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4517 40th Ave N St Petersburg, FL 33714

3 Beds 2 Baths 1,488 sqft Built 1982

$269,900

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1982
  • Price/Sqft : $181.38
  • 11 Days on Market
  • MLS # : U8102938
  • Updated Date : 11/05/2020 at 10:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,488 sqft
  • Baths : 2 full
Listing Agent

Re/max Realty Unlimited

Listing Agent's Description

Well maintained 3 bed / 2 bath / 1 car garage block construction house with a great floor plan in a non-flood zone, isn't that what everyone wants? Home features a low maintenance yard with an oversized parking pad in the back and also an outdoor shower in the side yard. Inside is a split floor plan with two large bedrooms in the front and an additional bedroom in the back. The color scheme, backsplash and cabinet underlighting really make this kitchen look great. In between the bedrooms is the kitchen, living room and a relaxing private screened in porch area with a bit of stonework and a stained glass window. The outside area has electricity and plumbing so you could install a water feature to make this sitting area even more serene. This quiet North St. Pete neighborhood is prime location - convenient to the highway, about 10 minutes to downtown and about 15 minutes to the beaches. This is definitely one of those homes worth checking out in person. Owner is motivated, schedule your showing today!

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: Lealman

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $51k238k

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

Neighborhood: Lealman

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6111590

* 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
Westgate Elementary School Primary Regular 613 43 3
Tyrone Middle School Middle Regular 804 56 3
St. Petersburg High School High Magnet 2,195 109 6

Westgate Elementary School

  • Education Level: Primary
  • # of students: 613
  • # of teachers: 43
3
GreatSchools Rating

Tyrone Middle School

  • Education Level: Middle
  • # of students: 804
  • # of teachers: 56
3
GreatSchools Rating

St. Petersburg High School

  • Education Level: High
  • # of students: 2,195
  • # of teachers: 109
6
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$996
Property Tax -$403
Property Insurance -$123
Property Management Fees -$80
CASH FLOW
-$1

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.

$269,900

PROJECTED PRICE

$1,600

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 7.4%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$20,539

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,626

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5003$1,5494$1,6005$1,695
$1,695
RENT COMPS ANALYSIS
  • 4517 40th Ave N St Petersburg, FL 4
    • 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.08
    •  
  • 3570 40th Way N St Petersburg, FL 1
    • 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 1979
    LEASED 05/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.07
    •  
  • 5960 35th Ave N St Petersburg, FL 2
    • 4 beds 2 baths ∙ 1,326 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,326 Sqft ∙ Built 1965
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.13
    •  
  • 3911 42nd Ave N St Petersburg, FL 3
    • 4 beds 2 baths ∙ 1,501 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,501 Sqft ∙ Built 1973
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,549
    • $1.03
    •  
  • 6092 26th Ave N St Petersburg, FL 5
    • 3 beds 3 baths ∙ 1,484 Sqft ∙ Built 1963 3 beds 3 baths ∙ 1,484 Sqft ∙ Built 1963
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.14
    •  
PROPERTY LISTING DETAILS
Chris Formico
1.727.307.1111
Re/max Realty Unlimited
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8102938
Last Updated: 11/05/2020
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