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29505 Morningmist Dr Wesley Chapel, FL 33543

3 Beds 2 Baths 1,644 sqft Built 2000

$279,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $169.71
  • 4 Days on Market
  • MLS # : T3284931
  • Updated Date : 01/15/2021 at 10:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,644 sqft
  • Baths : 2 full
Listing Agent

University Realty Of Tampa

Listing Agent's Description

THIS IS A 3/2 CORNER LOT HOME LOCATED ON A LARGE POND. FEATURES INCLUDE: SCREENED PATIO, DOUBLE SIDED FIREPLACE, LARGE MASTER BEDROOM, WLAK IN SHOWER IN THE MASTER BATH, WALK IN CLOSET IN THE MASTER BEDROOM, 2 CAR GARAGE AND GAS DRYER, HOT WATER HEATER AND RANGE.

SEE MORE

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: Meadow Point

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k343k

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

Neighborhood: Meadow Point

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9052007

* 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
Sand Pine Elementary School Primary Regular 579 38 7
Dr. John Long Middle School Middle Regular 1,689 101 8
Wiregrass Ranch High School High Regular 2,332 138 8

Sand Pine Elementary School

  • Education Level: Primary
  • # of students: 579
  • # of teachers: 38
7
GreatSchools Rating

Dr. John Long Middle School

  • Education Level: Middle
  • # of students: 1,689
  • # of teachers: 101
8
GreatSchools Rating

Wiregrass Ranch High School

  • Education Level: High
  • # of students: 2,332
  • # of teachers: 138
8
GreatSchools Rating
 

$251,100$306,900$279,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$969
Property Tax -$445
Property Insurance -$132
HOA -$75
Property Management Fees -$129
CASH FLOW
-$110

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.

$279,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.27%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.26%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,685

INVESTMENT

$79,685

Down Payment
$69,750
Rehab Estimate
$5,750
Closing Costs
$4,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$969

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,750
Loan Amount $209,250
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$10,305

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,640

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5503$1,6404$1,6455$1,750
$1,750
RENT COMPS ANALYSIS
  • 29505 Morningmist Dr Wesley Chapel, FL 3
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $1.00
    •  
  • 30000 Morningmist Dr Wesley Chapel, FL 1
    • 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1999
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.01
    •  
  • 29619 Bright Ray Pl Wesley Chapel, FL 2
    • 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1998
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.04
    •  
  • 1309 Horsemint Ln Wesley Chapel, FL 4
    • 3 beds 2 baths ∙ 1,703 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,703 Sqft ∙ Built 1998
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.97
    •  
  • 1610 Firewheel Dr Wesley Chapel, FL 5
    • 3 beds 3 baths ∙ 1,810 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,810 Sqft ∙ Built 1998
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
PROPERTY LISTING DETAILS
Paul Noto
1.813.977.0079
University Realty Of Tampa
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3284931
Last Updated: 01/15/2021
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