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925 Spicewood Dr Lakeland, FL 33801

3 Beds 2 Baths 1,129 sqft Built 1985

$195,000

List Price

$1,120

$1K - $1.2K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $172.72
  • 4 Days on Market
  • MLS # : L4919582
  • Updated Date : 12/03/2020 at 20:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,129 sqft
  • Baths : 2 full
Listing Agent

S & D Real Estate Service Llc

Listing Agent's Description

You will not want to miss seeing this lovely 3/2 home it will go fast!. Home has been remodeled / updated including all new luxury vinyl plank flooring throughout the home. There is NO carpet in the home. Kitchen has newer stainless steel appliances, beautiful cabinets, granite countertops, pendant lighting over the breakfast bar/counter top to name a few. Do you love an open concept layout? This home offers an open floor plan with the kitchen open to the living area. Hall bathroom offers a shower/tub combo. Master bathroom offers shower. All 3 bedrooms have walk-in closets. New dinette area light. New hall bath vanity. Lovely wood burning brick fireplace. Ceiling fans throughout the home and recessed can lighting in the living area. French doors w/ built-in blinds lead to the awesome back patio paved and covered perfect for entertaining. Back yard is fully fenced with vinyl fencing. Here on your lovely paved patio you have a firepit to enjoy to cool evenings with family & friends. Storage building w/ electric. 2 car garage w/ electric opener. NEW Roof in 2018! Windows approx. 4 yrs new. All windows have blinds. This beautiful home sits on a corner lot located just down the street from schools & college. BE SURE to click on the VIRTUAL TOUR link to have your very own walk-thru tour.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Crystal Lake North

NeighborhoodNIR Market*CityMarket2010Year2000201970k80k90k100k110k120k130k140k150k160k170k180kPrice in $61k185k

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

Neighborhood: Crystal Lake North

NeighborhoodNIR Market*CityMarket2015Year20092019 Q280085090095010001050110011501200125013001350Rent in $7521380

* 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
Crystal Lake Elementary School Primary Regular 600 42 2
Crystal Lake Middle School Middle Magnet 942 61 3
Lakeland Senior High School High Regular 2,139 117 5

Crystal Lake Elementary School

  • Education Level: Primary
  • # of students: 600
  • # of teachers: 42
2
GreatSchools Rating

Crystal Lake Middle School

  • Education Level: Middle
  • # of students: 942
  • # of teachers: 61
3
GreatSchools Rating

Lakeland Senior High School

  • Education Level: High
  • # of students: 2,139
  • # of teachers: 117
5
GreatSchools Rating
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,008$1,232$1,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,120
EXPENSES Loan Payment -$719
Property Tax -$237
Property Insurance -$100
Property Management Fees -$129
CASH FLOW
-$66

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.

$195,000

PROJECTED PRICE

$1,120

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.75%
Appreciation Year (1-5) 11.7%
Maintenance Year (1-5) 8.00%
Vacancy 3.80%
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

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$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

3.83

YEARS SAVED

$7,815

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,120

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $912

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$795
1$7952$9003$9004$1,1205$1,200
$1,200
RENT COMPS ANALYSIS
  • 925 Spicewood Dr Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,129 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,129 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,120
    • $0.99
    •  
  • 805 Spicewood Dr Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,069 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,069 Sqft ∙ Built 1985
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $795
    • $0.74
    •  
  • 1823 Lowry Ave Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1966
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.86
    •  
  • 1647 Seneca Ave Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,253 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,253 Sqft ∙ Built 1970
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.72
    •  
  • 1026 Lowry Ave Lakeland, FL 5
    • 3 beds 3 baths ∙ 1,320 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,320 Sqft ∙ Built 1987
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.91
    •  
PROPERTY LISTING DETAILS
Jennifer Smith
1.863.559.1229
S & D Real Estate Service Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4919582
Last Updated: 12/03/2020
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