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8934 Tropical Palm Way Port Richey, FL 34668

3 Beds 2 Baths 1,509 sqft Built 1977

$194,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $128.56
  • 3 Days on Market
  • MLS # : U8105803
  • Updated Date : 11/27/2020 at 13:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,509 sqft
  • Baths : 2 full
Listing Agent

Charles Rutenberg Realty Inc

Listing Agent's Description

Do not let this one get away. This is a fully remodeled inside and outside 3 bedroom 2 bathroom 1 car garage home. New roof, new A/C, granite countertops, new appliances, oversized garage, fenced in backyard. Ceiling fans in every room of the house. Enjoy the additional Florida/Sun room with French doors leading to the outdoor enclosed patio. Plenty of room to roam in the fenced in backyard. Poured concrete pad in the back. Oversized parking pad. No HOA fees! Call me today to see your new home!

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: Ridge Crest Gardens

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $45k238k

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

Neighborhood: Ridge Crest Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2700800900100011001200130014001500Rent in $6041590

* 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
Calusa Elementary School Primary Regular 589 42 2
Chasco Middle School Middle Regular 692 47 5
Ridgewood High School High Regular 1,133 73 3

Calusa Elementary School

  • Education Level: Primary
  • # of students: 589
  • # of teachers: 42
2
GreatSchools Rating

Chasco Middle School

  • Education Level: Middle
  • # of students: 692
  • # of teachers: 47
5
GreatSchools Rating

Ridgewood High School

  • Education Level: High
  • # of students: 1,133
  • # of teachers: 73
3
GreatSchools Rating
 

$174,600$213,400$194,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$716
Property Tax -$216
Property Insurance -$124
Property Management Fees -$80
CASH FLOW
$164

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.

$194,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 11.3%
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$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$57,160

INVESTMENT

$57,160

Down Payment
$48,500
Rehab Estimate
$5,750
Closing Costs
$2,910

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$716

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,500
Loan Amount $145,500
See What Happens When You Reinvest Cash Flow

10.33

YEARS SAVED

$33,739

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,358

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,125
1$1,1252$1,2453$1,2504$1,2505$1,300
$1,300
RENT COMPS ANALYSIS
  • 8934 Tropical Palm Way Port Richey, FL 5
    • 3 beds 2 baths ∙ 1,509 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,509 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.86
    •  
  • 6347 Nearco Dr Port Richey, FL 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1970
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,125
    • $0.80
    •  
  • 7034 Coral Reef Dr Port Richey, FL 2
    • 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1973
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.94
    •  
  • 7414 Bimini Dr Port Richey, FL 3
    • 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 1980
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.94
    •  
  • 8839 Chilton Dr Port Richey, FL 4
    • 3 beds 2 baths ∙ 1,359 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,359 Sqft ∙ Built 1970
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
PROPERTY LISTING DETAILS
Melissa Collard
1.727.698.3561
Charles Rutenberg Realty Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8105803
Last Updated: 11/27/2020
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