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7404 Ridgelake Cir Bradenton, FL 34203

3 Beds 2 Baths 2,136 sqft Built 2016

$425,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $198.97
  • 4 Days on Market
  • MLS # : A4484027
  • Updated Date : 11/19/2020 at 15:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,136 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Classic Group

Listing Agent's Description

This gorgeous nearly new single family home shows like a model and is located on a peaceful preserve! This spectacular home resides in a prime location within the gated community of The Ridge at Crossing Creek. Featuring 3 bedrooms plus a den, 2 bathrooms, an open floor plan with shiplap walls, volume ceilings customized with tray accents, crown molding, and ceiling fans throughout. The chef in the family will appreciate the spacious eat-in kitchen, complete with white cabinetry, granite countertops, subway tile backsplash, stainless steel appliances, and a breakfast bar with seating. There is also a formal dining area to accommodate large sit-down gatherings. Enjoy relaxing or entertaining outdoors on the covered screened patio while overlooking the private backyard and preserve. The possibilities are endless with the backyard space and the opportunity to customize the outdoor retreat of your dreams with room for a pool. With a split bedroom floor plan, the master suite features dual closets and en-suite bathroom with a large walk-in shower. Two additional bedrooms share an adjacent full bathroom, and the den which features solid french doors can easily be used as a 4th bedroom if needed, or is perfect for a home office or fitness room. Additional features include rain gutters, and an extended 2 car garage. This home is just steps from the beautiful resort-style community pool, hot tub, grilling and entertaining area. Located minutes from I-75, this home is perfect for anyone that needs to commute or would simply like to be in the center of it all, with just a short drive to the UTC mall, restaurants, shopping, area beaches, and Downtown Sarasota. *Ask your Realtor® how you can walk this property from the comfort of your home using our Interactive 3D Showcase.*

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MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Zip Code: 34203

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k302k

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

Zip Code: 34203

ZipNIR Market*CityMarket20102015Year20082019 Q21200130014001500160017001800190020002100Rent in $11792107

* 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
Tara Elementary School Primary Regular 606 40 6
Braden River Middle School Middle Regular 977 56 5
Braden River High School High Regular 1,999 90 6

Tara Elementary School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 40
6
GreatSchools Rating

Braden River Middle School

  • Education Level: Middle
  • # of students: 977
  • # of teachers: 56
5
GreatSchools Rating

Braden River High School

  • Education Level: High
  • # of students: 1,999
  • # of teachers: 90
6
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,568
Property Tax -$468
Property Insurance -$167
HOA -$127
Property Management Fees -$80
CASH FLOW
-$160

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.

$425,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.5%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$17,905

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,933

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,8003$1,9754$2,0005$2,250
$2,250
RENT COMPS ANALYSIS
  • 7404 Ridgelake Cir Bradenton, FL 5
    • 3 beds 2 baths ∙ 2,136 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,136 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.05
    •  
  • 7828 48th Pl E Bradenton, FL 1
    • 3 beds 2 baths ∙ 2,055 Sqft ∙ Built 1996 3 beds 2 baths ∙ 2,055 Sqft ∙ Built 1996
    property image
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.80
    •  
  • 6809 44th Ter E Bradenton, FL 2
    • 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 2009
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.98
    •  
  • 6744 45th Ter E Bradenton, FL 3
    • 3 beds 2 baths ∙ 2,052 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,052 Sqft ∙ Built 2008
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.96
    •  
  • 6839 44th Ter E Bradenton, FL 4
    • 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 2006
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.88
    •  
PROPERTY LISTING DETAILS
Toni Zarghami
1.941.404.9845
Keller Williams Classic Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4484027
Last Updated: 11/19/2020
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