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203 Ridgedale Dr Lakeland, FL 33809

4 Beds 2 Baths 1,540 sqft Built 1989

$238,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $154.55
  • 3 Days on Market
  • MLS # : P4914066
  • Updated Date : 01/16/2021 at 15:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,540 sqft
  • Baths : 2 full
Listing Agent

Florida Realty Marketplace

Listing Agent's Description

Don't miss this beautiful 4 bedroom 2 bath, split plan home with lots of upgrades and move-in ready! Kitchen has granite counter tops, stainless steel appliances and a view to the dining room. The living room has a gorgeous stone, floor to ceiling, wood-burning fire place. The master bedroom has walk-in closet and an en-suite bathroom with double sinks with a granite counter top. Two of the bedrooms are split from the master and have lots of storage. You'll love the very large, enclosed, screened and furnished rear patio! Lots of back yard space with additional open patio area complete with furniture and grill. A spacious separate out-building/shed could easily be converted into a guest house/mother-in-law suite. Make your showing appointment now before it's gone!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Glenridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $70k236k

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

Neighborhood: Glenridge

NeighborhoodNIR Market*CityMarket2015Year20092019 Q2950100010501100115012001250130013501400145015001550Rent in $9081590

* 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
Edgar L. Padgett Elementary School Primary Regular 547 33 6
Lake Gibson Middle School Middle Regular 1,130 68 4
Lake Gibson Senior High School High Regular 1,834 92 3

Edgar L. Padgett Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 33
6
GreatSchools Rating

Lake Gibson Middle School

  • Education Level: Middle
  • # of students: 1,130
  • # of teachers: 68
4
GreatSchools Rating

Lake Gibson Senior High School

  • Education Level: High
  • # of students: 1,834
  • # of teachers: 92
3
GreatSchools Rating
 

$214,200$261,800$238,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$827
Property Tax -$262
Property Insurance -$124
HOA -$7
Property Management Fees -$129
CASH FLOW
$42

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.

$238,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.82%
Appreciation Year (1-5) 10.4%
Maintenance Year (1-5) 8.00%
Vacancy 3.73%
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$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,820

INVESTMENT

$68,820

Down Payment
$59,500
Rehab Estimate
$5,750
Closing Costs
$3,570

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$827

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,500
Loan Amount $178,500
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$16,889

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,336

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,090
1$1,0902$1,2853$1,3504$1,3905$1,395
$1,395
RENT COMPS ANALYSIS
  • 203 Ridgedale Dr Lakeland, FL 4
    • 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1989 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.90
    •  
  • 323 Fox Lake Dr Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,467 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,467 Sqft ∙ Built 2003
    property image
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,090
    • $0.74
    •  
  • 134 Buckhorn Run Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,304 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,304 Sqft ∙ Built 1993
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,285
    • $0.99
    •  
  • 8603 Tara Pl Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 1988
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.80
    •  
  • 142 Lindale St Lakeland, FL 5
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1999
    property image
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.94
    •  
PROPERTY LISTING DETAILS
Debbie Cormier
1.770.876.2338
Florida Realty Marketplace
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: P4914066
Last Updated: 01/16/2021
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