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1515 9th Ave E Palmetto, FL 34221

3 Beds 2 Baths 1,113 sqft Built 1985

$169,900

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $152.65
  • 5 Days on Market
  • MLS # : A4485238
  • Updated Date : 12/03/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,113 sqft
  • Baths : 2 full
Listing Agent

Suncoast Florida Realty

Listing Agent's Description

Priced to go. Don’t wait to long this one wont last

SEE MORE

MARKET HIGHLIGHTS

  • #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.
  • 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)

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
Tillman Elementary Magnet School Primary Magnet 556 37 4
Buffalo Creek Middle School Middle Regular 1,102 54 5
Palmetto High School High Regular 2,076 93 3

Tillman Elementary Magnet School

  • Education Level: Primary
  • # of students: 556
  • # of teachers: 37
4
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
 

$152,910$186,890$169,900

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$627
Property Tax -$173
Property Insurance -$104
Property Management Fees -$129
CASH FLOW
$397

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.

$169,900

PROJECTED PRICE

$1,430

PROJECTED RENT

0.84%

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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,774

INVESTMENT

$50,774

Down Payment
$42,475
Rehab Estimate
$5,750
Closing Costs
$2,549

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$627

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,475
Loan Amount $127,425
See What Happens When You Reinvest Cash Flow

15.83

YEARS SAVED

$52,006

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $1.28

    LIST RENT PER SQFT
  • $1,408

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,2953$1,3504$1,3505$1,430
$1,430
RENT COMPS ANALYSIS
  • 1515 9th Ave E Palmetto, FL 5
    • 3 beds 2 baths ∙ 1,113 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,113 Sqft ∙ Built 1985
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $1.28
    •  
  • 302 7th Ave W Palmetto, FL 1
    • 3 beds 1 baths ∙ 806 Sqft ∙ Built 1979 3 beds 1 baths ∙ 806 Sqft ∙ Built 1979
    property image
    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
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.20
    •  
  • 3602 Patten Ave Ellenton, FL 3
    • 3 beds 2 baths ∙ 1,073 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,073 Sqft ∙ Built 1996
    property image
    LEASED 07/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.26
    •  
  • 2612 8th Ave E Palmetto, FL 4
    • 3 beds 2 baths ∙ 1,085 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,085 Sqft ∙ Built 2002
    property image
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.24
    •  
PROPERTY LISTING DETAILS
Vickie Smalls
1.941.301.5378
Suncoast Florida Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4485238
Last Updated: 12/03/2020
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