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8140 Somerset Dr Largo, FL 33773

3 Beds 2 Baths 1,776 sqft Built 1991

$429,900

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $242.06
  • 2 Days on Market
  • MLS # : U8114694
  • Updated Date : 02/28/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,776 sqft
  • Baths : 2 full
Listing Agent

Archwater Realty

Listing Agent's Description

Welcome home to this fantastic well cared for super clean and move in ready 3 bedroom 2 bathroom 2 car garage pool home on Lake Allen! This residence sits on an over ¼ acre lot and is on a street with sidewalks and street lights. Centrally located, this home has quick access to the interstate and US-19, is near the beautiful gulf beaches and is close to Clearwater and Tampa Airports. Step inside and fall in love with this light and bright gem, it features a split bedroom floor plan, separate living and family rooms, a wood burning fire place and the master bedroom is nicely appointed with a garden tub in the bathroom and a large walk-in closet. Updates to this home include all new granite countertops in the kitchen New Kitchen cabinets, and baths, new stainless steel kitchen appliances. The A/C, exterior paint and the pool screens were all new in 2018. The windows have been outfitted with hurricane shutters and there was a sea wall with cap installed along the lake. Step out back and see where this home really shines, there is a beautiful free form pool over looking Lake Allen, the perfect place to relax or entertain. Pool just re surfaced in 2020. Out past the pool there is plenty of green space and there is a dock complete with a row boat that awaits the new owner of this home! The lawn is on a sprinkler system and is fed by the lake, also you will surely. enjoy the bounty of the fruit trees located on this property for years to come. This home is in absolutely stunning condition inside and outside, Price right for condition, amenities, location and features.

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MARKET HIGHLIGHTS

  • 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)
  • #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)

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
 

$386,910$472,890$429,900

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,493
Property Tax -$508
Property Insurance -$140
Property Management Fees -$129
CASH FLOW
-$270

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.

$429,900

PROJECTED PRICE

$2,000

PROJECTED RENT

0.47%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$119,674

INVESTMENT

$119,674

Down Payment
$107,475
Rehab Estimate
$5,750
Closing Costs
$6,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,493

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,475
Loan Amount $322,425
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$10,771

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $2,002

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7003$1,8004$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 8140 Somerset Dr Largo, FL 4
    • 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.13
    •  
  • 9099 108th Ave Largo, FL 1
    • 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1977
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.17
    •  
  • 12732 Pineforest Way E Largo, FL 2
    • 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 2002
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.11
    •  
  • 8189 Perth Dr Largo, FL 3
    • 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
    •  
  • 8112 Somerset Dr Largo, FL 5
    • 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
    •  
PROPERTY LISTING DETAILS
Robert Vanpamelen
1.727.452.8011
Archwater Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8114694
Last Updated: 02/28/2021
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