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506 Whispering Oak Dr Tarpon Springs, FL 34689

3 Beds 3 Baths 1,811 sqft Built 1980

$325,000

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $179.46
  • 16 Days on Market
  • MLS # : U8113022
  • Updated Date : 02/26/2021 at 10:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,811 sqft
  • Baths : 3 full
Listing Agent

Re/max Elite Realty

Listing Agent's Description

Wow, get this TARPON SPRINGS 3 BEDROOM plus DEN/Bonus, POOL HOME Under $350K quick! This will not last long. This one checks off all your boxes: enclosed pool, 3 bedrooms, 3 baths, 2 car garage, den, X flood zone, split floor plan, large yard, Nice neighborhood, and more! Home is nestled on a large lot OVER 1/4 ACRE and is at the private end of a quiet, cul-de-sac. Enjoy views of the rear pond from the beautiful pool with a screened in enclosure. There is also a firepit area in the backyard and an outdoor shed in the side yard for additional storage. Kitchen has been updated and has a very nice large pantry. Living/Dining Room area is huge and open with sliders to the pool. Master bedroom has French doors leading to the pool area and features a private master bath. The den is conveniently located between the master bedroom and kitchen on one side of the house. The other side of the house has 2 bedrooms, one with sliding doors to the pool and a full bathroom. Home just needs a few cosmetic things but the roof and AC are in great shape. Roof was replaced December 2016. This home has so much potential! Some ideas: Move or add a laundry area inside where the extra 2 vanities are between the 2nd and 3rd bedrooms, Could easily convert den into the master bedroom and use current Master bedroom as a separate inlaw suite or apt/studio with a private entrance off the pool by adding a kitchenette and a secure door between the 2 bathrooms. This could easily be a 4 bedroom home or a perfect rental property. You will absolutely LOVE living in TARPON SPRINGS - Which was voted #1 small historic town in the nation in a recent USA Today Poll. A few favorites are the Sponge Docks, festivals, beaches, shops, restaurants, Pinellas Trail, Craig Park, Fred Howard Park, Sunset Beach, concerts, First Friday, Night in the Islands, Tarpon Arts - plays and concerts, Anderson Park on Lake Tarpon and so much more!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 34689

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $85k279k

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

Zip Code: 34689

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8781827

* 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
Tarpon Springs Elementary School Primary Regular 644 46 2
Tarpon Springs Middle School Middle Regular 873 46 4
Tarpon Springs High School High Magnet 1,402 69 6

Tarpon Springs Elementary School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 46
2
GreatSchools Rating

Tarpon Springs Middle School

  • Education Level: Middle
  • # of students: 873
  • # of teachers: 46
4
GreatSchools Rating

Tarpon Springs High School

  • Education Level: High
  • # of students: 1,402
  • # of teachers: 69
6
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,129
Property Tax -$414
Property Insurance -$142
HOA -$2
Property Management Fees -$129
CASH FLOW
-$46

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.

$325,000

PROJECTED PRICE

$1,770

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 5.2%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$18,881

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,951

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,770
1$1,7702$1,8293$1,8504$1,9995$2,300
$2,300
RENT COMPS ANALYSIS
  • 506 Whispering Oak Dr Tarpon Springs, FL 1
    • 3 beds 3 baths ∙ 1,811 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,811 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.98
    •  
  • 1763 Meadow Oak Ln Tarpon Springs, FL 2
    • 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 2000
    LEASED 06/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,829
    • $1.09
    •  
  • 1818 Lillian Ave Tarpon Springs, FL 3
    • 3 beds 2 baths ∙ 1,735 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,735 Sqft ∙ Built 1978
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.07
    •  
  • 1381 Forest Lawn Ct Tarpon Springs, FL 4
    • 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 1979
    LEASED 01/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,999
    • $1.03
    •  
  • 1677 Oak Spring Dr Tarpon Springs, FL 5
    • 4 beds 3 baths ∙ 2,062 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,062 Sqft ∙ Built 2000
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.12
    •  
PROPERTY LISTING DETAILS
Kim Adams
1.317.407.6003
Re/max Elite Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8113022
Last Updated: 02/26/2021
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