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🤑 Newly Listed Tampa Dual Dwelling Opportunity!! 🤑 [Code: Tampa2]

Posted by Powered by Simply Do It on October 16, 2024
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Watch the updated VIDEO HERE
Interior VIDEO HERE

Why THIS Deal??
  • ~$513/mo. cash flow once you can refi to 5.25% 
  • Cash flows at ~$313/mo. at today's rates of 6.375%
  • Fully Renovated Including New Roofs on Both Dwellings!

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  • Single-family detached home with 3 bedrooms and 2 full bathrooms. 2nd Dwelling on the same lot is a 1 bedroom/1 bathroom detached bungalow.
  • The bungalow is leased month-to-month for $1850
  • Seller has been getting a lot of inquiries from displaced families looking for mid-term insurance rentals.  This could be a fantastic opportunity! 
  • Location has quick access to major commuting routes, shopping, and schools
  • Video link shows how this property stood up during the most recent hurricanes
  • Highly appreciating area with a strong rental market
  • Not in a Flood or Fire zone
  • All renovations were permitted by the city and can be provided to the new owner
  • Hard flooring throughout both units
  • If the property is sold while the cottage is still rented out, the furnishings will be included in the sale. A detailed list of the included items can be provided upon request.
  • No HOA charges
  • Why New Port Richey?  VIDEO
  • #cashflow  #appreciation  #Turnkey  #multiplex   #hybrid

Why should you consider this house / what makes it a good investment?

  • Built: 1950
  • Size:1,761 square foot homes.  Main house: 1,116    Bungalow: 649
  • Low Crime, Desirable Community, C Rated Schools

What's next?

Email/text for address, analysis and to get connected to Simply Do It's local team that handles this transaction.

Metro:  Tampa

Team: Tali  – email directly at tmp1@simplydoit.net

Code: Tampa2



Property Specifications2Per Door
 Bedrooms4main 3 beds
 Bathrooms21.0
 Square Feet17611112 main
 Year Built1950Reno 2024
 Garage Size1Main house
 Schools Rating (scale 3-30, 30 is best)5 
Lot size (sq ft)11,025 

Purchase AssumptionsMy OfferPer Door
Offer used for analysis$398,000$199,000
Suggested offer (low)$385,000$192,500
Suggested offer (high)$398,000$199,000
Asking$398,000$199,000
Market Value (after improvements)$398,000 
Day-1 Equity$0
Estimated Improvements (lower)$2,000$1,000
Estimated Improvements (upper)$6,000$3,000
Estimated Closing Costs$7,960 
Estimated Mortgage Costs$5,572$2,786
Other Fees At Closing (pts, . . . )$2,7867%
Total Cost (estimated)$418,318$2,786

Financing Assumptions 
 Down Payment (%) 30%
 Down Payment Amount$119,400
 Financed Amount$278,600
 Interest Rate 6.375%
 Mortgage Term (Years)30
 Monthly Mortgage Payment$1,738
 Cash Outlay (Total Out of Pocket) $139,718
Estimated Financial AssumptionsMonthlyYearly

Rent (upper)*
$3,150$3,300$39,600
Rent (lower)*$3,000$36,000
    
Property Taxes $400$4,800
Insurance $175$2,100
Repairs75$150$1,800
Property Management Monthly (%)9.0% 
Property Management Monthly ($)$284$3,402
Leasing Fee85%$111.6$1,339
HOA or Fixed Costs$0$0
Vacancy Rate 4.0% 
Total Fixed Expenses$1,235$14,817
Total Expenses (Fixed + Mortgage)$2,973$35,674

Financial Analysis / Deal Attractiveness   
Years:5101520
 Cap Rate2.7%4.3%6.1%8.1%
 Net Cash Flow$18,791$60,067$127,712$226,256
 Equity Increase$104,406$234,296$396,264$598,733
 Total Gain$123,196$294,363$523,976$824,989
      
 Average Cash Flow/Year$3,758$6,007$8,514$11,313
 Average Cash Flow/Month$313$501$710$943
 Average Gain/Year$24,639$29,436$34,932$41,249
 Average ROI88.2%210.7%375.0%590.5%
 Annual ROI17.6%21.1%25.0%29.5%
 Projected Property Value$484,228$589,137$716,776$872,067

Property Ratings Suggestions
 Item   Suggested Criteria (Min.)This PropertyFAVORABLE /
INSUFFICIENT
 Schools (scale of 3-30, 30 is the best) 145INSUFFICIENT
 Square Feet  1,0001,761FAVORABLE
 Bedrooms  34FAVORABLE
 Bathrooms  22FAVORABLE
 Year Built  19701950INSUFFICIENT
 Average Cash Flow (at year 5)  $125$313FAVORABLE
 Average ROI (at year 5)  15%17.6%FAVORABLE

image.pngMain House

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image.png  Bungalow

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Disclaimer

Information contained herein was obtained from sources deemed reliable, however, Simply Do It and/or the owner(s) of the property make no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of the property is offered subject to errors, omissions, changes in price and/or terms, prior sale or lease or removal from the market for any reason without notice.

The analysis is provided “As Is”. All the information is believed to be accurate (except for the small effects of some simplifying assumptions), but is not guaranteed, and depends on the values entered for the property. This analysis is intended for the purpose of illustrative projections. The information provided is not intended to replace or substitute for any legal, accounting, investment, real estate, tax, or other professional advice, consultation, or service. Simply Do It and/or the owner(s) are not responsible nor liable for any damages arising from the use of the analysis info. 

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