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601 Bailey Rd Sarasota, FL 34237

3 Beds 1 Baths 1,195 sqft Built 1961

$225,000

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $188.28
  • 7 Days on Market
  • MLS # : N6112679
  • Updated Date : 11/17/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,195 sqft
  • Baths : 1 full
Listing Agent

Sarasota Realty Assoc., Inc.

Listing Agent's Description

CLOSE TO EVERYTHING!!! This 3 Bedroom, 1 Bath home is located on a quiet street in the City of Sarasota. With a neutral color palette, enter into the Living Room with built in shelving and ceramic tile floors throughout. The largest of the 3 bedrooms is to the right with access to the large laundry room. Bedroom 2 & 3 or to the left with the Bathroom between. The Bathroom has an updated vanity and toilet. The Roof was replaced in 2014 and the HVAC replaced in 2019. The Kitchen has plenty of cabinet space and a serving bar for entertaining. The dining room has many windows overlooking the large fenced backyard, and could also be used as an Office or Den. The Fenced Backyard has plenty of room for your fur babies to play around the mature Jacaranda tree. This property could be your next home or the perfect rental/investment. This Prime location is walking distance to many area shops and restaurants on Beneva Rd, as well as the brand new supermarket. Walk your leashed pets and enjoy the scenery at Circus Trail Nature Park very close by. Ready for some culture and nightlife? Downtown Sarasota is 2 miles away! Siesta Key Beach with it's powder sand, has been listed as one of the top 5 Beaches for numerus years and is only 9 miles away! Don't miss this adorable home in an amazing location.

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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: Carolina Estates

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $67k306k

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

Neighborhood: Carolina Estates

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10352059

* 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
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$830
Property Tax -$238
Property Insurance -$109
Property Management Fees -$80
CASH FLOW
$203

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.

$225,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.65%

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

10.67

YEARS SAVED

$41,725

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $1,356

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,4603$1,4954$1,5955$1,745
$1,745
RENT COMPS ANALYSIS
  • 601 Bailey Rd Sarasota, FL 2
    • 3 beds 1 baths ∙ 1,195 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,195 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $1.22
    •  
  • 3020 Novus St Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1972
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.00
    •  
  • 531 N Brink Ave Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1979
    property image
    LEASED 07/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.03
    •  
  • 3862 Buckeye Cir Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1961
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.19
    •  
  • 746 Wood Ln Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1973
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $1.32
    •  
PROPERTY LISTING DETAILS
Robert Lee
1.941.735.1421
Sarasota Realty Assoc., Inc.
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: N6112679
Last Updated: 11/17/2020
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