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6382 Forestwood Dr E Lakeland, FL 33811

3 Beds 2 Baths 1,745 sqft Built 1992

$299,900

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $171.86
  • 3 Days on Market
  • MLS # : T3287608
  • Updated Date : 01/30/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,745 sqft
  • Baths : 2 full
Listing Agent

Star Bay Realty Corp.

Listing Agent's Description

Come see this Gorgeous fully renovated Single Family home in the Forestwood subdivision in Beautiful Lakeland, short drive to Disney and a 45 minute drive to Clearwater beach. Home features 3 bedroom 2 baths, elegant brand new cabinets with Quartz counter tops. Brand new roof, Brand new A/C. Vinyl flooring throughout the entire property which are water resistant. Must see to appreciate all the work that has been put into the property. Come see this Gem before is gone. All measurements are an estimate, please do your own measurements.

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

Neighborhood: Forestwood

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $70k274k

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

Neighborhood: Forestwood

NeighborhoodNIR Market*CityMarket2015Year20092019 Q210001100120013001400150016001700Rent in $9081772

* 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
James W. Sikes Elementary School Primary Regular 873 58 5
Mulberry Middle School Middle Regular 1,035 57 4
Mulberry Senior High School High Regular 1,056 58 4

James W. Sikes Elementary School

  • Education Level: Primary
  • # of students: 873
  • # of teachers: 58
5
GreatSchools Rating

Mulberry Middle School

  • Education Level: Middle
  • # of students: 1,035
  • # of teachers: 57
4
GreatSchools Rating

Mulberry Senior High School

  • Education Level: High
  • # of students: 1,056
  • # of teachers: 58
4
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$1,042
Property Tax -$330
Property Insurance -$136
Property Management Fees -$129
CASH FLOW
-$36

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.

$299,900

PROJECTED PRICE

$1,600

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.82%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 3.73%
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

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$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$14,052

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,461

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3953$1,4454$1,6005$1,650
$1,650
RENT COMPS ANALYSIS
  • 6382 Forestwood Dr E Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.92
    •  
  • 2238 Blackwood Dr Mulberry, FL 1
    • 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2004
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.77
    •  
  • 5685 Pheasant Dr Mulberry, FL 2
    • 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1974
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.79
    •  
  • 2610 Whitewood Rd Mulberry, FL 3
    • 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 2004
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.85
    •  
  • 3284 Sanoma Dr Lakeland, FL 5
    • 4 beds 2 baths ∙ 1,752 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,752 Sqft ∙ Built 2005
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
PROPERTY LISTING DETAILS
Victor Carranza
1.727.902.0751
Star Bay Realty Corp.
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3287608
Last Updated: 01/30/2021
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