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507 E Devane St Plant City, FL 33563

3 Beds 2 Baths 1,391 sqft Built 1991

$239,900

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $172.47
  • 3 Days on Market
  • MLS # : T3296552
  • Updated Date : 03/26/2021 at 19:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,391 sqft
  • Baths : 2 full
Listing Agent

Star Bay Realty Corp.

Listing Agent's Description

Available Immediately!! Tastefully REMODELED DREAM HOME!!!!! New Roof/ New AC! Open floor plan, many NEW updates! Freshly painted inside and out. The cook in your house will appreciate the brand new kitchen featuring New All Wood Cabinets and custom quartz counters and backslpash/ Brand New Stainless Steel appliance package. Beautiful Waterproof Laminate Wood Floors in the common areas as well as custom ceramic tile in the wet areas, new carpet in the bedrooms. Bathrooms have been fully updated with new custom vanities and quartz countertops, updated lighting and plumbing fixtures. The open floor plan makes this home perfect for entertaining. Walk out back to your private back yard. Large oversized lot perfect for entertaining. Hurry, this will not last long!!!!!!! Close to local parks/ schools and everything the area offers. New skylights to be installed the weekend of 3/26.

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: Improvement League of Plant City

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $72k238k

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

Neighborhood: Improvement League of Plant City

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7451590

* 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
Jackson Elementary School Primary Regular 528 44 2
Marshall Middle School Middle Regular 846 57 2
Plant City High School High Regular 2,219 122 5

Jackson Elementary School

  • Education Level: Primary
  • # of students: 528
  • # of teachers: 44
2
GreatSchools Rating

Marshall Middle School

  • Education Level: Middle
  • # of students: 846
  • # of teachers: 57
2
GreatSchools Rating

Plant City High School

  • Education Level: High
  • # of students: 2,219
  • # of teachers: 122
5
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$833
Property Tax -$257
Property Insurance -$117
Property Management Fees -$129
CASH FLOW
-$6

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.

$239,900

PROJECTED PRICE

$1,330

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 10.2%
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

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$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$833

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$17,060

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,447

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,275
1$1,2752$1,3303$1,4954$1,5505$1,647
$1,647
RENT COMPS ANALYSIS
  • 507 E Devane St Plant City, FL 2
    • 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1991
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.96
    •  
  • 1301 Oak Pointe Pl Plant City, FL 1
    • 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 2000
    property image
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $1.02
    •  
  • 118 Orange Bud Way Plant City, FL 3
    • 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 2004
    property image
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.01
    •  
  • 910 N Wills St Plant City, FL 4
    • 4 beds 2 baths ∙ 1,454 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,454 Sqft ∙ Built 2006
    property image
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.07
    •  
  • 1213 Gordon Oaks Dr Plant City, FL 5
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 2006
    property image
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,647
    • $1.06
    •  
PROPERTY LISTING DETAILS
David O'brien
1.813.361.0001
Star Bay Realty Corp.
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3296552
Last Updated: 03/26/2021
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