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10538 Coral Key Ave Tampa, FL 33647

4 Beds 3 Baths 2,500 sqft Built 2007

$350,000

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $140.00
  • 6 Days on Market
  • MLS # : T3271633
  • Updated Date : 11/03/2020 at 15:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,500 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group Advantage

Listing Agent's Description

Charming 4 bedrooms, 2.5 baths, 2 car garage with 2500 Sq ft on a conservation lot with water view in the beautiful Heritages Isles Community in the Desirable New Tampa Area. BRAND NEW ROOF in 2020. As you come into this home, you are greeted by the warmth of the Formal Living room and Dining, Family room and Kitchen Combo. The Sliding door leads to the beautiful water / pond view. All bedrooms are located upstairs. Heritage Isles Golf and Country Club is a large planned community nestled in and around a beautiful Championship golf course and surrounded by ponds, lakes and natural cypress hammocks. Large Resort Style family pool area, restaurant, complete gym facility, lighted tennis courts, basketball and volleyball courts, a toddler playground, all with controlled access and Club house. Excellent Location. Just minutes to I 75 and easy access to major roadways, schools, medical, hospital, entertainment, shopping and dining. Wiregrass Mall and The New Tampa Premium Outlets, and more! PLEASE CALL TO SCHEDULE APPOINTMENT.

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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: Heritage Isles

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $85k353k

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

Neighborhood: Heritage Isles

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9052007

* 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
Heritage Elementary School Primary Regular 657 51 4
Benito Middle School Middle Regular 1,053 63 7
Wharton High School High Regular 2,261 128 4

Heritage Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 51
4
GreatSchools Rating

Benito Middle School

  • Education Level: Middle
  • # of students: 1,053
  • # of teachers: 63
7
GreatSchools Rating

Wharton High School

  • Education Level: High
  • # of students: 2,261
  • # of teachers: 128
4
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,291
Property Tax -$421
Property Insurance -$181
HOA -$3
Property Management Fees -$80
CASH FLOW
-$27

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.

$350,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.27%
Appreciation Year (1-5) 3.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.26%
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$0.0$5.0k$10k$15k

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$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$27,917

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,038

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,845
1$1,8452$1,9503$1,9504$1,9505$1,975
$1,975
RENT COMPS ANALYSIS
  • 10538 Coral Key Ave Tampa, FL 4
    • 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.78
    •  
  • 10421 Goldenbrook Way Tampa, FL 1
    • 5 beds 3 baths ∙ 2,350 Sqft ∙ Built 1999 5 beds 3 baths ∙ 2,350 Sqft ∙ Built 1999
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.79
    •  
  • 18217 Cypress Haven Dr Tampa, FL 2
    • 4 beds 2 baths ∙ 2,420 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,420 Sqft ∙ Built 2003
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.81
    •  
  • 18321 Brookpark Dr Tampa, FL 3
    • 4 beds 3 baths ∙ 2,432 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,432 Sqft ∙ Built 1999
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.80
    •  
  • 10424 Beneva Dr Tampa, FL 5
    • 5 beds 3 baths ∙ 2,299 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,299 Sqft ∙ Built 2002
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.86
    •  
PROPERTY LISTING DETAILS
Justina Nike Olatunji
1.813.500.7978
Realty One Group Advantage
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3271633
Last Updated: 11/03/2020
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