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10328 Pineneedles Dr New Port Richey, FL 34654

3 Beds 2 Baths 1,599 sqft Built 1997

$244,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1997
  • Price/Sqft : $152.60
  • 41 Days on Market
  • MLS # : W7826996
  • Updated Date : 11/06/2020 at 08:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,599 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

WOW. This home shows like a model! Welcome home to the beautiful Hunt Ridge/Tall Pines subdivision within the River Ridge neighborhood! Home sales have exploded in the growing New Port Richey and Trinity area, where nearby road expansion is underway for an even easier commute to Tampa/St. Pete metro areas. Local schools are top rated here, and shopping and restaurants and the beaches are just a short drive away. Now is your chance to invest here, while homes are still affordable with rising values. This updated gorgeous house will not disappoint. It has 2 bedrooms plus a BONUS room (or can be a large 3rd bedroom with a closet modification) and offers a SPLIT PLAN layout, great room and dining room combo, kitchen with separate eating area, plus 2 bathrooms and a 2-car garage. You can move right in worry-free about future repairs because there is a brand-new roof (2019) and a solid A/C system (2010). New gray vinyl flooring was recently installed in all bedrooms, and the whole interior has been repainted in modern HGTV-favorite cool tones. Rich, beautiful cherry laminate flooring is featured in the main areas of the house. The cathedral ceilings and unique architecture (with built-in shelves and accent lighting) make this home extra special. This is the cedar model built by River Ridge Homes and was one of the last homes built in this neighborhood. This one-owner house has been lovingly cared for and is clean and ready for you to customize it to make it yours. The backyard has been beautified by native plants and trees that provide privacy in the open-concept green areas between houses (no fences). LOW HOA fees of $135/month include lawn watering/mowing, trash collection, and key access to community club house. Optional pool club and River Ridge public 18 hole golf for additional fees. What’s not to like? Be sure to schedule your showing right away. Room measurements are estimates to be verified. All home decor contents and furnishings are available singularly or totally as a separate purchase from the interior designer.

SEE MORE

MARKET HIGHLIGHTS

  • 2nd Best City for Young Entrepreneurs (Forbes)
  • Florida state ranks 4th most favorable in the country in State Business Tax Climate Index (Tax Foundation, 2019). Tampa inherits the rank being part of Florida.
  • Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 2018)
  • Headquarters to several Fortune 1000 companies: Publix Super Markets, Tech Data, Jabil Circuit, WellCare Health Plans, Raymond James Financial, Bloomin’ Brands, HSN, and TECO Energy (Fortune, 2018)
  • #8 in America's Fastest Growing Cities (Forbes, 2018)
  • Tampa metro employment growth is at 2.6% and predicted to grow at 2.1% in 2019 (USMayors.org, 2018)
  • One of the best cost-friendly American cities to do business (KPMG)
  • Tampa metro contributes to 15.4% of Florida state economy i.e. Gross State Product (USMayors.org, 2018)
  • #2 in Homebuilding Prospects #10 in Overall Real Estate Prospects (Emerging Trends in Real Estate 2019, PWC)

PRICE & RENT TRENDS

Neighborhood: Tall Pines at River Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $60k238k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Tall Pines at River Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7161590

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Cypress Elementary School Primary Regular 795 54 4
River Ridge Middle School Middle Regular 1,118 78 7
River Ridge High School High Regular 1,536 89 7

Cypress Elementary School

  • Education Level: Primary
  • # of students: 795
  • # of teachers: 54
4
GreatSchools Rating

River Ridge Middle School

  • Education Level: Middle
  • # of students: 1,118
  • # of teachers: 78
7
GreatSchools Rating

River Ridge High School

  • Education Level: High
  • # of students: 1,536
  • # of teachers: 89
7
GreatSchools Rating
 

$219,600$268,400$244,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$900
Property Tax -$273
Property Insurance -$129
HOA -$135
Property Management Fees -$80
CASH FLOW
-$67

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$244,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 11.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.27%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,410

INVESTMENT

$70,410

Down Payment
$61,000
Rehab Estimate
$5,750
Closing Costs
$3,660

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$900

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,000
Loan Amount $183,000
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$12,963

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,450

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,455

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3003$1,3494$1,4495$1,450
$1,450
RENT COMPS ANALYSIS
  • 10328 Pineneedles Dr New Port Richey, FL 5
    • 3 beds 2 baths ∙ 1,599 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,599 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.91
    •  
  • 7941 Clarendon Dr New Port Richey, FL 1
    • 3 beds 2 baths ∙ 1,393 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,393 Sqft ∙ Built 1986
    property image
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.93
    •  
  • 10944 Kenmore Dr New Port Richey, FL 2
    • 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 1995
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
  • 8111 Hathaway Dr New Port Richey, FL 3
    • 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1988
    property image
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,349
    • $0.90
    •  
  • 11008 Millbury Ct New Port Richey, FL 4
    • 4 beds 2 baths ∙ 1,605 Sqft ∙ Built 2000 4 beds 2 baths ∙ 1,605 Sqft ∙ Built 2000
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.90
    •  
PROPERTY LISTING DETAILS
Doreen Lewis
1.727.271.0725
Exp Realty Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: W7826996
Last Updated: 11/06/2020
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