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1243 Dr Martin Luther King Jr Pl Palmetto, FL 34221

3 Beds 2 Baths 1,117 sqft Built 1995

$199,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $178.16
  • 4 Days on Market
  • MLS # : A4483561
  • Updated Date : 11/13/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,117 sqft
  • Baths : 2 full
Listing Agent

Fine Properties

Listing Agent's Description

INVESTMENT OPPORTUNITY!! Here is your chance to purchase a 3 bedroom home with a garage for under 200K. This home is situated on an oversized corner fenced lot and offers some incredible updates including a newer roof (2018), newer AC unit (2018) and tile floors throughout the main living areas. Home is concrete block and is centrally located in Palmetto and convenient to the downtown Bradenton area and the highway. Don't miss out, this one surely won't last!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Palmetto

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $67k297k

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

Neighborhood: Palmetto

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10272041

* 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
Palmetto Elementary School Primary Regular 675 49 3
Buffalo Creek Middle School Middle Regular 1,102 54 5
Palmetto High School High Regular 2,076 93 3

Palmetto Elementary School

  • Education Level: Primary
  • # of students: 675
  • # of teachers: 49
3
GreatSchools Rating

Buffalo Creek Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 54
5
GreatSchools Rating

Palmetto High School

  • Education Level: High
  • # of students: 2,076
  • # of teachers: 93
3
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$734
Property Tax -$270
Property Insurance -$104
Property Management Fees -$80
CASH FLOW
$251

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.

$199,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

12.25

YEARS SAVED

$44,035

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $1,415

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,2953$1,3504$1,440
$1,440
RENT COMPS ANALYSIS
  • 1243 Dr Martin Luther King Jr Pl Palmetto, FL 4
    • 3 beds 2 baths ∙ 1,117 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,117 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $1.29
    •  
  • 302 7th Ave W Palmetto, FL 1
    • 3 beds 1 baths ∙ 806 Sqft ∙ Built 1979 3 beds 1 baths ∙ 806 Sqft ∙ Built 1979
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $1.36
    •  
  • 1109 17th Ave W Palmetto, FL 2
    • 3 beds 1 baths ∙ 1,080 Sqft ∙ Built 1981 3 beds 1 baths ∙ 1,080 Sqft ∙ Built 1981
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.20
    •  
  • 2612 8th Ave E Palmetto, FL 3
    • 3 beds 2 baths ∙ 1,085 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,085 Sqft ∙ Built 2002
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.24
    •  
PROPERTY LISTING DETAILS
Krissy Bilbrey
1.941.812.6269
Fine Properties
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4483561
Last Updated: 11/13/2020
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