Maya Thomas Real Estate Broker: 6 Tern Lane, A and B, Geiger Key, FL 33040

6 Tern Lane, A and B, Geiger Key, FL 33040

This home sits on a piece of property that is 16,672 square feet. There is a 4,386 square foot easement which may be the Navy's access to their land.

This concrete structure has 2 units and is alegal duplex. There is some concrete spalling and the structure should be inspected for repairs that have been done in the past or may need to be done in the future.

One unit is ground level and is 2 bedrooms and 2 baths. There are window units, wood kitchen cabinets, white ceramic tiles and painted paneling. There is some peeling paint on the ceiling in the kitchen. This type of peeling is generally a result of using 1 type of paint initially and then repainting over the surface with a different type of paint (a water based paint covered with a latex paint, for example).

The 2nd unit is on the 2nd floor and is 3 bedrooms with 1 bath. There are gray ceramic tiles in the living room, laminate wood floors in the kitchen and marble floors in the bedrooms. There are stainless steel appliances and granite in the kitchen. There is some damage to the ceiling in the kitchen in the left corner.

There are window units and a central air conditioning system. The decks all need to be power washed and treated with wood stain or paint. There are sliding glass doors on the ground level unit and you step down from the deck to enter through the doors. There is some landscape lighting around the pool and jacuzzi.

This is a legal duplex and there are separate electric meters. There is an in-ground concrete pool with a beautiful coral rock waterfall and an in-ground jacuzzi. The pool area brick pavers were added in 2005 and the tiki hut was also added in 2005. The roof was replaced with metal v crimp in 2000.

The property has water access. You may need a flat bottom boat, a shallow draft boat or a kayak. The turn is tight out of the cut-out boat slip to the canal. It feels like a private lagoon where the cut-out boat slip is.

The Navy owns the land between the ocean and the lot line. The Navy land is directly under the flight path of Boca Chica Air Station. There are just 2 homes on this block so access to the Navy property may need to be by boat or an easement.

The list price is $291,900. A full price offer financed at 4.75% would come out to $1,522.69 for principal and interest.

The 2010 taxes were $4,841.41 which should go down with a new sales price of $291,900. For a non-homestead property the taxes should be in the $3,255 range annually.

If the insurance is $3,000 and the taxes are estimated at the old $4,841.41 rate then $653 a month would cover the taxes and insurance. If the taxes are $3,250 in 2011 and the insurance is $3,000 then $520 a month would cover the taxes and insurance annually.

If you were able to rent 1 unit for $1,500 and your monthly mortgage payment was between $2,065 and $2,175 then your net monthly payment would be between $520 and $676. This is a really affordable property. It sold for $766,000 in March 2006.

The tax assessor has a note that says the previous owner rented the ground level unit (2 bedroom, 2 bath) and lived in the 2nd story unit (3 bedroom, 1 bath). The notes say that the bottom unit is 53% and the top unit is 47% of the structure.