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3004 Magdalene Woods Dr Tampa, FL 33618

4 Beds 2 Baths 2,098 sqft Built 1992

$424,900

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $202.53
  • 3 Days on Market
  • MLS # : U8108784
  • Updated Date : 01/09/2021 at 09:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,098 sqft
  • Baths : 2 full
Listing Agent

Coastal Brokerage & Investment

Listing Agent's Description

Craftsman Style House with Lake Magdalene Access in a small charming neighborhood. Amazing views from the family room/kitchen and 450sf screened enclosed deck. This 4 bedroom, 2 bath home is updated with solid wood cabinets, granite counter tops and plenty of natural light. An open floor plan with large sliding glass doors leading to the deck makes this a great home for entertaining. The common areas have pecan hardwood floors and the bedrooms have recently installed carpeting. The roof was replaced in 2016 and attic fans were installed. Recent updates include a 4 ton AC installed in 2018, Hybrid Water Heater installed in 2017 and CWS Vinyl Insulated Windows. Easy access to Downtown, the airport and beaches. Come by and take a look at this beautiful home!!

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: Lake Magdalene Woods

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $85k451k

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

Neighborhood: Lake Magdalene Woods

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900200021002200Rent in $8782295

* 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
Lake Magdalene Elementary School Primary Regular 865 67 5
Adams Middle School Middle Regular 1,017 75 2
Chamberlain High School High Regular 1,772 98 4

Lake Magdalene Elementary School

  • Education Level: Primary
  • # of students: 865
  • # of teachers: 67
5
GreatSchools Rating

Adams Middle School

  • Education Level: Middle
  • # of students: 1,017
  • # of teachers: 75
2
GreatSchools Rating

Chamberlain High School

  • Education Level: High
  • # of students: 1,772
  • # of teachers: 98
4
GreatSchools Rating
 

$382,410$467,390$424,900

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,476
Property Tax -$523
Property Insurance -$157
HOA -$21
Property Management Fees -$129
CASH FLOW
-$186

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.

$424,900

PROJECTED PRICE

$2,120

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.27%
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-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,349

INVESTMENT

$118,349

Down Payment
$106,225
Rehab Estimate
$5,750
Closing Costs
$6,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,225
Loan Amount $318,675
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$14,722

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $2,245

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,1203$2,1954$2,2005$2,295
$2,295
RENT COMPS ANALYSIS
  • 3004 Magdalene Woods Dr Tampa, FL 2
    • 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 1992 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.01
    •  
  • 3329 Foxridge Cir Tampa, FL 1
    • 4 beds 2 baths ∙ 2,039 Sqft ∙ Built 1982 4 beds 2 baths ∙ 2,039 Sqft ∙ Built 1982
    property image
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.03
    •  
  • 13722 Wilkes Dr Tampa, FL 3
    • 4 beds 3 baths ∙ 1,915 Sqft ∙ Built 1979 4 beds 3 baths ∙ 1,915 Sqft ∙ Built 1979
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.15
    •  
  • 3406 Reynoldswood Dr Tampa, FL 4
    • 3 beds 3 baths ∙ 2,110 Sqft ∙ Built 1985 3 beds 3 baths ∙ 2,110 Sqft ∙ Built 1985
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.04
    •  
  • 3406 Thorndale Way Tampa, FL 5
    • 4 beds 2 baths ∙ 2,159 Sqft ∙ Built 1981 4 beds 2 baths ∙ 2,159 Sqft ∙ Built 1981
    property image
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.06
    •  
PROPERTY LISTING DETAILS
Jeff Baker
1.813.830.3112
Coastal Brokerage & Investment
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8108784
Last Updated: 01/09/2021
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