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3018 Maplewood Ave Lakeland, FL 33803

3 Beds 2 Baths 1,252 sqft Built 1962

$175,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $139.78
  • 2 Days on Market
  • MLS # : W7828630
  • Updated Date : 11/22/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,252 sqft
  • Baths : 2 full
Listing Agent

Listwithfreedom.com

Listing Agent's Description

Fixer upper. CASH BUYERS ONLY, highly motivated seller!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Lake Somerset

NeighborhoodNIR Market*CityMarket2010Year2000201970k80k90k100k110k120k130k140k150k160k170k180kPrice in $69k185k

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

Neighborhood: Lake Somerset

NeighborhoodNIR Market*CityMarket2015Year20092019 Q295010001050110011501200125013001350Rent in $9081380

* 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
Cleveland Court Elementary School Primary Regular 384 25 6
Southwest Middle School Middle Regular 852 52 2
Lakeland Senior High School High Regular 2,139 117 5

Cleveland Court Elementary School

  • Education Level: Primary
  • # of students: 384
  • # of teachers: 25
6
GreatSchools Rating

Southwest Middle School

  • Education Level: Middle
  • # of students: 852
  • # of teachers: 52
2
GreatSchools Rating

Lakeland Senior High School

  • Education Level: High
  • # of students: 2,139
  • # of teachers: 117
5
GreatSchools Rating
 

$157,500$192,500$175,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$646
Property Tax -$218
Property Insurance -$108
Property Management Fees -$80
CASH FLOW
$179

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$175,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.75%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 3.80%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$646

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$31,167

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,239

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,2303$1,3754$1,3955$1,400
$1,400
RENT COMPS ANALYSIS
  • 3018 Maplewood Ave Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.98
    •  
  • 3004 Pineway Ave Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,094 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,094 Sqft ∙ Built 1960
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $1.07
    •  
  • 817 Eddy St Lakeland, FL 3
    • 3 beds 1 baths ∙ 1,450 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,450 Sqft ∙ Built 1952
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.95
    •  
  • 2721 Handley Blvd Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1959
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.96
    •  
  • 1725 Fredricksburg Ave Lakeland, FL 5
    • 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1961
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.98
    •  
PROPERTY LISTING DETAILS
Ralph Harvey
1.855.456.4945
Listwithfreedom.com
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: W7828630
Last Updated: 11/22/2020
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