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319 E Patterson St Tampa, FL 33604

4 Beds 2 Baths 1,408 sqft Built 2007

$195,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $138.49
  • 4 Days on Market
  • MLS # : T3281918
  • Updated Date : 12/26/2020 at 12:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,408 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Residential

Listing Agent's Description

Incredible opportunity to buy this renovated bungalow in Oak at Riverview. Corner lot, so only two neighbors. Spacious home with on suite bathroom in master and breakfast bar in kitchen. Newer kitchen cabinets. This home is covered in large ceramic tile in wet areas and newer carpet in the bedrooms. Very tall ceilings and ceiling fans through out. Huge front porch with some landscaping. Large parking pad on the right side of the home. Huge sidewalks through out the neighborhood. Built in 2007, this home is in great shape and could be a great investment home as well. Tenant occupied at the moment. Buy this one and make it your 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: Old Seminole Heights

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $67k238k

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

Neighborhood: Old Seminole Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8381613

* 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 Elementary School Primary Regular 413 40 4
Adams Middle School Middle Regular 1,017 75 2
Chamberlain High School High Regular 1,772 98 4

Cleveland Elementary School

  • Education Level: Primary
  • # of students: 413
  • # of teachers: 40
4
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
 

$175,500$214,500$195,000

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 -$719
Property Tax -$235
Property Insurance -$117
HOA -$82
Property Management Fees -$129
CASH FLOW
$357

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.

$195,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.84%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 13.3%
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

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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

14.42

YEARS SAVED

$52,896

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
  • $1.16

    LIST RENT PER SQFT
  • $1,651

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,5503$1,6404$1,7005$1,700
$1,700
RENT COMPS ANALYSIS
  • 319 E Patterson St Tampa, FL 3
    • 4 beds 2 baths ∙ 1,408 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,408 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $1.16
    •  
  • 8416 N Otis Ave Tampa, FL 1
    • 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 1989
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.12
    •  
  • 202 E Clinton St Tampa, FL 2
    • 4 beds 2 baths ∙ 1,344 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,344 Sqft ∙ Built 2001
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.15
    •  
  • 307 E Broad St Tampa, FL 4
    • 4 beds 2 baths ∙ 1,408 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,408 Sqft ∙ Built 2007
    property image
    LEASED 08/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.21
    •  
  • 311 E Broad St Tampa, FL 5
    • 4 beds 2 baths ∙ 1,408 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,408 Sqft ∙ Built 2007
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.21
    •  
PROPERTY LISTING DETAILS
Juan Castro, Jr
1.813.205.8081
Coldwell Banker Residential
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3281918
Last Updated: 12/26/2020
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