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1245 N Lockwood Ridge Rd Sarasota, FL 34237

3 Beds 2 Baths 1,224 sqft Built 1983

$299,999

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $245.10
  • 4 Days on Market
  • MLS # : A4493125
  • Updated Date : 03/04/2021 at 12:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,224 sqft
  • Baths : 2 full
Listing Agent

Michael Saunders & Company

Listing Agent's Description

If you are looking for a MOVE IN READY home, minutes from downtown and the beautiful beaches Sarasota has to offer, then look no further! This 3 bedroom 2 bath home has been nicely updated to fit the needs of anyone looking for a solid well built home. This home adorns a new white kitchen with wood dove-tailed soft close cabinets. Both bathrooms have been updated as well to the current owner's high standards. The roof is 5 year old along with new tile floors installed in 2018. This adorable move in ready home is ready for its next owners to make it their own.

SEE MORE

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: Poinsettia Park

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $67k306k

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

Neighborhood: Poinsettia Park

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q210001100120013001400150016001700180019002000Rent in $9872059

* 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
Tuttle Elementary School Primary Regular 701 53 5
Booker Middle School Middle Magnet 856 62 4
Booker High School High Magnet 1,087 69 4

Tuttle Elementary School

  • Education Level: Primary
  • # of students: 701
  • # of teachers: 53
5
GreatSchools Rating

Booker Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 62
4
GreatSchools Rating

Booker High School

  • Education Level: High
  • # of students: 1,087
  • # of teachers: 69
4
GreatSchools Rating
 

$269,999$329,999$299,999

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,042
Property Tax -$317
Property Insurance -$111
Property Management Fees -$129
CASH FLOW
$41

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.

$299,999

PROJECTED PRICE

$1,640

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 11.4%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $224,999
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$24,030

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $1.34

    LIST RENT PER SQFT
  • $1,735

    COMP ESTIMATED VALUE
  • $1.42

    COMP AVG. RENT PER SQFT
Comps Range
$1,640
1$1,6402$1,6803$1,7454$1,7955$2,500
$2,500
RENT COMPS ANALYSIS
  • 1245 N Lockwood Ridge Rd Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $1.34
    •  
  • 306 Bailey Ln Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,072 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,072 Sqft ∙ Built 1982
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $1.57
    •  
  • 746 Wood Ln Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1973
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $1.32
    •  
  • 2471 Chisholm Cir Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1986
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.15
    •  
  • 2650 Colorado St Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,531 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,531 Sqft ∙ Built 1980
    LEASED 02/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.63
    •  
PROPERTY LISTING DETAILS
Robert Krasow
1.617.840.1181
Michael Saunders & Company
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4493125
Last Updated: 03/04/2021
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