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12902 N Rome Ave Tampa, FL 33612

3 Beds 3 Baths 1,787 sqft Built 1964

$345,000

List Price

$1,830

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $193.06
  • 3 Days on Market
  • MLS # : T3290584
  • Updated Date : 02/19/2021 at 14:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,787 sqft
  • Baths : 2 full , 1 half
Listing Agent

Addvantage Real Estate Services Llc

Listing Agent's Description

Mid Century Masterpiece! This Forrest Hills 3 bedroom, 2.5 bath home has been fully remodeled and updated inside and out while maintaining the original charm of its 1964 beginnings. The kitchen has been remodeled with new cabinets, tile, Bosch Dishwasher, stainless steal sink and high end Maytag Refrigerator. The barely used wall oven and cooktop was preserved, adding a classic feel to the kitchen that newer homes can't offer. Leading in to the common areas and dining/living room you will notice the diamond polished terrazzo floors that run throughout the rest of the house. Both bathrooms have been updated and completely remodeled to fit the theme of the house. The front rooms have PVC interior plantation shutters to add curb appeal. Relax in the comfortable Florida room after a long day. This home is truly move in ready and all big ticket items have been replaced. -New Roof 2015 -New Hurricane Impact windows. -Top of the line 18 seer Lennox Heat Pump with UV light and new antimicrobial ductwork.-2020 -All new paint inside and out. -All new gutters and leaf guards.-2020 -The house was completely re-piped and all plumbing supply lines were replaced with Class-A pex from the meter to every water fixture in the home.2021 -New electrical panel.-2021 -New Septic tank-2020/ Drain field 2015. -New Lawn Sprinkler system with wifi controller. -All New Landscaping, tropical plants and sod. -SimpliSafe Security system and video door bell. -Interior and Exterior LED lighting. This home was not an investor flip and has been greatly cared for by the owner.

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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: Lake Magdalene

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $85k292k

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

Neighborhood: Lake Magdalene

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8781834

* 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
Lake Magdalene Elementary School Primary Regular 865 67 5
Adams Middle School Middle Regular 1,017 75 2
Chamberlain High School High Regular 1,772 98 4

Lake Magdalene Elementary School

  • Education Level: Primary
  • # of students: 865
  • # of teachers: 67
5
GreatSchools Rating

Adams Middle School

  • Education Level: Middle
  • # of students: 1,017
  • # of teachers: 75
2
GreatSchools Rating

Chamberlain High School

  • Education Level: High
  • # of students: 1,772
  • # of teachers: 98
4
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$1,198
Property Tax -$424
Property Insurance -$139
Property Management Fees -$129
CASH FLOW
-$61

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.

$345,000

PROJECTED PRICE

$1,830

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 7.1%
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$1.2M

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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,198

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$19,195

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,832

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,6003$1,8304$1,8995$2,100
$2,100
RENT COMPS ANALYSIS
  • 12902 N Rome Ave Tampa, FL 3
    • 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 1964 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $1.02
    •  
  • 11725 Forest Hills Dr Tampa, FL 1
    • 3 beds 1 baths ∙ 1,475 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,475 Sqft ∙ Built 1955
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.97
    •  
  • 2101 Carroll Pl Tampa, FL 2
    • 3 beds 1 baths ∙ 1,592 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,592 Sqft ∙ Built 1955
    LEASED 10/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.01
    •  
  • 2302 Carroll Grove Dr Tampa, FL 4
    • 4 beds 3 baths ∙ 1,832 Sqft ∙ Built 1958 4 beds 3 baths ∙ 1,832 Sqft ∙ Built 1958
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $1.04
    •  
  • 11510 N Ravine Road Tampa, FL 5
    • 3 beds 2 baths ∙ 1,948 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,948 Sqft ∙ Built 1962
    LEASED 10/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.08
    •  
PROPERTY LISTING DETAILS
Keith Gordon
1.727.610.8041
Addvantage Real Estate Services Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3290584
Last Updated: 02/19/2021
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