Newly Renovated 6/4 Duplex in Tampa

[Mark J.]

3824 Valley Tree Dr, Tampa, FL 33610

$165,000

KEY FEATURES
Year Built: 1982
Sq Footage: 2256 sqft.
Bedrooms: 6 Beds
Bathrooms: 4 Baths
Floors: 1
Parking: 2 Off street
Laundry: In Unit
Lot Size: 6969 Square Feet
Property Type: Multi-Family

DESCRIPTION

Here's an amazing opportunity to buy yourself some peace-of-mind with a genuine turn-key investment property that returns an 11% CAP rate. This large duplex has just gone through a complete, to-the-studs renovation. Everything is new! It's in a great location in a quiet, safe neighborhood that is close to everything-- shopping, restaurants, schools, highways, bus lines, day care, and more. Many upgrades were made to "tenant-proof" the property which means low CapEx for years to come.

More Pics: http://www.zillow.com/homedetails/3824-valley-tree-dr-tampa-fl-33610/82037655_zpid/

PROPERTY FEATURES:
- 6 bedrooms / 4 bathrooms with total of 2256 sqft of living space. Each unit is a 3/2 with 1128 sqft.
- New electric service / panels / circuit breakers / weather head
- New Jeld-Wen Low-e, vinyl windows
- New porcelain tile flooring throughout the units
- New ceramic bathroom tile, cabinets, sinks, fixtures, Kohler toilets, exhaust fans, and plumbing
- Updated appliances- dishwashers/refrigerators/ovens/washers & dryers
- New kitchen cabinets, counter tops, sinks, and plumbing
- New interior and exterior doors, and bi-fold closet doors
- New baseboard and door trim
- New 5/8" drywall on all walls (upgraded from 1/2" drywall)
- Significant sound-proofing added between the units for privacy
- New interior paint and wall texture
- New exterior paint
- Completely new well & pump system (with warranty)
- New smoke alarms and CO2 alarms
- New Rheem water heaters
- New fence and gates
- New backyard deck
- New soffits and vents
- Recently serviced ACs
- Recently serviced septic tank (pump-out)
- All 2x4 studs on exterior walls were replaced and treated with Timbor wood preservative.
- 6" barrier trench was dug around entire building perimeter and professionally treated with Talstar & Termidor to protect against subterranean termites
- Fenced backyards with large, mature oak trees that provide great shade. Trees were recently trimmed back. Large 6' gates installed to enable a boat, trailer, or car to be stored.
- Nice neighborhood. Very quiet area. Wooded conservation area behind duplex.

ESTIMATED INVESTOR FINANCIALS:
Gross Monthly Rent: $2000
Gross Annual Rent: $24,000
Estimated Annual Expenses: $5900
Net Operating Income (NOI): $18,100
11% CAP rate (based on sales price of $165,000)
CAP rate break-down:
- $24,000-$5900= $18,100. $18,100/$165,000 = 11%)
- Est. Annual Expenses: $5900
    - Property Tax: $2100
    - Insurance: $1300
    - Water: (on well) annual maintenance: $200
    - Sewer: (on septic) annual maintenance: $200
    - Electricity (for well pump): $180
    - Vacancy est: $1200 (5%)
- CapEx: $720 (3%)

[Aaron T.]

Good property in a nice area.