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311 E Selma Ave Tampa, FL 33603

3 Beds 2 Baths 1,204 sqft Built 1996

$194,900

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $161.88
  • 8 Days on Market
  • MLS # : T3285097
  • Updated Date : 01/22/2021 at 15:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,204 sqft
  • Baths : 1 full , 1 half
Listing Agent

Charles Rutenberg Realty Inc

Listing Agent's Description

Massive corner fenced lot concrete, block construction, The same style of cool ceramic Floridian floor tiles Through out the home No HOA or Cdd! Equity Alert. The ROBLES PARK RE-DEVELOPMENT has been approved. This is your exclusive opportunity to purchase a 1996 block home in advance of home price increases post-development. Location is the key. Imagine walking or biking to your favorite Seminole Heights hot spots. You are only a few blocks away from Heights Meat Market, Thee Burger Spot, Brew Bus Brewing, The Blind Tiger Cafe, and many other Seminole Heights favorites. This 3 bedroom, 1.5bath home, is located within minutes of downtown Tampa. This is a unique opportunity to be close to everything and purchase under $250k. FOR INFO ON ROBLES PARK PROJECT: https://newroblespark.comstone a stones throw away from Seminole and Tampa Heights has to offer! Mins to Downtown Tampa, Armature Works and I-275! trendy design and functionality in mind! As you enter the home you will fell the openness and airy of this home is. Open concept floor plan!. Nice fully fenced backyard! Schedule your showing now! Enjoy living in the newer home in the center of it all! Close proximity to various popular local restaurants, brew pubs and coffee shops. Quick access to major highways, making your trip to award winning gulf beaches and world famous amusement parks a breeze. All rooms sizes are approximate, agent/buyer to verify

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: Tampa Heights

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $55k238k

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

Neighborhood: Tampa Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q28009001000110012001300140015001600Rent in $7391613

* 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
Broward Elementary School Primary Regular 393 36 2
Stewart Middle School Middle Magnet 949 57 5
Hillsborough High School High Magnet 1,947 107 4

Broward Elementary School

  • Education Level: Primary
  • # of students: 393
  • # of teachers: 36
2
GreatSchools Rating

Stewart Middle School

  • Education Level: Middle
  • # of students: 949
  • # of teachers: 57
5
GreatSchools Rating

Hillsborough High School

  • Education Level: High
  • # of students: 1,947
  • # of teachers: 107
4
GreatSchools Rating
 

$175,410$214,390$194,900

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$677
Property Tax -$235
Property Insurance -$106
Property Management Fees -$129
CASH FLOW
$114

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.

$194,900

PROJECTED PRICE

$1,260

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 10.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.25%
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$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,399

INVESTMENT

$57,399

Down Payment
$48,725
Rehab Estimate
$5,750
Closing Costs
$2,924

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$677

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,725
Loan Amount $146,175
See What Happens When You Reinvest Cash Flow

9.17

YEARS SAVED

$23,966

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,327

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,260
1$1,2602$1,3003$1,4504$1,5005$1,795
$1,795
RENT COMPS ANALYSIS
  • 311 E Selma Ave Tampa, FL 1
    • 3 beds 2 baths ∙ 1,204 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,204 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $1.05
    •  
  • 1310 E Palifox St Tampa, FL 2
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2000
    property image
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.08
    •  
  • 3210 N 16th St Tampa, FL 3
    • 4 beds 2 baths ∙ 1,380 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,380 Sqft ∙ Built 2006
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.05
    •  
  • 3804 N Tampa St Tampa, FL 4
    • 4 beds 2 baths ∙ 1,344 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,344 Sqft ∙ Built 1999
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.12
    •  
  • 502 E Amelia Ave Tampa, FL 5
    • 3 beds 3 baths ∙ 1,544 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,544 Sqft ∙ Built 1996
    property image
    LEASED 11/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.16
    •  
PROPERTY LISTING DETAILS
Margaret Weiss
1.813.294.5825
Charles Rutenberg Realty Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3285097
Last Updated: 01/22/2021
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