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981 24th Ave S St Petersburg, FL 33705

3 Beds 2 Baths 1,215 sqft Built 2007

$230,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $189.30
  • 3 Days on Market
  • MLS # : U8115272
  • Updated Date : 03/05/2021 at 22:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,215 sqft
  • Baths : 2 full
Listing Agent

Franklin & Associates Realty

Listing Agent's Description

Perfect for a first-time homeowner or someone downsizing. This beautiful block 3BR/2BA home built in 2007 has been meticulously maintained and is move-in ready. This open floor plan has decorative tile flooring, custom blinds in the living room and kitchen, a large master bedroom with an en-suite, a kitchen with a bar countertop, Stainless Steel Whirlpool appliances, a separate dining area with sliding glass doors leading to a patio, and it's already equipped with a home security system. This house sits on a corner lot with a large 2 space covered carport for your vehicles. Pack your bags and move right in! Centrally located in this up-and-coming neighborhood, close to Downtown St Pete, Fort De Soto County Park, and beaches. In close proximity to Pinellas Trail for biking and jogging. About 25 minutes’ drive to Tampa International Airport. No Flood insurance required. Schedule your showing Today because This one won't last long!

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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: Lake Maggiore Shores

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $45k238k

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

Neighborhood: Lake Maggiore Shores

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2600700800900100011001200130014001500Rent in $5401590

* 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
Campbell Park Elementary School Primary Magnet 564 58 1
Bay Point Middle School Middle Magnet 918 62 4
Gibbs High School High Magnet 1,348 85 3

Campbell Park Elementary School

  • Education Level: Primary
  • # of students: 564
  • # of teachers: 58
1
GreatSchools Rating

Bay Point Middle School

  • Education Level: Middle
  • # of students: 918
  • # of teachers: 62
4
GreatSchools Rating

Gibbs High School

  • Education Level: High
  • # of students: 1,348
  • # of teachers: 85
3
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$799
Property Tax -$293
Property Insurance -$107
Property Management Fees -$129
CASH FLOW
$52

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.

$230,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.87%
Appreciation Year (1-5) 7.4%
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

PROJECTED ANNUAL CASH FLOW

11530$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$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$20,204

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $1,449

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3803$1,3954$1,4005$1,500
$1,500
RENT COMPS ANALYSIS
  • 981 24th Ave S St Petersburg, FL 2
    • 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.14
    •  
  • 829 35th Ave S St Petersburg, FL 1
    • 3 beds 2 baths ∙ 1,049 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,049 Sqft ∙ Built 2007
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.23
    •  
  • 750 Newton Ave S St Petersburg, FL 3
    • 3 beds 2 baths ∙ 1,194 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,194 Sqft ∙ Built 2006
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.17
    •  
  • 1119 Melrose Ave S St Petersburg, FL 4
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2006
    LEASED 02/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.17
    •  
  • 697 17th Ave S St Petersburg, FL 5
    • 4 beds 2 baths ∙ 1,248 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,248 Sqft ∙ Built 2006
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.20
    •  
PROPERTY LISTING DETAILS
Mo Franklin
1.727.420.8110
Franklin & Associates Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: U8115272
Last Updated: 03/05/2021
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