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1333 Melrose Ave S St Petersburg, FL 33705

3 Beds 2 Baths 1,320 sqft Built 2005

$150,000

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $113.64
  • 3 Days on Market
  • MLS # : U8103314
  • Updated Date : 11/02/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,320 sqft
  • Baths : 2 full
Listing Agent

Keller Williams St Pete Realty

Listing Agent's Description

Welcome, Home! If you are looking for a block home under 200k, LOOK NO MORE! Featuring three bedrooms, two bathrooms — An updated kitchen with granite countertops and wood cabinets, New roof, and only needs cosmetic updating and repairs to reach its full potential! This house is ready to be made into the perfect home for the right buyer and at a GREAT price! Perfect for the first-time homebuyer or investor looking for a solid rental property, but don't wait too long as this property is priced to sell FAST!! Close proximity to downtown St. Pete, Beaches, Parks, and the Interstate for an easy commute.

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: Thirteenth Steet Heights

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $43k238k

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

Neighborhood: Thirteenth Steet Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5131590

* 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
Campbell Park Elementary School Primary Magnet 564 58 1
John Hopkins Middle School Middle Magnet 823 63 2
Gibbs High School High Magnet 1,348 85 3

Campbell Park Elementary School

  • Education Level: Primary
  • # of students: 564
  • # of teachers: 58
1
GreatSchools Rating

John Hopkins Middle School

  • Education Level: Middle
  • # of students: 823
  • # of teachers: 63
2
GreatSchools Rating

Gibbs High School

  • Education Level: High
  • # of students: 1,348
  • # of teachers: 85
3
GreatSchools Rating
 

$135,000$165,000$150,000

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$553
Property Tax -$203
Property Insurance -$113
Property Management Fees -$80
CASH FLOW
$511

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.

$150,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.97%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 7.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.25%
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$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$45,500

INVESTMENT

$45,500

Down Payment
$37,500
Rehab Estimate
$5,750
Closing Costs
$2,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$553

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $37,500
Loan Amount $112,500
See What Happens When You Reinvest Cash Flow

18.17

YEARS SAVED

$53,169

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,485

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3003$1,3204$1,4605$1,500
$1,500
RENT COMPS ANALYSIS
  • 1333 Melrose Ave S St Petersburg, FL 4
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $1.11
    •  
  • 2492 15th Ave S St Petersburg, FL 1
    • 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 2004
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.07
    •  
  • 2510 Langdon Ave S St Petersburg, FL 2
    • 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 2005
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.07
    •  
  • 1244 12th Ave S St Petersburg, FL 3
    • 3 beds 1 baths ∙ 1,140 Sqft ∙ Built 1994 3 beds 1 baths ∙ 1,140 Sqft ∙ Built 1994
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $1.16
    •  
  • 697 17th Ave S St Petersburg, FL 5
    • 4 beds 2 baths ∙ 1,248 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,248 Sqft ∙ Built 2006
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.20
    •  
PROPERTY LISTING DETAILS
Tamisha Darling-roberson
1.727.768.3757
Keller Williams St Pete Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8103314
Last Updated: 11/02/2020
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