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1217 Groveland Ln Lakeland, FL 33811

3 Beds 2 Baths 1,238 sqft Built 1978

$179,900

List Price

$1,160

$1K - $1.3K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1978
  • Price/Sqft : $145.32
  • 3 Days on Market
  • MLS # : P4913262
  • Updated Date : 11/06/2020 at 17:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,238 sqft
  • Baths : 2 full
Listing Agent

I Think Realty, Llc

Listing Agent's Description

Wonderful updated 3 bedroom, 2 bath home located close to shopping, Polk Parkway and more. Live close to everything but feel like you are living in the country. No HOA fees! As you walk into this home you will notice the brand new vinyl plank flooring in the living room. You will see the tiled dining room and kitchen with large sliding glass door that opens to a large fenced in back yard. Plenty of room for a pool, and or sheds or to store all of your toys. You will also notice the entire home, inside and out has been freshly painted in neutral colors. To the left are two large bedrooms that are freshly painted and have brand new carpet installed. The bedrooms are a very nice size. To the right is a large owners suite with vinyl plank flooring. The owner's suite also has a sliding glass door that leads to the backyard. This home has a large fenced in backyard and offers a two car garage with washer/dryer. The AC was replaced in 2018. Septic tank drain field was replaced in 2019.

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: Groveland South

NeighborhoodNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150k160k170k180kPrice in $57k185k

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

Neighborhood: Groveland South

NeighborhoodNIR Market*CityMarket2015Year20092019 Q2800850900950100010501100115012001250130013501400Rent in $7651429

* 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
Medulla Elementary School Primary Regular 635 40 3
Sleepy Hill Middle School Middle Regular 816 50 2
George W. Jenkins Senior High School High Regular 2,319 116 5

Medulla Elementary School

  • Education Level: Primary
  • # of students: 635
  • # of teachers: 40
3
GreatSchools Rating

Sleepy Hill Middle School

  • Education Level: Middle
  • # of students: 816
  • # of teachers: 50
2
GreatSchools Rating

George W. Jenkins Senior High School

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

$161,910$197,890$179,900

PURCHASE PRICE

$1,044$1,276$1,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,160
EXPENSES Loan Payment -$664
Property Tax -$198
Property Insurance -$107
Property Management Fees -$80
CASH FLOW
$112

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.

$179,900

PROJECTED PRICE

$1,160

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.75%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 3.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$23,454

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,160

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,012

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$895
1$8952$9003$1,1604$1,2005$1,300
$1,300
RENT COMPS ANALYSIS
  • 1217 Groveland Ln Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $0.94
    •  
  • 5145 Creekview Ln Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 1998
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.74
    •  
  • 1305 Bramblewood Dr Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,158 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,158 Sqft ∙ Built 1989
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.78
    •  
  • 3805 Old Salem Rd Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1969
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.83
    •  
  • 4416 Southride Trl Lakeland, FL 5
    • 3 beds 2 baths ∙ 1,407 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,407 Sqft ∙ Built 1979
    LEASED 06/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.92
    •  
PROPERTY LISTING DETAILS
Patricia De Graaff
1.863.307.0061
I Think Realty, Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: P4913262
Last Updated: 11/06/2020
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