Realtor ↗	2/1	1,025	2026-03-20	$200,000

This investor-ready analysis for 4604 Irene Loop, New Port Richey, FL 34652 is based on current market trends, public records, and recent sales data.

1) Snapshot

Property Type: Single Family (Concrete Block)
Specs: 2 Bed | 1 Bath | 676 Sqft
Ask Price: $125,000 ($185/sqft)
Seller ARV: $200,000 ($295/sqft)
Seller Rehab Est: $15,000
Year Built: 1968
Lot Size: 0.12 Acres (5,009 Sqft)
Neighborhood: Melodie Hills

2) Local Market Insights

Market Hotness Score: 48/100
- Market Shift: New Port Richey has shifted toward a Buyer’s Market.
- Days on Market (DOM): Average DOM has increased to 75–88 days (up from 65 last year), indicating a cooling trend.
- Price Momentum: Median sold prices in 34652 are down ~2.3% year-over-year.

Market Pulse

The 34652 zip code is currently experiencing an inventory surge with cooling demand. While demand for entry-level "starter homes" remains stable due to affordability, the high average DOM means investors must account for higher holding costs. The sale-to-list ratio is approx. 96-97%, meaning most sellers are negotiating 3-4% off the list price.

5) Valuation

ARV Range: $175,000 – $195,000
- ARV Midpoint: $185,000
- Note: $200k is possible only with high-end finishes that exceed the neighborhood standard.
As-Is Range: $115,000 – $130,000
- As-is Midpoint: $122,500
- Note: Current $125k ask is slightly at the high end for wholesale but fair for a retail investor.

6) Repair Estimate

The property reportedly has a 2020 Roof and 2023 Water Heater, which are major capital improvements already completed.

Light Rehab ($15k): Interior paint, LVP flooring, light landscaping, and updated hardware.
Standard Rehab ($25k): Full kitchen (cabinets/granite), bathroom vanity/tile, new baseboards, and exterior paint.
Heavy Rehab ($40k+): Full gut, potential electrical panel upgrade, and window replacement (highly recommended for AE flood zone).

7) Rental & Cashflow

Estimated Rent: $1,400 – $1,550/mo.
Taxes: ~$1,900/year (Estimated non-homestead market rate post-sale).
Insurance: ~$1,800/year (High due to Flood Zone AE).
Management (10%): $150/mo.
Net Operating Income (NOI): ~$10,000 - $11,500/year.
Yield: ~7-8% Cap Rate at a $145k all-in cost.

8) Taxes, Liens, Distress Signals

Assessed Value: $149,738 (2025 Zillow/Public Records).
Annual Tax: Current 2024 taxes are very low (~$300), likely due to a long-term Homestead Exemption or "Save Our Homes" cap since the 2010 sale. EXPECT A SIGNIFICANT TAX INCREASE to the ~$2,000 range upon title transfer.
Flood Zone: AE (High Risk). Mandatory flood insurance for any mortgage.
Lien/Distress: No active foreclosure or tax lien notices confirmed in public databases. Listing indicates "Cash or Hard Money," typical for distressed sales.

Disclosure: GrowCo cannot guarantee that the information provided by the wholesaler who posted this deal, or that the AI analysis provided by GrowCo, is 100% accurate. It is designed for a quick glance of information only. Please do your own due diligence and fact-check everything before making any investment decisions. We wish you the best of luck on your search for great deals.