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302 Bailey Ln Sarasota, FL 34237

3 Beds 2 Baths 1,072 sqft Built 1982

$223,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $208.86
  • 5 Days on Market
  • MLS # : W7830260
  • Updated Date : 01/29/2021 at 18:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,072 sqft
  • Baths : 2 full
Listing Agent

54 Realty Llc

Listing Agent's Description

Wonderful 3 bedroom, 2 bathroom, single story home in Sarasota. Upon arriving at this home, you are welcomed into the living room with tile floors and a ceiling fan. The kitchen is equipped with ample cabinet and counter space, and granite countertops. Overlooking the kitchen is the dining room with tile floors. The primary bedroom features laminate flooring, large walk-in closet, and an en suite bathroom with tiled walk-in shower. Outside, you can relax on your open covered patio and enjoy the privacy of your fully fenced yard. Located in Sarasota, this home is convenient to shops, restaurants, and I-75 for an easy commute to Tampa and surrounding areas

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Bailey Villas

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $67k306k

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

Neighborhood: Bailey Villas

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q210001100120013001400150016001700180019002000Rent in $9412059

* 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
 

$201,510$246,290$223,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$778
Property Tax -$236
Property Insurance -$102
Property Management Fees -$129
CASH FLOW
$245

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.

$223,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.67%

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

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,084

INVESTMENT

$65,084

Down Payment
$55,975
Rehab Estimate
$5,750
Closing Costs
$3,359

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$778

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,975
Loan Amount $167,925
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$39,671

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $1.39

    LIST RENT PER SQFT
  • $1,482

    COMP ESTIMATED VALUE
  • $1.38

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4903$1,5704$1,6805$1,745
$1,745
RENT COMPS ANALYSIS
  • 302 Bailey Ln Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,072 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,072 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $1.39
    •  
  • 3869 Gatewood Dr Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,028 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,028 Sqft ∙ Built 1977
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.34
    •  
  • 766 Locklear Ave Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,205 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,205 Sqft ∙ Built 1995
    LEASED 08/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $1.30
    •  
  • 306 Bailey Ln Sarasota, FL 4
    • 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 5
    • 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
    •  
PROPERTY LISTING DETAILS
Joe Locicero
1.813.435.5411
54 Realty Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: W7830260
Last Updated: 01/29/2021
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