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6649 Summer Cove Dr Riverview, FL 33578

4 Beds 2 Baths 1,298 sqft Built 2001

$224,990

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $173.34
  • 2 Days on Market
  • MLS # : T3284042
  • Updated Date : 01/09/2021 at 17:58
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,298 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty South Tampa

Listing Agent's Description

Welcome to Bloomingdale Ridge! This Charming 4 bedroom 2 bath home in established Riverview location is situated on a tranquil conservation homesite. Enter into a large open space perfect for entertaining family and friends. The kitchen opens to both the dining and living areas keeping a great flow throughout the floor plan. Located off the foyer you'll find the spacious Owners suite with en suite bath and walk-in closet. Across the Family room is 3 additional bedrooms and guest bath. The interior features brand new waterproof vinyl floors and new paint throughout. Step outside from the dining area to your private patio with fire-pit over looking the conservation area. This home is located minutes to 75 and the Crosstown making for easy access to downtown Tampa and MacDill AFB.

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: Bloomingdale Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240k260kPrice in $55k268k

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

Neighborhood: Bloomingdale Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280090010001100120013001400150016001700Rent in $7391726

* 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
Symmes Elementary School Primary Regular 651 49 4
Giunta Middle School Middle Regular 951 61 1
Spoto High School High Regular 1,449 88 3

Symmes Elementary School

  • Education Level: Primary
  • # of students: 651
  • # of teachers: 49
4
GreatSchools Rating

Giunta Middle School

  • Education Level: Middle
  • # of students: 951
  • # of teachers: 61
1
GreatSchools Rating

Spoto High School

  • Education Level: High
  • # of students: 1,449
  • # of teachers: 88
3
GreatSchools Rating
 

$202,491$247,489$224,990

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$781
Property Tax -$310
Property Insurance -$112
HOA -$23
Property Management Fees -$129
CASH FLOW
$135

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.

$224,990

PROJECTED PRICE

$1,490

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.25%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,372

INVESTMENT

$65,372

Down Payment
$56,248
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$781

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,248
Loan Amount $168,743
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$27,399

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $1,441

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$1,275
1$1,2752$1,4003$1,4254$1,4905$1,650
$1,650
RENT COMPS ANALYSIS
  • 6649 Summer Cove Dr Riverview, FL 4
    • 4 beds 2 baths ∙ 1,298 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,298 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $1.15
    •  
  • 6217 Calamari Pl Riverview, FL 1
    • 3 beds 2 baths ∙ 1,158 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,158 Sqft ∙ Built 2002
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $1.10
    •  
  • 6609 Northhaven Ct Riverview, FL 2
    • 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 2001
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.10
    •  
  • 6719 Summer Cove Dr Riverview, FL 3
    • 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 2000
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.10
    •  
  • 6725 Summer Haven Dr Riverview, FL 5
    • 3 beds 2 baths ∙ 1,452 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,452 Sqft ∙ Built 2003
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.14
    •  
PROPERTY LISTING DETAILS
John Gleason
1.727.207.8072
Keller Williams Realty South Tampa
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3284042
Last Updated: 01/09/2021
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