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6120 Canary St Sarasota, FL 34241

4 Beds 2 Baths 1,720 sqft Built 1976

INVESTimate

$369,000

List Price

$2,020

$1,818 - $2,222

Rent Est.

$385,937  ( +4.59%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1976
  • Price/Sqft : $214.53
  • 4 Days on Market
  • MLS # : A4476116
  • Updated Date : 08/24/2020 at 10:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,720 sqft
  • Baths : 2 full
Listing Agent

Nexthome Excellence

Listing Agent's Description

PROFESSIONAL PHOTOS COMING SOON! DO NOT MISS THIS ONE! Come check out this 4 bedroom / 2 bath home that sits on 1 ACRE on a dead end road. The backyard has a beautiful, large 9’ deep pool that overlooks the perfect fenced in yard to create the best of memories for years to come. This split floor-plan home has walk-in closets, newer appliances, large laundry room, granite counter tops in kitchen, and tile and vinyl flooring throughout. When you want to cozy up and read a book you can do that in your own personal library. This library is lined with custom built-in shelves so you can showcase your favorite books in a place that is comfortable and unique. This home is located just miles from some of the most top rated schools in Sarasota. This is your opportunity to have a piece of land and still be SO CLOSE to everything... 2.4 miles to the nearest Publix, 1.9 miles to the nearest Chick-fil-a and 8.4 miles to Siesta Key Beach.

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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: Lakewood West

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $123k453k

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

Neighborhood: Lakewood West

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2130014001500160017001800190020002100220023002400250026002700Rent in $12942734

* 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
Riverview High School High Magnet 2,483 126 7

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

Riverview High School

  • Education Level: High
  • # of students: 2,483
  • # of teachers: 126
7
GreatSchools Rating
 

$332,100$405,900$369,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,361
Property Tax -$345
Property Insurance -$142
Property Management Fees -$80
CASH FLOW
$92

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.

$369,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 4.59%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,535

INVESTMENT

$103,535

Down Payment
$92,250
Rehab Estimate
$5,750
Closing Costs
$5,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,361

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,250
Loan Amount $276,750
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$40,584

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $1,737

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9953$2,020
$2,020
RENT COMPS ANALYSIS
  • 6120 Canary St Sarasota, 3
    • 4 beds 2 baths ∙ 1,720 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,720 Sqft ∙ Built 1976
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $1.17
    •  
  • 5469 Exuma Pl Sarasota, 1
    • 3 beds 2 baths ∙ 2,064 Sqft ∙ Built 1982 3 beds 2 baths ∙ 2,064 Sqft ∙ Built 1982
    property image
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.92
    •  
  • 4469 Diamond Cir S Sarasota, 2
    • 3 beds 2 baths ∙ 1,813 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,813 Sqft ∙ Built 1990
    property image
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.10
    •  
PROPERTY LISTING DETAILS
Elizabeth Reynolds
1.941.650.5752
Nexthome Excellence
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4476116
Last Updated: 08/24/2020
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