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2518 29th Ave E Palmetto, FL 34221

3 Beds 2 Baths 1,277 sqft Built 2006

$219,900

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $172.20
  • 2 Days on Market
  • MLS # : A4487748
  • Updated Date : 01/09/2021 at 12:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,277 sqft
  • Baths : 2 full
Listing Agent

Sarabay Real Estate Inc

Listing Agent's Description

Sure to impress and priced to sell! Rare opportunity to purchase a single family side entry home in the desirable Oak View community of Palmetto. Upon entry, this community immediately welcomes you and your house guests with an impressively manicured entryway in a park like setting with multiple playgrounds and walking paths. This 3/2 single family home features a premium lot and is conveniently located central to everything "Manasota" has to offer. The interior features a comfortable and efficient floor plan with ceramic tile set on an angle. The master suite has beautiful water views, extra square footage and an attached master bathroom featuring a shower stall and soaking tub. Although your best moments may be the spent quietly enjoying your water and conservation views, World class beaches, restaurants and entertainment are just minutes away. Palmetto is a fast growing community offering extraordinary value close to the gulf of Mexico. Make this house your new home at an exceptional value!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Oakview

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $66k297k

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

Neighborhood: Oakview

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10332041

* 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
Blackburn Elementary School Primary Regular 463 33 2
Buffalo Creek Middle School Middle Regular 1,102 54 5
Palmetto High School High Regular 2,076 93 3

Blackburn Elementary School

  • Education Level: Primary
  • # of students: 463
  • # of teachers: 33
2
GreatSchools Rating

Buffalo Creek Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 54
5
GreatSchools Rating

Palmetto High School

  • Education Level: High
  • # of students: 2,076
  • # of teachers: 93
3
GreatSchools Rating
 

$197,910$241,890$219,900

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$764
Property Tax -$224
Property Insurance -$114
HOA -$42
Property Management Fees -$129
CASH FLOW
$297

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.

$219,900

PROJECTED PRICE

$1,570

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 14.1%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,024

INVESTMENT

$64,024

Down Payment
$54,975
Rehab Estimate
$5,750
Closing Costs
$3,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,975
Loan Amount $164,925
See What Happens When You Reinvest Cash Flow

12.5

YEARS SAVED

$43,439

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $1,386

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,435
1$1,4352$1,4953$1,5704$1,5995$1,750
$1,750
RENT COMPS ANALYSIS
  • 2518 29th Ave E Palmetto, FL 3
    • 3 beds 2 baths ∙ 1,277 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,277 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $1.23
    •  
  • 2318 11th Ave E Palmetto, FL 1
    • 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 2014
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,435
    • $1.18
    •  
  • 2311 12th Ave E Palmetto, FL 2
    • 3 beds 2 baths ∙ 1,481 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,481 Sqft ∙ Built 2015
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.01
    •  
  • 3208 14th Ct E Ellenton, FL 4
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2013
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $1.03
    •  
  • 2226 13th Ave E Palmetto, FL 5
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 2016
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.12
    •  
PROPERTY LISTING DETAILS
Dennis Healey, Jr
1.240.743.7863
Sarabay Real Estate Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4487748
Last Updated: 01/09/2021
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