Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

5105 Old Turner Ln Palmetto, FL 34221

4 Beds 3 Baths 2,252 sqft Built 2019

$293,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
December 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $130.11
  • 3 Days on Market
  • MLS # : A4486947
  • Updated Date : 12/26/2020 at 01:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,252 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Alliance Group

Listing Agent's Description

PRICED TO SELL. Looking for new construction but don't have the time or patience to build? This two-story, sitting on a corner lot barely lived in home has over $25,000 in after market upgrades. All concrete block constructed home has a large open-concept downstairs with a kitchen overlooking the living and dining room. Upstairs, the large owner’s suite includes a big walk-in closet and ensuite bathroom with linen closet. Three other bedrooms share a second bathroom. The loft at the top of the stairs provides extra space for work and play, as well as an additional closet for even more storage space.YES, $25,000 upgrades including, Water filter System, Fence to security. A wonderful back yard paved on bricks to have family reunions. Perfect location with easy commute to Ellenton Premium Outlets, I-75, I-275, US-301, St Pete, Bradenton, Brandon, Beaches, restaurants and much more. Don't miss this one in a lifetime opportunity.

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: 34221

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $67k297k

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

Zip Code: 34221

ZipNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10372041

* 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
Tillman Elementary Magnet School Primary Magnet 556 37 4
Lincoln Middle School Middle Magnet 526 36 3
Palmetto High School High Regular 2,076 93 3

Tillman Elementary Magnet School

  • Education Level: Primary
  • # of students: 556
  • # of teachers: 37
4
GreatSchools Rating

Lincoln Middle School

  • Education Level: Middle
  • # of students: 526
  • # of teachers: 36
3
GreatSchools Rating

Palmetto High School

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

$263,700$322,300$293,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,081
Property Tax -$299
Property Insurance -$174
HOA -$44
Property Management Fees -$129
CASH FLOW
$253

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 7% of earned rent to cover both maintenance and periods of vacancy.

$293,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 3.00%
Vacancy 3.70%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,645

INVESTMENT

$79,645

Down Payment
$73,250
Rehab Estimate
$2,000
Closing Costs
$4,395

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,081

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,250
Loan Amount $219,750
See What Happens When You Reinvest Cash Flow

11

YEARS SAVED

$58,545

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,689

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,6503$1,6994$1,7755$1,980
$1,980
RENT COMPS ANALYSIS
  • 5105 Old Turner Ln Palmetto, FL 5
    • 4 beds 3 baths ∙ 2,252 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,252 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.88
    •  
  • 5814 New Paris Way Ellenton, FL 1
    • 4 beds 2 baths ∙ 2,057 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,057 Sqft ∙ Built 2003
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.63
    •  
  • 6028 36th Ct E Ellenton, FL 2
    • 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2004
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.79
    •  
  • 5995 Willows Bridge Loop Ellenton, FL 3
    • 3 beds 2 baths ∙ 2,059 Sqft ∙ Built 2007 3 beds 2 baths ∙ 2,059 Sqft ∙ Built 2007
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $0.83
    •  
  • 4175 Day Bridge Pl Ellenton, FL 4
    • 4 beds 3 baths ∙ 2,354 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,354 Sqft ∙ Built 2006
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.75
    •  
PROPERTY LISTING DETAILS
Artab Pangallo
1.941.586.3465
Re/max Alliance Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4486947
Last Updated: 12/26/2020
BESbswy