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217 Echo Pines Way Lakeland, FL 33813

3 Beds 2 Baths 1,897 sqft Built 1993

$269,900

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $142.28
  • 32 Days on Market
  • MLS # : L4918726
  • Updated Date : 11/11/2020 at 18:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,897 sqft
  • Baths : 2 full
Listing Agent

S & D Real Estate Service Llc

Listing Agent's Description

CHRISTINA ESTATES. New Price!!!South Lakeland 3 bedroom/2 bath home. Updated painted interior. Located on a cul-de-sac street, side walks. Great room plan with vaulted ceilings and plant shelves, combo dining area. Large kitchen with Breakfast nook. Ample cupboards and counter tops, closet pantry. All electrical appliances. Great room offers access to the screened lanai that over looks a chain link fenced in back yard. Master suite with vaulted ceilings, two large walk in closets and a private master bath with walk in shower and double sinks. Master bedroom also has access to the screened lanai via sliding glass doors. Two large bedrooms with picturesque windows in each and they share a full bath. Currently zoned for Scott Lake Elem, Lakeland Highlands Middle & George Jenkins HS. Great South Lakeland Location. Inside Utility room. Freshly painted double car garage with a newer(2019) hot water heater. Updated roof. ... COVID-19: Due to concerns about COVID-19 and as a courtesy to all parties, please do not schedule or attend showings if anyone in your party exhibits cold/flu-like symptoms or has been exposed to the virus. At this time we are asking the Realtors and their clients to wear face masks upon entering of the home and please practice Social distancing.

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: Christina Estates

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $70k268k

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

Neighborhood: Christina Estates

NeighborhoodNIR Market*CityMarket2015Year20092019 Q2100011001200130014001500160017001800Rent in $9081885

* 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
Scott Lake Elementary School Primary Regular 771 52 5
Lakeland Highlands Middle School Middle Regular 1,217 66 6
George W. Jenkins Senior High School High Regular 2,319 116 5

Scott Lake Elementary School

  • Education Level: Primary
  • # of students: 771
  • # of teachers: 52
5
GreatSchools Rating

Lakeland Highlands Middle School

  • Education Level: Middle
  • # of students: 1,217
  • # of teachers: 66
6
GreatSchools Rating

George W. Jenkins Senior High School

  • Education Level: High
  • # of students: 2,319
  • # of teachers: 116
5
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$996
Property Tax -$297
Property Insurance -$144
HOA -$6
Property Management Fees -$80
CASH FLOW
$127

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.

$269,900

PROJECTED PRICE

$1,650

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.82%
Appreciation Year (1-5) 6.9%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$31,407

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,660

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,4953$1,6454$1,6505$1,775
$1,775
RENT COMPS ANALYSIS
  • 217 Echo Pines Way Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.87
    •  
  • 694 Lake Clark Pl Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2000
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.81
    •  
  • 6860 Lake Eaglebrooke Dr Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2004
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.87
    •  
  • 6850 Eagle Ridge Loop Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,827 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,827 Sqft ∙ Built 2005
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.90
    •  
  • 6327 Oak Sq W Lakeland, FL 5
    • 4 beds 2 baths ∙ 1,927 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,927 Sqft ∙ Built 1973
    LEASED 12/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.92
    •  
PROPERTY LISTING DETAILS
Carmel Smith, Pa
1.863.838.0204
S & D Real Estate Service Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4918726
Last Updated: 11/11/2020
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