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2322 Ridgeview Dr Lakeland, FL 33810

3 Beds 2 Baths 1,164 sqft Built 1979

$170,000

List Price

$1,170

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $146.05
  • 6 Days on Market
  • MLS # : L4920313
  • Updated Date : 01/19/2021 at 18:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,164 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Smart

Listing Agent's Description

Come and see this cute home located in a quiet neighborhood in North Lakeland. Perfect first home, retirement or rental property. Large fenced back yard for entertaining or for room for the dogs and kids to run. This home is ready for you to make it your own. Roof and AC replaced in 2007, drain field updated in 2013, replumbed in 2014, hot water heater replaced in 2019. Make an 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: Highland Grove East

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $66k236k

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

Neighborhood: Highland Grove East

NeighborhoodNIR Market*CityMarket2015Year20092019 Q2900100011001200130014001500Rent in $8561590

* 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
R. Clem Churchwell Elementary School Primary Regular 627 39 6
Sleepy Hill Middle School Middle Regular 816 50 2
Kathleen Senior High School High Regular 2,124 107 2

R. Clem Churchwell Elementary School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 39
6
GreatSchools Rating

Sleepy Hill Middle School

  • Education Level: Middle
  • # of students: 816
  • # of teachers: 50
2
GreatSchools Rating

Kathleen Senior High School

  • Education Level: High
  • # of students: 2,124
  • # of teachers: 107
2
GreatSchools Rating
 

$153,000$187,000$170,000

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$590
Property Tax -$187
Property Insurance -$102
Property Management Fees -$129
CASH FLOW
$161

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.

$170,000

PROJECTED PRICE

$1,170

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.82%
Appreciation Year (1-5) 6.5%
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$100k$200k$300k$400k$500k$600k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,800

INVESTMENT

$50,800

Down Payment
$42,500
Rehab Estimate
$5,750
Closing Costs
$2,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$590

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $42,500
Loan Amount $127,500
See What Happens When You Reinvest Cash Flow

10.25

YEARS SAVED

$24,925

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $821

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$900
1$9002$9753$9954$1,0505$1,170
$1,170
RENT COMPS ANALYSIS
  • 2322 Ridgeview Dr Lakeland, FL 5
    • 3 beds 2 baths ∙ 1,164 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,164 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $1.01
    •  
  • 7212 Pebble Pass Loop Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,395 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,395 Sqft ∙ Built 1995
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.65
    •  
  • 2706 Shadywood Pl Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1991
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $0.69
    •  
  • 2430 Cheshire Pl Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 1979
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.71
    •  
  • 7949 Indian Heights Dr Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,355 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,355 Sqft ∙ Built 1990
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.77
    •  
PROPERTY LISTING DETAILS
Stacey Foskey
1.863.280.0000
Keller Williams Realty Smart
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4920313
Last Updated: 01/19/2021
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