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704 Hemlock Ln Lakeland, FL 33810

3 Beds 2 Baths 1,323 sqft Built 1978

$178,000

List Price

$1,170

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $134.54
  • 4 Days on Market
  • MLS # : L4921569
  • Updated Date : 03/20/2021 at 21:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,323 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Multiple offers. Have all offers submitted by 6:00pm Saturday, March 20th, 2021. Thank you! Accepting offer by Sunday, March 21st. Home sweet home! Freshly renovated, this fantastic home offers 3 bedrooms and 2 bathrooms, with new carpet in all bedrooms, and tile throughout the rest of the home. Fresh paint applied on all doors and interior walls as well as updated exterior paint. There is a 1-car garage that enters into the laundry room, which sits just off of the kitchen. Plenty of space in the back yard for entertaining or relaxing. A lot of new finishes on this home! Must see!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: The Pines

NeighborhoodNIR Market*CityMarket2010Year2000201950k60k70k80k90k100k110k120k130k140k150k160k170k180kPrice in $46k185k

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

Neighborhood: The Pines

NeighborhoodNIR Market*CityMarket2015Year20092019 Q285090095010001050110011501200125013001350Rent in $8131380

* 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
R. Clem Churchwell Elementary School Primary Regular 627 39 6
Kathleen Middle School Middle Regular 764 42 4
Kathleen Senior High School High Regular 2,124 107 2

R. Clem Churchwell Elementary School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 39
6
GreatSchools Rating

Kathleen Middle School

  • Education Level: Middle
  • # of students: 764
  • # of teachers: 42
4
GreatSchools Rating

Kathleen Senior High School

  • Education Level: High
  • # of students: 2,124
  • # of teachers: 107
2
GreatSchools Rating
 

$160,200$195,800$178,000

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$618
Property Tax -$231
Property Insurance -$112
Property Management Fees -$129
CASH FLOW
$80

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.

$178,000

PROJECTED PRICE

$1,170

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.75%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 3.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

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

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$52,920

INVESTMENT

$52,920

Down Payment
$44,500
Rehab Estimate
$5,750
Closing Costs
$2,670

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$618

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $44,500
Loan Amount $133,500
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$16,137

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,160

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$800
1$8002$1,0003$1,1074$1,170
$1,170
RENT COMPS ANALYSIS
  • 704 Hemlock Ln Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $0.88
    •  
  • 3476 Justin David Ct Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,045 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,045 Sqft ∙ Built 1993
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $800
    • $0.77
    •  
  • 732 Swiss Dr Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,114 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,114 Sqft ∙ Built 1977
    property image
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.90
    •  
  • 1114 Apollo Ct Lakeland, FL 3
    • 3 beds 1 baths ∙ 1,148 Sqft ∙ Built 1979 3 beds 1 baths ∙ 1,148 Sqft ∙ Built 1979
    property image
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,107
    • $0.96
    •  
PROPERTY LISTING DETAILS
Drew Wilson
1.813.501.5473
Exp Realty Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4921569
Last Updated: 03/20/2021
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