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3218 6th Ave W Palmetto, FL 34221

3 Beds 2 Baths 1,362 sqft Built 1992

INVESTimate

$259,900

List Price

$1,720

$1,548 - $1,892

Rent Est.

$276,378  ( +6.34%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1992
  • Price/Sqft : $190.82
  • 8 Days on Market
  • MLS # : U8094696
  • Updated Date : 08/24/2020 at 15:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,362 sqft
  • Baths : 2 full
Listing Agent

Charles Rutenberg Realty Inc

Listing Agent's Description

Located in northwest Palmetto, this Bayou Estates 3 bedroom, 2 bath, 2 car garage block home has it all! As you walk inside of this meticulously cared for home, you will admire the well laid out space, vaulted ceilings and ample natural lighting. Plus, the large garage and 400 sq ft outdoor covered patio adds to the robust feeling of the home. You are sure to be pleased with the overall new feeling of the finishes. There is newer pet/spill-proof carpet in all 3 bedrooms and Colonial Base throughout the entire living space and master bedroom! The master bedroom has an en-suite bathroom with walk-in shower plus 2 separate closets. Both bathrooms were recently updated and the large kitchen was stylishly updated in 2013. The interior of the home was painted throughout in 2019 and the exterior was painted in 2018. The garage floor was finished with High Traffic Rustoleum Garage floor paint in 2019. The laundry room is conveniently located in the interior of the home and easily accommodates a full sized washer/dryer. Walk outside and step out onto the BIG BACK COVERED PATIO and enjoy your PRIVATE WHITE VINYL FENCED YARD, installed in 2020! Beautiful landscaping completed in 2020 giving you that tropical oasis feel! There is a LARGE SHED to boot for those extra toys and tools. This stunning home is close to shopping/restaurants. It has an ideal location with easy access to the interstate, airports, beaches and all that St Pete and Bradenton have to offer. Bayou Estates is a quite, low traffic neighborhood located just two miles south of the Sunshine Skyway Bridge- great place to call home. No Flood insurance required! Schedule a private showing or virtual tour TODAY!

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MARKET HIGHLIGHTS

  • 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.
  • Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Memphis

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $87k297k

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

Neighborhood: Memphis

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10842041

* 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
Palm View Elementary School Primary Regular 385 25 3
Buffalo Creek Middle School Middle Regular 1,102 54 5
Palmetto High School High Regular 2,076 93 3

Palm View Elementary School

  • Education Level: Primary
  • # of students: 385
  • # of teachers: 25
3
GreatSchools Rating

Buffalo Creek Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 54
5
GreatSchools Rating

Palmetto High School

  • Education Level: High
  • # of students: 2,076
  • # of teachers: 93
3
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$959
Property Tax -$265
Property Insurance -$120
HOA -$25
Property Management Fees -$80
CASH FLOW
$271

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.

$259,900

PROJECTED PRICE

$1,720

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 6.34%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

11.42

YEARS SAVED

$53,198

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $1,798

    COMP ESTIMATED VALUE
  • $1.32

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,7203$1,7504$1,795
$1,795
RENT COMPS ANALYSIS
  • 3218 6th Ave W Palmetto, 2
    • 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $1.26
    •  
  • 2612 8th Ave E Palmetto, 1
    • 3 beds 2 baths ∙ 1,085 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,085 Sqft ∙ Built 2002
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.24
    •  
  • 432 44th Street Ct W Palmetto, 3
    • 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 1981
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.28
    •  
  • 4120 5th Ave W Palmetto, 4
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1982
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.44
    •  
PROPERTY LISTING DETAILS
Sarah Strobel
1.727.692.1608
Charles Rutenberg Realty Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8094696
Last Updated: 08/24/2020
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