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2622 E Chelsea St Tampa, FL 33610

3 Beds 2 Baths 1,261 sqft Built 2003

$174,900

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $138.70
  • 7 Days on Market
  • MLS # : T3286733
  • Updated Date : 01/26/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,261 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Tampa Central

Listing Agent's Description

3 bedroom 2 bath 2 car garage newer built single family home. Property is currently rented @ $1150 per month thru 12/31/2021. Rental rate is below market.

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MARKET HIGHLIGHTS

  • #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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: East Tampa

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $45k238k

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

Neighborhood: East Tampa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600Rent in $6941613

* 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
Potter Elementary School Primary Regular 636 63 2
Mclane Middle School Middle Regular 756 61 2
Middleton High School High Magnet 1,448 93 4

Potter Elementary School

  • Education Level: Primary
  • # of students: 636
  • # of teachers: 63
2
GreatSchools Rating

Mclane Middle School

  • Education Level: Middle
  • # of students: 756
  • # of teachers: 61
2
GreatSchools Rating

Middleton High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 93
4
GreatSchools Rating
 

$157,410$192,390$174,900

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$608
Property Tax -$246
Property Insurance -$109
Property Management Fees -$129
CASH FLOW
$278

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$174,900

PROJECTED PRICE

$1,370

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 9.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.25%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,099

INVESTMENT

$52,099

Down Payment
$43,725
Rehab Estimate
$5,750
Closing Costs
$2,624

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,725
Loan Amount $131,175
See What Happens When You Reinvest Cash Flow

13.42

YEARS SAVED

$37,121

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,378

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2953$1,3504$1,3705$1,375
$1,375
RENT COMPS ANALYSIS
  • 2622 E Chelsea St Tampa, FL 4
    • 3 beds 2 baths ∙ 1,261 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,261 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $1.09
    •  
  • 3609 E 38th Ave Tampa, FL 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2005
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.00
    •  
  • 3501 E Chelsea St Tampa, FL 2
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2005
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.08
    •  
  • 3201 E 28th Ave Tampa, FL 3
    • 4 beds 2 baths ∙ 1,296 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,296 Sqft ∙ Built 2005
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.04
    •  
  • 2625 E 38th Ave Tampa, FL 5
    • 3 beds 2 baths ∙ 1,098 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,098 Sqft ∙ Built 1992
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.25
    •  
PROPERTY LISTING DETAILS
Bradley Chais
1.813.928.7677
Keller Williams Tampa Central
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3286733
Last Updated: 01/26/2021
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