Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

28 Second Path Lot 8 Palm Coast, FL 32164

4 Beds 4 Baths 1,954 sqft Built 2021 2 Units

$359,900

List Price

$2,690

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
2 Units MULTIFAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • 2-Flat Type Property
  • Built In 2021
  • Price/Sqft : $184.19
  • 3 Days on Market
  • MLS # : No MLS Number
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,954 sqft
  • Baths : 4 full
Listing Agent

Tobin

Listing Agent's Description

Estimated completion date July-Sept 2021

SEE MORE

MARKET HIGHLIGHTS

  • Space coast area has attracted $1.4 billion in capital investments over the past 6-years and generated 1,800 new jobs in 2017 (WSJ, 2017)
  • Florida state ranks 4th most favorable in the country in State Business Tax Climate Index (Tax Foundation, 2019). Orlando inherits the same rank being part of Florida.
  • Orlando metro's economy is worth $141 billion in Gross Metro Product and projected to grow to $149 billion in 2019 (USMayors.org, 2018)
  • Together Walt Disney World Resort and Universal Orlando Resort employ 96,000 people and drive tourism (Orlando Economic Partnership)
  • Orlando metro employment growth is at 3.5% and predicted to grow at 2.5% in 2019 (USMayors.org, 2018)
  • Orlando metro contributes to 13.8% of Florida state economy i.e. Gross State Product (USMayors.org, 2018)
  • Orlando metro has 64.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Orlando ranks 7th in U.S. for economic growth (Milken Instutute/ Orlando Sentinel, 2018)
  • Major employers in Orlando market: Walt Disney World Resort; Advent Health; Universal Orlando Resort; Orange County Public Schools; University of Central Florida; Lockheed Martin; and Darden Restaurants.

PRICE & RENT TRENDS

Zip Code: 32164

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240k260k280k300kPrice in $49k309k

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

Zip Code: 32164

NeighborhoodNIR Market*CityMarket2015Year20092019 Q211001150120012501300135014001450150015501600165017001750Rent in $10721757

* 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
Bunnell Elementary School Primary Regular 1,260 91 4
Buddy Taylor Middle School Middle Regular 1,005 61 4
Flagler-palm Coast High School High Regular 2,421 110 5

Bunnell Elementary School

  • Education Level: Primary
  • # of students: 1,260
  • # of teachers: 91
4
GreatSchools Rating

Buddy Taylor Middle School

  • Education Level: Middle
  • # of students: 1,005
  • # of teachers: 61
4
GreatSchools Rating

Flagler-palm Coast High School

  • Education Level: High
  • # of students: 2,421
  • # of teachers: 110
5
GreatSchools Rating
 

$323,910$395,890$359,900

PURCHASE PRICE

$2,421$2,959$2,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,690
EXPENSES Loan Payment -$1,250
Property Tax -$484
Property Insurance -$147
Property Management Fees -$258
CASH FLOW
$551

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 6% of earned rent to cover both maintenance and periods of vacancy.

$359,900

PROJECTED PRICE

$2,690

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.71%
Appreciation Year (1-5) 7.7%
Maintenance Year (1-5) 3.00%
Vacancy 3.48%
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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,374

INVESTMENT

$95,374

Down Payment
$89,975
Rehab Estimate
$0
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

13.33

YEARS SAVED

$79,494

INTEREST SAVED

CASH FLOW REINVESTMENT

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

Solutions Manager

YOUR SOLUTIONS MANAGER

Please Contact Your Solutions Manager

To review the detailed price and rent comps for this property and answer any questions you may have.

PROPERTY LISTING DETAILS
Mynd
Tobin
BESbswy