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7953 Somerset Dr Largo, FL 33773

3 Beds 2 Baths 1,929 sqft Built 1993

$385,000

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1993
  • Price/Sqft : $199.59
  • 2 Days on Market
  • MLS # : T3274933
  • Updated Date : 11/07/2020 at 21:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,929 sqft
  • Baths : 2 full
Listing Agent

Jkc Florida Realty Inc.

Listing Agent's Description

Priced for quick sale. Move in before the holidays and qualify for the Homestead Exemption. Spacious 3/2/2 featuring formal dining, huge family room, tile floor through out, volume ceilings, split floor plan and plenty of storage space. Large master suite with garden bath and jacuzzi tub. Step out to the tiled floor of spacious porch, equipped with outdoor kitchen sink and cabinets and granite counter top. Roof was replaced in 2011. Beautiful screen enclosed pool with waterfall and entertaining area is one of the highlights of this home. The lawn has brand new grass. The property is Vinyl-fenced. Home is on a quiet cul-de-sac in Somerset Lakes subdivision, which is conveniently located in the mid Pinellas County area, just minutes from the beautiful gulf beaches, and at a short commute to Clearwater downtown, to Tampa & St. Pete airports , to down town Tampa or St. Petersburg.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Somerset Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $81k343k

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

Neighborhood: Somerset Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8612098

* 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
Walsingham Elementary School Primary Regular 563 43 3
Osceola Middle School Middle Regular 1,162 65 5
Pinellas Park High School High Magnet 2,173 109 4

Walsingham Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 43
3
GreatSchools Rating

Osceola Middle School

  • Education Level: Middle
  • # of students: 1,162
  • # of teachers: 65
5
GreatSchools Rating

Pinellas Park High School

  • Education Level: High
  • # of students: 2,173
  • # of teachers: 109
4
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,420
Property Tax -$455
Property Insurance -$148
Property Management Fees -$80
CASH FLOW
$96

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.

$385,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.27%
Appreciation Year (1-5) 3.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.26%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$45,584

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,199

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9493$2,1004$2,2005$2,295
$2,295
RENT COMPS ANALYSIS
  • 7953 Somerset Dr Largo, FL 4
    • 3 beds 2 baths ∙ 1,929 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,929 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.14
    •  
  • 8189 Perth Dr Largo, FL 1
    • 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 1988
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.12
    •  
  • 7326 Norwich Ln Clearwater, FL 2
    • 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1973
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,949
    • $1.17
    •  
  • 8112 Somerset Dr Largo, FL 3
    • 3 beds 2 baths ∙ 1,898 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,898 Sqft ∙ Built 1993
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.11
    •  
  • 9264 120th Ave Largo, FL 5
    • 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 1979
    LEASED 05/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.16
    •  
PROPERTY LISTING DETAILS
James Chakkalakal
1.813.514.8196
Jkc Florida Realty Inc.
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3274933
Last Updated: 11/07/2020
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