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1302 Magdalene Ct W Lakeland, FL 33801

3 Beds 2 Baths 1,530 sqft Built 1971

$220,000

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $143.79
  • 21 Days on Market
  • MLS # : L4920631
  • Updated Date : 02/15/2021 at 22:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,530 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Smart

Listing Agent's Description

Completely remodeled, updated, and move-in ready 3 bedroom, 2 bath home in a quiet neighborhood! Open floor plan with kitchen overlooking family room. NEW ROOF (1/2021), newer A/C (2016), new interior and exterior paint, gorgeous new kitchen and bathrooms with Moen fixtures and granite surfaces, all new appliances, all new flooring, ceiling fans and light fixtures, new Levolor blinds on every window, and new home water softener. Large laundry room with workshop. Fenced back yard and back patio. No HOA & no CDD fees. Central Lakeland location near schools, shopping, restaurants and recreation. Schedule your showing today!

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: Combee Settlement

NeighborhoodNIR Market*CityMarket2010Year2000201950k60k70k80k90k100k110k120k130k140k150k160k170k180kPrice in $42k185k

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

Neighborhood: Combee Settlement

NeighborhoodNIR Market*CityMarket2015Year20092019 Q270075080085090095010001050110011501200125013001350Rent in $6871380

* 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
Philip O'brien Elementary School Primary Regular 583 43 2
Crystal Lake Middle School Middle Magnet 942 61 3
Tenoroc High School High Regular 1,170 72 2

Philip O'brien Elementary School

  • Education Level: Primary
  • # of students: 583
  • # of teachers: 43
2
GreatSchools Rating

Crystal Lake Middle School

  • Education Level: Middle
  • # of students: 942
  • # of teachers: 61
3
GreatSchools Rating

Tenoroc High School

  • Education Level: High
  • # of students: 1,170
  • # of teachers: 72
2
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$764
Property Tax -$286
Property Insurance -$123
Property Management Fees -$129
CASH FLOW
$28

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.

$220,000

PROJECTED PRICE

$1,330

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.75%
Appreciation Year (1-5) 11.1%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$13,728

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,327

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,3153$1,3304$1,3505$1,400
$1,400
RENT COMPS ANALYSIS
  • 1302 Magdalene Ct W Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.87
    •  
  • 1826 E Fern Rd Lakeland, FL 1
    • 3 beds 1 baths ∙ 1,198 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,198 Sqft ∙ Built 1953
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.92
    •  
  • 2413 Timbercreek Loop E Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 1990
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,315
    • $0.83
    •  
  • 2722 Aldine Cir Lakeland, FL 4
    • 4 beds 2 baths ∙ 1,536 Sqft ∙ Built 1961 4 beds 2 baths ∙ 1,536 Sqft ∙ Built 1961
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.88
    •  
  • 1301 Magdalene Ct E Lakeland, FL 5
    • 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 1972
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.84
    •  
PROPERTY LISTING DETAILS
Mindy Russo
1.863.812.1294
Keller Williams Realty Smart
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4920631
Last Updated: 02/15/2021
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