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3005 Riders Pass Odessa, FL 33556

3 Beds 3 Baths 2,141 sqft Built 2017

$384,900

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $179.78
  • 3 Days on Market
  • MLS # : T3278018
  • Updated Date : 11/28/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,141 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Residential

Listing Agent's Description

Absolutely Stunning like new home. Why wait for new construction, this one is ready now! This desirable La Salle floor plan by MI Homes has thousands in upgrades and is located in the #1 master planned community of Starkey Ranch. The La Salle model offers you 3 bedrooms, 3 Full bathrooms, and a spacious upstairs loft! As you walk inside, you have a very open floor plan with the dining room, living room and kitchen all combined. The soaring vaulted ceiling is unique, adding tons of height. The gourmet kitchen features double stack ovens, large Microwave above the stove, gas cooktop plus extra cabinetry/breakfast bar with upper glass front wood cabinets and an island. The kitchen is complete with beautiful espresso cabinets and quartz countertops. Throw in those barstools for additional seating! Making your way through the main level, You have the owner's suite with tray ceilings, crown molding and a large walk-in closet with a custom adjustable closet organizer. Also on the 1st floor you have the 2nd bedroom with a walk-in closet. Some of the 1st floor upgrades include wood look tile, custom molding and large baseboards. Tucked in the back is the staircase which leads you to the perfect hang out in the loft for video gaming or movie nights. Best of all, this is where the 3rd bedroom and full bathroom with tub/shower is. The 2 car garage is located in the rear. Off of the kitchen is where you can enjoy more outside living under the huge extended covered lanai. This area is perfect for lounging, grilling or entertaining surrounded by gorgeous landscaping for added privacy. All of this located on an extra large pie shaped lot with community green space out front. Not only do you get an amazing home, you also get the community amenities that include 2 pools, a community garden, playgrounds, parks, miles of walking/biking trails, a state of the art K-8 school opening 8/2021, easy access to a district park, and is conveniently located near grocery, medical, restaurants, shopping and the Veterans Expressway There is a full time lifestyle team that coordinates community events throughout the year to keep Starkey Ranch residents busy. Come be a part of a sought-out community that will not disappoint!

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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: Starkey Ranch

ZipNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $85k463k

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

Neighborhood: Starkey Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $8782638

* 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
Odessa Elementary School Primary Regular 836 56 8
Seven Springs Middle School Middle Regular 1,442 88 9
James W. Mitchell High School High Regular 1,892 117 7

Odessa Elementary School

  • Education Level: Primary
  • # of students: 836
  • # of teachers: 56
8
GreatSchools Rating

Seven Springs Middle School

  • Education Level: Middle
  • # of students: 1,442
  • # of teachers: 88
9
GreatSchools Rating

James W. Mitchell High School

  • Education Level: High
  • # of students: 1,892
  • # of teachers: 117
7
GreatSchools Rating
 

$346,410$423,390$384,900

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,420
Property Tax -$561
Property Insurance -$161
HOA -$6
Property Management Fees -$80
CASH FLOW
$72

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.

$384,900

PROJECTED PRICE

$2,300

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 4.6%
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$0.0$5.0k$10k$15k$20k

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$107,749

INVESTMENT

$107,749

Down Payment
$96,225
Rehab Estimate
$5,750
Closing Costs
$5,774

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,225
Loan Amount $288,675
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$39,972

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,468

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,3003$2,3504$2,4005$2,450
$2,450
RENT COMPS ANALYSIS
  • 3005 Riders Pass Odessa, FL 2
    • 3 beds 3 baths ∙ 2,141 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,141 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.07
    •  
  • 12257 Lake Blvd New Port Richey, FL 1
    • 4 beds 2 baths ∙ 2,003 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,003 Sqft ∙ Built 2017
    LEASED 07/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.05
    •  
  • 2280 Long Spur Odessa, FL 3
    • 3 beds 2 baths ∙ 1,970 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,970 Sqft ∙ Built 2018
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.19
    •  
  • 12926 Payton St Odessa, FL 4
    • 3 beds 2 baths ∙ 1,993 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,993 Sqft ∙ Built 2017
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.20
    •  
  • 11899 Blamey Trl Odessa, FL 5
    • 4 beds 3 baths ∙ 2,098 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,098 Sqft ∙ Built 2018
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.17
    •  
PROPERTY LISTING DETAILS
Steven Doran Pa
1.813.317.5711
Coldwell Banker Residential
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3278018
Last Updated: 11/28/2020
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