703 E Hamilton Ave, Tampa, FL 33604

Here’s a detailed analysis of the property at 703 E Hamilton Ave, Tampa, FL 33604, focusing on refinancing potential:

Property Details:

• Address: 703 E Hamilton Ave, Tampa, FL 33604
• Property Type: Single Family Home
• Bedrooms: 3 beds
• Bathrooms: 2 baths (Public records confirm 2 full baths)
• Square Footage: 1,300 sqft (living area)
• Lot Size: 0.20 acres (approx. 8,712 sqft). This is a generous lot size for the area.
• Estimated Refinance Payment: $1,842/mo (This is the payment provided in your input. This estimate seems plausible, and likely includes principal & interest, property taxes, and homeowner’s insurance, which are significant in Florida.)
• Built in: 1946 (79 years old). The age will be a factor for insurance and some loan programs.
• Stated Value: $254,900 (This is the value provided in your input. This value is consistent with recent listings and sales in the immediate area.)
  • Recent Listing for this specific property: Was listed for $269,900 as of May 2025, and removed in July 2025. It also had a pending sale at $269,900 in April 2025.
  • Last Sale Price: The property last sold for $318,000 in June 2022. This is a crucial data point as it’s higher than your stated value and the recent listing price. This implies the property’s value may have slightly decreased or stabilized since 2022, or the recent listing was aggressive.
  • Realtor.com RealEstimate℠: $269,900 (as of July 2025).
  • Zillow Zestimate®: No specific estimate found for this unit.
  • Nearby Sold Comps (within Hamilton Ave area, 33604):
    • 811 E Flora St, Tampa, FL 33604: Sold for $395,000 (3 beds, 2 baths, 1,289 sqft). This is a higher comp, potentially indicating recent upgrades.

Financial Aspects & Fees:

• HOA Fees: None mentioned in records, typical for a single-family home not in a master-planned community.
• Property Taxes:
  • 2024: $4,335 (on an assessed value of $207,995).
  • 2023: $4,036
  • These are substantial annual costs that add to the monthly housing expense.
• Homeowner’s Insurance: Florida has some of the highest and most challenging homeowner’s insurance rates in the nation, particularly due to hurricane risk.
  • Average for Tampa: Around $2,700 annually ($225/month) by one source. Other state-wide averages are much higher (e.g., $630/month or $7,554 annually).
  • For a home built in 1946, insurance can be significantly higher than average due to its age and potential for older construction methods. Expect this to be a substantial ongoing cost.

Additional Property Features and History:

• Construction: Block home (concrete block construction).
• Roof/AC: Recent listings mention a newer roof and AC unit, both just 5 years old. This is a significant positive for insurance and long-term maintenance.
• Interior Features: Appliances (electric water heater, range, refrigerator).
• Exterior Features: Large 0.20-acre lot, huge storage space. The home is described as having “minimal renovations” potential for “fix and flip” or rental income.
• Utilities: Electric water heater, central cooling, central heating, municipal water, municipal sewer.
• Location: Situated in the PINECREST subdivision. Tampa Heights area (33604) is close to downtown Tampa, Armature Works, and various revitalization projects. This area is generally in demand.
• Environmental Risks: Standard for the region: minimal flood risk, moderate fire risk, severe heat risk, extreme wind risk.

Tampa, FL (33604 Zip Code) Real Estate Market Trends (as of July 2025):

• Market Condition: The 33604 zip code is currently categorized as a Balanced Market or possibly a Buyer’s Market by some sources. Home values have shown a slight decline year-over-year.
  • Zillow’s 1-year forecast (through May 31, 2025) is a slight increase of 0.5%.
• Median Sold Home Price (33604):
  • $353,367 in April 2025 (Zillow).
  • $388,000 (Realtor.com).
  • Average home values around $320,810 (Zillow).
• Median Days on Market: Homes are selling relatively quickly, with a median of 20 days to pending in May 2025 (Zillow). Redfin reports 70 days on market. This discrepancy suggests some homes sell very fast, while others take longer.
• Sales Activity: 46 homes were sold in 33604 in the past month (Redfin).
• Sale-to-List Price Ratio: In April 2025, 50.7% of sales were under list price, and 23.8% were over list price. In May 2025, the median sale-to-list ratio was 0.980, meaning homes typically sold for 98% of their asking price. This indicates some negotiation room for buyers but also still competitive situations.

