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7910 Magnolia Ridge Dr Lakeland, FL 33810

3 Beds 2 Baths 1,617 sqft Built 1988

$234,900

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $145.27
  • 3 Days on Market
  • MLS # : L4920512
  • Updated Date : 01/30/2021 at 15:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,617 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Smart

Listing Agent's Description

.Check out this home!!! Custom built, Ernie White - 3 bedroom 2 bath home on large lot with No HOA. Beautiful Ceramic tile throughout. Remodeled kitchen with custom built cabinets & countertops, New AC in 2020. New roof in 2021. Enjoy the Sunset while relaxing from the large screened-In porch. Bring your Hot Tub. The screened in porch is already prewired with a Power box. Spacious 10 x 20 lofted Shed for all you storage and lawn care needs. Bring your RV or boat. Plenty of parking Great lay out, two master bedrooms, open kitchen and fire place . Brand new roof!! Large shed and side entry garage makes this home perfect!! This home is move in ready !!! Just waiting for you! call 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: Magnolia Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $70k211k

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

Neighborhood: Magnolia Ridge

NeighborhoodNIR Market*CityMarket2015Year20092019 Q29501000105011001150120012501300135014001450Rent in $9081460

* 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
Dr. N.e. Roberts Elementary School Primary Regular 661 47 6
Kathleen Middle School Middle Regular 764 42 4
Kathleen Senior High School High Regular 2,124 107 2

Dr. N.e. Roberts Elementary School

  • Education Level: Primary
  • # of students: 661
  • # of teachers: 47
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
 

$211,410$258,390$234,900

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$816
Property Tax -$258
Property Insurance -$128
Property Management Fees -$129
CASH FLOW
$28

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.

$234,900

PROJECTED PRICE

$1,360

PROJECTED RENT

0.58%

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$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$15,148

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,003

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$995
1$9952$1,0503$1,0504$1,0955$1,360
$1,360
RENT COMPS ANALYSIS
  • 7910 Magnolia Ridge Dr Lakeland, FL 5
    • 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.84
    •  
  • 7856 Sugar Pine Blvd Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2005
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.60
    •  
  • 7880 Sugar Pine Blvd Lakeland, FL 2
    • 4 beds 2 baths ∙ 1,764 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,764 Sqft ∙ Built 2005
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.60
    •  
  • 3010 Chasewood Dr Lakeland, FL 3
    • 4 beds 2 baths ∙ 1,580 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,580 Sqft ∙ Built 2001
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.66
    •  
  • 7888 Sugar Pine Blvd Lakeland, FL 4
    • 4 beds 2 baths ∙ 1,764 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,764 Sqft ∙ Built 2005
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.62
    •  
PROPERTY LISTING DETAILS
Chad Karr
1.863.860.3620
Keller Williams Realty Smart
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4920512
Last Updated: 01/30/2021
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