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7740 Ilex Dr Port Richey, FL 34668

3 Beds 3 Baths 1,501 sqft Built 1973

$179,900

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $119.85
  • 4 Days on Market
  • MLS # : W7828684
  • Updated Date : 12/05/2020 at 12:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,501 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Palm Realty

Listing Agent's Description

Newly Renovated home ready for you to move right in. Currently setup as 2/2.5/1 with large Bonus Room / Office (11 x 16) easily convertible to 3rd Bedroom. Light and bright throughout with Freshly Painted Interior and Exterior. NEW Flat Roof (2020), Newer Shingle Roof (13 years). Updated double-pane Insulated Windows throughout. Huge Master Bedroom easily accommodates king bed. Completely renovated Master Bath with tiled walk-in shower, new granite-topped vanity, new high-efficiency toilet. Completely renovated Guest Bath with soaking tub / shower combo, new stone-topped vanity, dual-flush toilet. Kitchen offers Updated Dimmable Lighting, Updated all-wood Cabinets and Stainless Steel Appliances - side-by-side refrigerator with ice/water in door, dishwasher, over-range microwave, electric range with smooth cooktop. Indoor Laundry sports a half-bath. Large Backyard with 6ft Privacy Fence and huge partially-covered concrete patio.Parking for four, including 1-car garage. Additional Circular Drive. Buyer / Byyer's Agent to confirm room size, etc.

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: Palm Terrace Gardens

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $47k238k

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

Neighborhood: Palm Terrace Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6251590

* 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
Gulf Highlands Elementary School Primary Regular 578 43 3
Bayonet Point Middle School Middle Regular 708 50 3
Fivay High School High Regular 1,320 81 4

Gulf Highlands Elementary School

  • Education Level: Primary
  • # of students: 578
  • # of teachers: 43
3
GreatSchools Rating

Bayonet Point Middle School

  • Education Level: Middle
  • # of students: 708
  • # of teachers: 50
3
GreatSchools Rating

Fivay High School

  • Education Level: High
  • # of students: 1,320
  • # of teachers: 81
4
GreatSchools Rating
 

$161,910$197,890$179,900

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$664
Property Tax -$200
Property Insurance -$124
Property Management Fees -$129
CASH FLOW
$64

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.

$179,900

PROJECTED PRICE

$1,180

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 10.3%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

8.08

YEARS SAVED

$21,593

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,171

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1803$1,1954$1,2255$1,245
$1,245
RENT COMPS ANALYSIS
  • 7740 Ilex Dr Port Richey, FL 2
    • 3 beds 3 baths ∙ 1,501 Sqft ∙ Built 1973 3 beds 3 baths ∙ 1,501 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $0.79
    •  
  • 11205 Snyder Ave Port Richey, FL 1
    • 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 1977
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.71
    •  
  • 7915 Foxbloom Dr Port Richey, FL 3
    • 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1978
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.82
    •  
  • 7611 Tyson Dr Port Richey, FL 4
    • 3 beds 3 baths ∙ 1,649 Sqft ∙ Built 1972 3 beds 3 baths ∙ 1,649 Sqft ∙ Built 1972
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.74
    •  
  • 7901 Ironbark Dr Port Richey, FL 5
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1979
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.85
    •  
PROPERTY LISTING DETAILS
Brian Winfield
1.727.488.7799
Century 21 Palm Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: W7828684
Last Updated: 12/05/2020
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