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531 E Spruce St Tarpon Springs, FL 34689

3 Beds 1 Baths 1,040 sqft Built 1986

$200,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $192.31
  • 7 Days on Market
  • MLS # : U8111161
  • Updated Date : 01/26/2021 at 21:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,040 sqft
  • Baths : 1 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Great home. Great price. Upgraded kitchen with granite counters and stainless steel appliances. The living room and dining room provide an open floor plan. Fenced in backyard, carport, and a newer roof (2016)! Close to dog park, splash park, sponge docks and more! More photos coming soon.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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)

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
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$695
Property Tax -$255
Property Insurance -$97
Property Management Fees -$129
CASH FLOW
$125

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.

$200,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.65%

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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$26,477

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $1,144

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,3003$1,3954$1,4005$1,500
$1,500
RENT COMPS ANALYSIS
  • 531 E Spruce St Tarpon Springs, FL 2
    • 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1986 3 beds 1 baths ∙ 1,040 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.25
    •  
  • 1115 E Boyer St Tarpon Springs, FL 1
    • 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 1981
    property image
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $1.09
    •  
  • 601 Banana St Tarpon Springs, FL 3
    • 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 1969
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.15
    •  
  • 1237 Yale Dr Holiday, FL 4
    • 3 beds 2 baths ∙ 1,307 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,307 Sqft ∙ Built 2002
    property image
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.07
    •  
  • 706 Live Oak St E Tarpon Springs, FL 5
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 2002
    property image
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.09
    •  
PROPERTY LISTING DETAILS
Jack Bataoel
1.727.877.6500
Keller Williams Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8111161
Last Updated: 01/26/2021
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