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250 Padgett Pl N Lakeland, FL 33809

3 Beds 2 Baths 1,226 sqft Built 1980

INVESTimate

$155,000

List Price

$1,260

$1,134 - $1,386

Rent Est.

$166,021  ( +7.11%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1980
  • Price/Sqft : $126.43
  • 2 Days on Market
  • MLS # : L4917670
  • Updated Date : 08/26/2020 at 02:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,226 sqft
  • Baths : 2 full
Listing Agent

Lakeland Homes And Realty, Llc

Listing Agent's Description

No HOA! Nice Block home with fenced yard. Conviently located to shopping, medical, all major conviences. 2 storage sheds, Screened in lania, Inside Laundry. Easy access to I-4 between Orlando and Tampa. Home won't last long, make your appointment to view today!

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: Padgett Estates

NeighborhoodNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150k160k170k180kPrice in $57k185k

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

Neighborhood: Padgett Estates

NeighborhoodNIR Market*CityMarket2015Year20092019 Q280085090095010001050110011501200125013001350Rent in $7651380

* 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
 

$139,500$170,500$155,000

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$572
Property Tax -$170
Property Insurance -$106
Property Management Fees -$80
CASH FLOW
$332

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.

$155,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.81%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.75%
Appreciation Year (1-5) 7.11%
Maintenance Year (1-5) 8.00%
Vacancy 3.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$46,825

INVESTMENT

$46,825

Down Payment
$38,750
Rehab Estimate
$5,750
Closing Costs
$2,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$572

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $38,750
Loan Amount $116,250
See What Happens When You Reinvest Cash Flow

14.67

YEARS SAVED

$44,024

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
  • $1.03

    LIST RENT PER SQFT
  • $1,257

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2003$1,2604$1,3955$1,445
$1,445
RENT COMPS ANALYSIS
  • 250 Padgett Pl N Lakeland, 3
    • 3 beds 2 baths ∙ 1,226 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,226 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $1.03
    •  
  • 6523 Dorchester Rd Lakeland, 1
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1985
    property image
    LEASED 06/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.97
    •  
  • 5712 Granite Ln Lakeland, 2
    • 3 beds 2 baths ∙ 1,198 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,198 Sqft ∙ Built 1992
    property image
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.00
    •  
  • 121 Leitha Way Lakeland, 4
    • 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1980
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.04
    •  
  • 331 Pico Ct Lakeland, 5
    • 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1985
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $1.09
    •  
PROPERTY LISTING DETAILS
Belinda Hill
1.863.860.7124
Lakeland Homes And Realty, Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4917670
Last Updated: 08/26/2020
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