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7104 48th Ave E Palmetto, FL 34221

3 Beds 2 Baths 1,651 sqft Built 2002

$264,900

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $160.45
  • 4 Days on Market
  • MLS # : A4483814
  • Updated Date : 11/26/2020 at 15:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,651 sqft
  • Baths : 2 full
Listing Agent

Navigation 4 Realty Llc

Listing Agent's Description

Beautiful Lakefront 3 Bedroom 2 Bath Fosters Creek Home. Offering a 1yr Home Warranty. New Roof installed August 2020, New Stainless Steel Appliances May 2020, Master Bedroom has New Carpet installed November 2020. Most Interior Freshly Painted, Solar Water Heater. Formal Dining Room with Large Picture Window. Spacious Great Room for Family Gatherings & Kitchen Combo with Closet Pantry. Offering an Open Floor Plan Feel. 2 Car Attached Garage with a finished Painted Floor & Storage Shelving. Interior Laundry Room & Newer Utility Sink. Mature Landscaping Design with Lovely Pond View from the Backyard. Screened Lanai for those Starry Nights, Family BBQ's or Morning Cups of Coffee. Fosters Creek Community offers a Playground & Low Annual HOA Fees. Close to Shopping, I75, 275 & 41. View This Home Today!!

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: Foster's Grove

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $96k297k

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

Neighborhood: Foster's Grove

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10962041

* 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
 

$238,410$291,390$264,900

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$977
Property Tax -$270
Property Insurance -$137
HOA -$33
Property Management Fees -$80
CASH FLOW
$132

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.

$264,900

PROJECTED PRICE

$1,630

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,949

INVESTMENT

$75,949

Down Payment
$66,225
Rehab Estimate
$5,750
Closing Costs
$3,974

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$977

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,225
Loan Amount $198,675
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$36,368

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,618

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,630
1$1,6302$1,6503$1,6954$1,6995$1,895
$1,895
RENT COMPS ANALYSIS
  • 7104 48th Ave E Palmetto, FL 1
    • 3 beds 2 baths ∙ 1,651 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,651 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.99
    •  
  • 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
    •  
  • 3323 70th Ct E Palmetto, FL 4
    • 3 beds 2 baths ∙ 1,676 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,676 Sqft ∙ Built 2005
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $1.01
    •  
  • 7523 37th Ave E Palmetto, FL 5
    • 3 beds 2 baths ∙ 1,970 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,970 Sqft ∙ Built 2017
    LEASED 06/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.96
    •  
PROPERTY LISTING DETAILS
Wendy Albrecht
1.727.258.1146
Navigation 4 Realty Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4483814
Last Updated: 11/26/2020
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