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4024 Derby Dr Lakeland, FL 33809

3 Beds 2 Baths 1,570 sqft Built 1985

$224,900

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $143.25
  • 6 Days on Market
  • MLS # : L4920081
  • Updated Date : 01/08/2021 at 10:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,570 sqft
  • Baths : 2 full
Listing Agent

Remax Paramount Properties

Listing Agent's Description

WEDGEWOOD!! NORTHSIDE GOLF COURSE HOME! This 3BR/2 bath split plan home has 1,570 sq ft of living and inside utility room. Open plan has volume ceilings, wood and laminate tile in the living areas and carpet in bedrooms. Kitchen with eating area and full view of golf course. Combo living room/dining room is great for entertaining. Large, screened lanai overlooks the 4th hole on the golf course. Home is in the city limits with all the amenities. This is Florida Living at its Best. Minutes to I-4 and shopping. Call today for your private tour! Excellent Value!!

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

Zip Code: 33809

ZipNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $70k214k

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

Zip Code: 33809

ZipNIR Market*CityMarket2015Year20092019 Q2950100010501100115012001250130013501400Rent in $9081403

* 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
North Lakeland Elementary School Primary Regular 750 48 4
Sleepy Hill Middle School Middle Regular 816 50 2
Lake Gibson Senior High School High Regular 1,834 92 3

North Lakeland Elementary School

  • Education Level: Primary
  • # of students: 750
  • # of teachers: 48
4
GreatSchools Rating

Sleepy Hill Middle School

  • Education Level: Middle
  • # of students: 816
  • # of teachers: 50
2
GreatSchools Rating

Lake Gibson Senior High School

  • Education Level: High
  • # of students: 1,834
  • # of teachers: 92
3
GreatSchools Rating
 

$202,410$247,390$224,900

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$781
Property Tax -$274
Property Insurance -$126
HOA -$4
Property Management Fees -$129
CASH FLOW
-$14

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.

$224,900

PROJECTED PRICE

$1,300

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.75%
Appreciation Year (1-5) 7.1%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$65,349

INVESTMENT

$65,349

Down Payment
$56,225
Rehab Estimate
$5,750
Closing Costs
$3,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$781

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,225
Loan Amount $168,675
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$10,907

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,327

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3003$1,3504$1,4005$1,535
$1,535
RENT COMPS ANALYSIS
  • 4024 Derby Dr Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1985
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.83
    •  
  • 857 Rockingham Rd Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1982
    property image
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.94
    •  
  • 228 Fernery Rd Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,595 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,595 Sqft ∙ Built 1967
    property image
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.85
    •  
  • 3801 Wildcat Run Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,837 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,837 Sqft ∙ Built 1992
    property image
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.76
    •  
  • 817 Rockingham Rd Lakeland, FL 5
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2004
    property image
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,535
    • $0.83
    •  
PROPERTY LISTING DETAILS
Jay Hickman, Jr
1.863.521.3393
Remax Paramount Properties
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4920081
Last Updated: 01/08/2021
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