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1605 E North Bay St Tampa, FL 33610

3 Beds 2 Baths 1,200 sqft Built 2002

INVESTimate

$200,000

List Price

$1,260

$1,134 - $1,386

Rent Est.

$219,700  ( +9.85%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $166.67
  • 3 Days on Market
  • MLS # : T3260296
  • Updated Date : 08/24/2020 at 22:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,200 sqft
  • Baths : 2 full
Listing Agent

Future Home Realty Inc

Listing Agent's Description

Located in Southeast Seminole Heights, this is an amazing opportunity to get into a home that has great bones and the opportunity to put your own personal touches on the inside! With a BRAND NEW ROOF, an AC that was replaced in 2014/2019, and a fresh coat of exterior paint, this home has all the major things taken care of for you. This open concept floor plan makes great use of the space and includes a large kitchen with eat-in area and high ceilings in the living room. The master bedroom has a walk-in closet and an ensuite bathroom. The other two bedrooms share a full bath with combination shower and tub that is located off of the hallway. There is a full laundry closet inside the home. The kitchen comes with all appliances. Outside the home has a charming covered front porch. The fully fenced yard is HUGE. Whether you're a first time buyer or a rental investor this home is a gem because the neighborhood has seen a lot of development in the past years and will continue to see more. Located close to I-275 and Downtown Tampa, this home is a short drive to the USF campus, the Tampa International Aiport, and I-4. This home was recently rented for $1300/month.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: East Tampa

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $45k238k

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

Neighborhood: East Tampa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600Rent in $6941613

* 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
Edison Elementary School Primary Regular 538 51 3
Mclane Middle School Middle Regular 756 61 2
Middleton High School High Magnet 1,448 93 4

Edison Elementary School

  • Education Level: Primary
  • # of students: 538
  • # of teachers: 51
3
GreatSchools Rating

Mclane Middle School

  • Education Level: Middle
  • # of students: 756
  • # of teachers: 61
2
GreatSchools Rating

Middleton High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 93
4
GreatSchools Rating
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$738
Property Tax -$241
Property Insurance -$105
Property Management Fees -$80
CASH FLOW
$96

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.

$200,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 9.85%
Maintenance Year (1-5) 8.00%
Vacancy 5.25%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$26,570

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,290

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2603$1,3004$1,4505$1,650
$1,650
RENT COMPS ANALYSIS
  • 1605 E North Bay St Tampa, 2
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $1.05
    •  
  • 2000 E Ellicott St Tampa, 1
    • 4 beds 2 baths ∙ 1,218 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,218 Sqft ∙ Built 2007
    property image
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.98
    •  
  • 1310 E Palifox St Tampa, 3
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2000
    property image
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.08
    •  
  • 3210 N 16th St Tampa, 4
    • 4 beds 2 baths ∙ 1,380 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,380 Sqft ∙ Built 2006
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.05
    •  
  • 1606 E Ida St Tampa, 5
    • 3 beds 2 baths ∙ 1,383 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,383 Sqft ∙ Built 2017
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.19
    •  
PROPERTY LISTING DETAILS
Philippa Main
1.813.317.5556
Future Home Realty Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3260296
Last Updated: 08/24/2020
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