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7501 Hollyridge Dr New Port Richey, FL 34653

3 Beds 2 Baths 1,518 sqft Built 1974

$199,000

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

January 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $131.09
  • 2 Days on Market
  • MLS # : W7829936
  • Updated Date : 01/17/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,518 sqft
  • Baths : 2 full
Listing Agent

Future Home Realty Inc

Listing Agent's Description

Pool Home!!! This three bedroom and two bath home is just what Florida living is meant to be! Spacious home, fenced in, close to just about everything! There is an enclosed screen around the pool. The roof was replaced in 2014, the air conditioner is about ten years old. Tenant occupied until November 30, 2021. Great for investors since it's already leased!***** The owner has a portfolio of properties he is selling, so make an offer for this one, some of the other or get a better price on all seven of them!!!

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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

Neighborhood: Magnolia Valley

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $55k238k

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

Neighborhood: Magnolia Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6671590

* 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
Calusa Elementary School Primary Regular 589 42 2
Chasco Middle School Middle Regular 692 47 5
Ridgewood High School High Regular 1,133 73 3

Calusa Elementary School

  • Education Level: Primary
  • # of students: 589
  • # of teachers: 42
2
GreatSchools Rating

Chasco Middle School

  • Education Level: Middle
  • # of students: 692
  • # of teachers: 47
5
GreatSchools Rating

Ridgewood High School

  • Education Level: High
  • # of students: 1,133
  • # of teachers: 73
3
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$691
Property Tax -$235
Property Insurance -$124
Property Management Fees -$129
CASH FLOW
$31

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.

$199,000

PROJECTED PRICE

$1,210

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 12.6%
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$900k

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$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$691

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$16,035

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,210

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,332

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,145
1$1,1452$1,2103$1,4254$1,4755$1,475
$1,475
RENT COMPS ANALYSIS
  • 7501 Hollyridge Dr New Port Richey, FL 2
    • 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $0.80
    •  
  • 6743 Old Main St New Port Richey, FL 1
    • 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 1966
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,145
    • $0.86
    •  
  • 8027 Buttonball Ln Port Richey, FL 3
    • 4 beds 2 baths ∙ 1,655 Sqft ∙ Built 1988 4 beds 2 baths ∙ 1,655 Sqft ∙ Built 1988
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.86
    •  
  • 7829 Edinburgh Dr New Port Richey, FL 4
    • 3 beds 2 baths ∙ 1,622 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,622 Sqft ∙ Built 1984
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.91
    •  
  • 7506 Cumber Dr New Port Richey, FL 5
    • 4 beds 2 baths ∙ 1,685 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,685 Sqft ∙ Built 1971
    LEASED 01/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.88
    •  
PROPERTY LISTING DETAILS
Gail Small
1.727.455.3057
Future Home Realty Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: W7829936
Last Updated: 01/17/2021
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