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5689 Country Lakes Dr Sarasota, FL 34243

3 Beds 2 Baths 2,100 sqft Built 1985

$364,900

List Price

$2,210

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $173.76
  • 3 Days on Market
  • MLS # : A4483709
  • Updated Date : 11/14/2020 at 07:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,100 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Florida Realty

Listing Agent's Description

PALM AIRE COUNTRY CLUB - Spacious 3 bedroom 2 bath, Pool Home in desirable Country Lakes Subdivision* at Palm Aire Country Club* Open floor plan, laminate floors in all bedrooms - all else is tiled. Just minutes to the UTC Mall with an abundance of restaurants and shopping, I-75, downtown Sarasota and the fabulous beaches on the Gulf Coast!. Enclosed swimming pool in Large Lanai! A Super Location. Membership in Palm Aire Country Club is Optional* Enjoy two beautiful 18-hole Golf Courses that are challenging* eight Har-Tru Tennis Courts* and four Pickleball Courts* You may choose from Four types of Equity Ownerships – Full Equity* Sports Equity* Tennis Equity* and Social Equity* Come and take a look* There is Something for the Whole Family*

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

Zip Code: 34243

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k319k

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

Zip Code: 34243

ZipNIR Market*CityMarket20102015Year20082019 Q21200130014001500160017001800190020002100Rent in $11792164

* 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
Willis Elementary School Primary Regular 729 45 10
Braden River Middle School Middle Regular 977 56 5
Braden River High School High Regular 1,999 90 6

Willis Elementary School

  • Education Level: Primary
  • # of students: 729
  • # of teachers: 45
10
GreatSchools Rating

Braden River Middle School

  • Education Level: Middle
  • # of students: 977
  • # of teachers: 56
5
GreatSchools Rating

Braden River High School

  • Education Level: High
  • # of students: 1,999
  • # of teachers: 90
6
GreatSchools Rating
 

$328,410$401,390$364,900

PURCHASE PRICE

$1,989$2,431$2,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,210
EXPENSES Loan Payment -$1,346
Property Tax -$398
Property Insurance -$165
HOA -$27
Property Management Fees -$80
CASH FLOW
$194

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.

$364,900

PROJECTED PRICE

$2,210

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.6%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$102,449

INVESTMENT

$102,449

Down Payment
$91,225
Rehab Estimate
$5,750
Closing Costs
$5,474

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,346

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,225
Loan Amount $273,675
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$51,835

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,210

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $2,226

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$2,085
1$2,0852$2,1003$2,1504$2,2005$2,210
$2,210
RENT COMPS ANALYSIS
  • 5689 Country Lakes Dr Sarasota, FL 5
    • 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1985 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $1.05
    •  
  • 5801 Fairwoods Cir Sarasota, FL 1
    • 4 beds 3 baths ∙ 2,004 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,004 Sqft ∙ Built 1996
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,085
    • $1.04
    •  
  • 4912 Creekside Trl Sarasota, FL 2
    • 3 beds 2 baths ∙ 2,142 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,142 Sqft ∙ Built 2000
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.98
    •  
  • 6856 Corral Ct Sarasota, FL 3
    • 3 beds 2 baths ∙ 2,029 Sqft ∙ Built 1991 3 beds 2 baths ∙ 2,029 Sqft ∙ Built 1991
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.06
    •  
  • 4961 Creekside Trl Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,902 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,902 Sqft ∙ Built 2002
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.16
    •  
PROPERTY LISTING DETAILS
Claudette Krijger
1.941.504.2081
Berkshire Hathaway Homeservices Florida Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4483709
Last Updated: 11/14/2020
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