Current Mortgage Refinance Rates in Florida (as of Monday, July 21, 2025):

• 30-Year Fixed Refinance: Average APRs are approximately 6.906% – 7.109%.
• 15-Year Fixed Refinance: Average APRs are around 5.90% – 5.95%.
• 5-Year Adjustable-Rate Mortgage (ARM): Average APRs are around 7.58% – 7.94%.

Note: These are average rates and are subject to change based on individual borrower qualifications (credit score, debt-to-income ratio), specific lenders, and daily market fluctuations. APR (Annual Percentage Rate) includes some fees beyond the interest rate.

General Requirements for Refinancing a Loan in Florida:

• Home Equity (Loan-to-Value Ratio – LTV): Most lenders require an LTV of 80% or less for conventional refinances (meaning you have at least 20% equity). A new appraisal will be required to determine the current market value and calculate your LTV.
• Credit Score: Minimum FICO score of 620 for conventional loans (higher scores generally get better rates).
• Debt-to-Income (DTI) Ratio: Lenders typically look for a DTI of 43% or lower, including the new mortgage payment, property taxes, and homeowner’s insurance.
• Property Occupancy: Must be your primary residence.
• Stable Income and Employment: Proof of consistent income and employment.
• Closing Costs: Expect to pay 2% to 6% of the new loan amount in closing costs.

Analysis for this specific property:

The most significant financial aspect of 703 E Hamilton Ave is its last sale price of $318,000 in June 2022, which is higher than your stated value of $254,900 and recent listing prices. This could indicate a slight decrease in value since 2022, or perhaps the previous sale was an outlier, or the recent listing was for a quick sale. This will be a key point for a new appraisal.

Assuming the value is closer to the $250,000-$270,000 range (as per current listings/estimates), the estimated refinance payment of $1,842/mo appears reasonable once property taxes and homeowner’s insurance are factored in.

For example, a $200,000 loan at 7% for 30 years would have a P&I of roughly $1,331. Adding 2024 property taxes ($4,335/year or ~$361/month) and an estimated homeowner’s insurance ($2,700/year or ~$225/month for Tampa average, potentially higher for an older home), the total would be approximately $1,917/month. This suggests the $1,842/mo estimate is in the right ballpark, but it’s essential to get a precise breakdown.

The Tampa 33604 market is somewhat balanced, and while some homes move fast, there’s also a significant portion selling below list price. The property’s age (1946) with documented newer roof/AC is positive, as these mitigate some of the concerns typically associated with older homes (e.g., higher insurance).

Strong Recommendations for the Homeowner:

1. Get a Precise Breakdown of the Estimated Payment: Request a full disclosure of what the $1,842/mo estimate covers (Principal & Interest, Property Taxes, Homeowner’s Insurance). Verify that it uses the most current property tax amount ($4,335/year or ~$361/month).
2. Obtain a Professional Appraisal: This is critical. It will provide the definitive current market value, especially given the variance between your stated value, recent listing, and the 2022 sale price. This will determine the equity available for refinancing.
3. Confirm Current Loan Balance: Know your exact outstanding mortgage balance to determine your current equity.
4. Shop for Personalized Refinance Offers: Contact multiple lenders. Compare APRs, interest rates, all closing costs, and the full estimated monthly payment. Discuss the age of the home and the newer roof/AC as these can positively impact insurance rates.
5. Define Refinancing Goals: Are you looking to lower the interest rate, reduce the monthly payment, or potentially take cash out? Understanding your primary goal will help you choose the right loan product.