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9008 71st Ave E Palmetto, FL 34221

3 Beds 2 Baths 1,876 sqft Built 1999

INVESTimate

$255,000

List Price

$1,860

$1,674 - $2,046

Rent Est.

$274,125  ( +7.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1999
  • Price/Sqft : $135.93
  • 6 Days on Market
  • MLS # : A4475920
  • Updated Date : 08/25/2020 at 09:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,876 sqft
  • Baths : 2 full
Listing Agent

Premier Sothebys Intl Realty

Listing Agent's Description

Located in the highly desirable Regency Oaks subdivision is this 3/2/2 plus den home. It has relaxing views looking at the pond and wildlife. The location is in high demand. Travel to Sarasota and Lakewood Ranch. St. Petersburg, Brandon and downtown Tampa are carefree with nonstop travel via the nearby interstates 75 and 275. This home is in a terrific subdivision built by Bruce Williams Homes. The spacious fenced backyard features privacy and is perfect for entertaining. Sliding doors open from the living room and family room to an enclosed lanai overlooking the large backyard. The kitchen has plenty of storage as well as a closet pantry. Some of the many features of this great home are den/office, a/c 2017, surge protection, security system, screened lanai, sprinkler system, fenced backyard, pond view, and 2-car garage. For your shopping convenience, a brand new Publix shopping center has been built just outside the entrance of this neighborhood. Take advantage of the low HOA without CDDs, that is zoned with A-rated public schools. Regency Oaks is 40 minutes to our beautiful beaches, 20 minutes to the new UTC Mall and 30 minutes to Tampa. Home warranty is provided to the buyer.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Regency Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $97k409k

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

Neighborhood: Regency Oaks

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q212001400160018002000220024002600Rent in $11052642

* 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
Mills Elementary School Primary Regular 1,160 66 6
Buffalo Creek Middle School Middle Regular 1,102 54 5
Palmetto High School High Regular 2,076 93 3

Mills Elementary School

  • Education Level: Primary
  • # of students: 1,160
  • # of teachers: 66
6
GreatSchools Rating

Buffalo Creek Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 54
5
GreatSchools Rating

Palmetto High School

  • Education Level: High
  • # of students: 2,076
  • # of teachers: 93
3
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

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$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$941
Property Tax -$283
Property Insurance -$151
HOA -$42
Property Management Fees -$80
CASH FLOW
$364

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.

$255,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 7.50%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

12.83

YEARS SAVED

$60,856

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,656

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6703$1,6754$1,7755$1,860
$1,860
RENT COMPS ANALYSIS
  • 9008 71st Ave E Palmetto, 5
    • 3 beds 2 baths ∙ 1,876 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,876 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.99
    •  
  • 9203 71st Ave E Palmetto, 1
    • 3 beds 2 baths ∙ 1,827 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,827 Sqft ∙ Built 2001
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.87
    •  
  • 5539 Lansdowne Way Palmetto, 2
    • 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,713 Sqft ∙ Built 2005
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.97
    •  
  • 8848 Founders Cir Palmetto, 3
    • 4 beds 3 baths ∙ 2,042 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,042 Sqft ∙ Built 2005
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.82
    •  
  • 8918 Founders Cir Palmetto, 4
    • 3 beds 3 baths ∙ 2,042 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,042 Sqft ∙ Built 2005
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.87
    •  
PROPERTY LISTING DETAILS
Lisa Gullick
1.941.907.9541
Premier Sothebys Intl Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4475920
Last Updated: 08/25/2020
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