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5244 Lakehurst Ct Palmetto, FL 34221

3 Beds 2 Baths 1,713 sqft Built 2004

$285,900

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $166.90
  • 3 Days on Market
  • MLS # : U8103827
  • Updated Date : 11/06/2020 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,713 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Residential

Listing Agent's Description

This 3 bedroom, 2 bath home is located in the desirable community of Waterford. An immaculate well-maintained home situated on a spectacular lot with views of the 70-acre lake. Picture yourself taking in the views as you relax on the screened lanai. The living room windows have been replaced with huge hurricane proof triple sliding doors for an unobstructed view of the lake. Tile flooring from foyer leading into kitchen, dining and living room. Updated kitchen with stainless steel appliances and kitchen Island. Inside laundry room with washer/dryer. Master suite has deep tray ceiling with overhead ceiling fan and pocket doors to ensuite. Double vanity, deep soaker tub and walk-in shower. Double walk-in closets. Custom crown molding in every room frames the vaulted ceilings. The additional bedrooms are carpeted and are located at the front. The community offers a heated swimming pool overlooking the lake. Low HOA fees and no CDD fees. Easy access to I-75, shopping, beaches and within commuting distance of St Pete, Tampa and Sarasota. Within minutes of the new Publix.

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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: Waterford

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $97k409k

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

Neighborhood: Waterford

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q212001400160018002000220024002600Rent in $11052642

* 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
Mills Elementary School Primary Regular 1,160 66 6
Buffalo Creek Middle School Middle Regular 1,102 54 5
Palmetto High School High Regular 2,076 93 3

Mills Elementary School

  • Education Level: Primary
  • # of students: 1,160
  • # of teachers: 66
6
GreatSchools Rating

Buffalo Creek Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 54
5
GreatSchools Rating

Palmetto High School

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

$257,310$314,490$285,900

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,055
Property Tax -$261
Property Insurance -$141
HOA -$68
Property Management Fees -$80
CASH FLOW
$195

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.

$285,900

PROJECTED PRICE

$1,800

PROJECTED RENT

0.63%

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) 8.00%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,514

INVESTMENT

$81,514

Down Payment
$71,475
Rehab Estimate
$5,750
Closing Costs
$4,289

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,055

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,475
Loan Amount $214,425
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$44,742

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,700

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6503$1,6954$1,8005$1,800
$1,800
RENT COMPS ANALYSIS
  • 5244 Lakehurst Ct Palmetto, FL 5
    • 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.05
    •  
  • 8930 Founders Cir Palmetto, FL 1
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2005
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.03
    •  
  • 7805 Drakestone Ct Palmetto, FL 2
    • 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 2003
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.96
    •  
  • 5335 Lakehurst Ct Palmetto, FL 3
    • 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 2005
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.99
    •  
  • 9115 52nd Ave E Palmetto, FL 4
    • 4 beds 2 baths ∙ 1,820 Sqft ∙ Built 2018 4 beds 2 baths ∙ 1,820 Sqft ∙ Built 2018
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.99
    •  
PROPERTY LISTING DETAILS
Helen Collom
1.941.462.9260
Coldwell Banker Residential
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8103827
Last Updated: 11/06/2020
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