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8338 Red Spruce Ave Riverview, FL 33578

3 Beds 2 Baths 1,554 sqft Built 2016

$258,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $166.02
  • 4 Days on Market
  • MLS # : T3273409
  • Updated Date : 12/11/2020 at 16:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,554 sqft
  • Baths : 2 full
Listing Agent

Align Right Realty Westshore

Listing Agent's Description

Beautiful house with upgrades Galore. Many upgrades in this home, starting the entry with ceramic tile throughout entire home, eat in kitchen has solid wood cabinets, granite counter tops, stainless steel appliances. Open to living area. Three Bedrooms on a split floor plan, plus an Office, both bathrooms with shower stalls, granite and more. Open floor plan, laundry room off the kitchen area. Garage has automatic door opener with remote entry. Screened porch and a spacious backyard perfect for barbecues. Home is located on a conservation so offers Privacy in the back. Gated community of Magnolia with two community pools to pick from. Home has easy access to downtown Tampa, I-75, HWY 301, Crosstown and McDill AFB. Monthly HOA fee includes access to all the amenities, security plus lawn services, Correct NO Mowing.. Schedule your showing 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

Zip Code: 33578

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $85k268k

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

Zip Code: 33578

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8781726

* 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
Lamb Elementary School Primary Regular NA
Giunta Middle School Middle Regular 951 61 1
Spoto High School High Regular 1,449 88 3

Lamb Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Giunta Middle School

  • Education Level: Middle
  • # of students: 951
  • # of teachers: 61
1
GreatSchools Rating

Spoto High School

  • Education Level: High
  • # of students: 1,449
  • # of teachers: 88
3
GreatSchools Rating
 

$232,200$283,800$258,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$952
Property Tax -$355
Property Insurance -$127
HOA -$149
Property Management Fees -$129
CASH FLOW
-$62

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.

$258,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.13%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.27%
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$12k

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$74,120

INVESTMENT

$74,120

Down Payment
$64,500
Rehab Estimate
$5,750
Closing Costs
$3,870

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$952

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,500
Loan Amount $193,500
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$14,821

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,647

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6503$1,6504$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 8338 Red Spruce Ave Riverview, FL 4
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.06
    •  
  • 8631 Turnstone Shore Ln Riverview, FL 1
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2012 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 2012
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.04
    •  
  • 5967 Sweet Birch Dr Riverview, FL 2
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 2015
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.06
    •  
  • 8326 Red Spruce Ave Riverview, FL 3
    • 3 beds 2 baths ∙ 1,565 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,565 Sqft ∙ Built 2016
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.05
    •  
  • 6428 Yellow Buckeye Dr Riverview, FL 5
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2016
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.09
    •  
PROPERTY LISTING DETAILS
Gustavo Serpa
1.813.440.7852
Align Right Realty Westshore
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3273409
Last Updated: 12/11/2020
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