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4256 Lancaster Dr Sarasota, FL 34241

3 Beds 2 Baths 1,486 sqft Built 1979

$289,900

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $195.09
  • 3 Days on Market
  • MLS # : A4489237
  • Updated Date : 01/22/2021 at 14:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,486 sqft
  • Baths : 2 full
Listing Agent

Bright Realty

Listing Agent's Description

3 Bedroom, 2- Bath Home in Lake Sarasota - Split Living and Family Rooms + Screened Lanai and Good Size Fenced Backyard. Garage was Converted to Another Bed & Bath. Some updates. Walking distance to bus stop

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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.

PRICE & RENT TRENDS

Neighborhood: Lake Sarasota

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k306k

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

Neighborhood: Lake Sarasota

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2120013001400150016001700180019002000Rent in $11342059

* 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
Lakeview Elementary School Primary Regular 606 40 10
Sarasota Middle School Middle Regular 1,270 80 9
Sarasota High School High Regular 2,110 106 6

Lakeview Elementary School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 40
10
GreatSchools Rating

Sarasota Middle School

  • Education Level: Middle
  • # of students: 1,270
  • # of teachers: 80
9
GreatSchools Rating

Sarasota High School

  • Education Level: High
  • # of students: 2,110
  • # of teachers: 106
6
GreatSchools Rating
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,007
Property Tax -$271
Property Insurance -$127
Property Management Fees -$129
CASH FLOW
$176

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.

$289,900

PROJECTED PRICE

$1,710

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 6.7%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$37,685

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $1,761

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,6003$1,7004$1,7105$1,850
$1,850
RENT COMPS ANALYSIS
  • 4256 Lancaster Dr Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $1.15
    •  
  • 4057 Vana Dr Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1981
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.12
    •  
  • 4136 Ponea Dr Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1996
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.23
    •  
  • 7235 Mauna Loa Blvd Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,622 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,622 Sqft ∙ Built 1997
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.05
    •  
  • 4270 Luawana Dr Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1984
    LEASED 12/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.34
    •  
PROPERTY LISTING DETAILS
Nelly Milicevic
1.941.400.3809
Bright Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4489237
Last Updated: 01/22/2021
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