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1165 Colony Arms Dr Lakeland, FL 33813

4 Beds 3 Baths 2,789 sqft Built 1988

$359,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $128.72
  • 2 Days on Market
  • MLS # : L4919627
  • Updated Date : 12/05/2020 at 14:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,789 sqft
  • Baths : 3 full
Listing Agent

Remax Paramount Properties

Listing Agent's Description

SPACIOUS SOUTH LAKELAND HOME WITH MANY UPDATES. EXCELLENT 4 BEDROOM 3 BATH FLOOR PLAN WITH 19X11 BONUS ROOM/OFFICE, LIVING ROOM, FORMAL DINING ROOM AND SEPARATE FAMILY ROOM. THIS HOME COMES WITH CUSTOM KITCHEN WITH WOOD CABINETS, GRANITE COUNTERS AND UPGRADED STAINLESS STEEL APPLIANCES. THE LAMINATE WOOD FLOORING, CERAMIC TILE ARE IN FAMILY ROOM, LIVING ROOM AND DINING ROOM AREA. BERBER CARPET IN ALL BEDROOMS. THERE IS ONE BEDROOM DOWNSTAIRS AND 3 BEDROOMS UPSTAIRS AND ALSO BONUS ROOM/OFFICE ATTACHED TO THE MASTER BEDROOM THAT CAN BE USED AS A NURSERY OR WORK OUT ROOM. THIS HOME HAS 2 A/C UNITS THAT WERE INSTALLED 2 YEARS AGO AS WELL AS NEW PLUMBING FIXTURES IN THE KITCHEN AND ALL BATHROOMS. THIS HOME IS LOCATED NEAR SCOTT LAKE IN THE VERY WELL KEPT COLONY PARK SUBDIVISION AND LOCATED IN A QUIET CUL-DE-SAC. THERE IS NO MANDATORY HOA AT THIS PROPERTY. YOU CAN PARK YOUR BOAT OR RV. CALL AND MAKE YOUR APPOINTMENT TODAY TO SEE THIS PROPERTY.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Colony Park East

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240kPrice in $70k260k

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

Neighborhood: Colony Park East

NeighborhoodNIR Market*CityMarket2015Year20092019 Q29501000105011001150120012501300135014001450150015501600Rent in $9081637

* 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
Scott Lake Elementary School Primary Regular 771 52 5
Lakeland Highlands Middle School Middle Regular 1,217 66 6
George W. Jenkins Senior High School High Regular 2,319 116 5

Scott Lake Elementary School

  • Education Level: Primary
  • # of students: 771
  • # of teachers: 52
5
GreatSchools Rating

Lakeland Highlands Middle School

  • Education Level: Middle
  • # of students: 1,217
  • # of teachers: 66
6
GreatSchools Rating

George W. Jenkins Senior High School

  • Education Level: High
  • # of students: 2,319
  • # of teachers: 116
5
GreatSchools Rating
 

$323,100$394,900$359,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,325
Property Tax -$395
Property Insurance -$196
Property Management Fees -$129
CASH FLOW
-$104

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$359,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.82%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 3.73%
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-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,325

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$15,444

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,938

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8003$1,8004$1,9405$1,995
$1,995
RENT COMPS ANALYSIS
  • 1165 Colony Arms Dr Lakeland, FL 4
    • 4 beds 3 baths ∙ 2,789 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,789 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.70
    •  
  • 5115 Hanover Ln Lakeland, FL 1
    • 4 beds 3 baths ∙ 2,736 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,736 Sqft ∙ Built 1996
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.64
    •  
  • 5905 Coveview Dr W Lakeland, FL 2
    • 4 beds 3 baths ∙ 2,594 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,594 Sqft ∙ Built 1993
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.69
    •  
  • 5875 Hollyhock Dr Lakeland, FL 3
    • 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 1992
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.71
    •  
  • 6535 Navajo Lakeland, FL 5
    • 4 beds 3 baths ∙ 2,689 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,689 Sqft ∙ Built 2004
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.74
    •  
PROPERTY LISTING DETAILS
Jopie Tjioe
1.863.698.9341
Remax Paramount Properties
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4919627
Last Updated: 12/05/2020
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