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6173 Palomino Cir University Park, FL 34201

3 Beds 3 Baths 2,302 sqft Built 2004

INVESTimate

$388,000

List Price

$2,380

$2,142 - $2,618

Rent Est.

$393,199  ( +1.34%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $168.55
  • 7 Days on Market
  • MLS # : A4474443
  • Updated Date : 08/21/2020 at 09:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,302 sqft
  • Baths : 3 full
Listing Agent

Michael Saunders & Company

Listing Agent's Description

Immaculate, Spacious, and move in ready! No CDD, and very low HOA Fees. Lovely architectural features enhance every room of the open and split floor plan. 3 Bedrooms, 3 full Baths, Large Den, Great Room, Formal Dining Room, all giving you over 2300 square feet of modern, flowing space. The property is surrounded by gorgeous mature landscaping, and maintained in perfect condition by the original owners. Located In the highly sought-after River Park section of Mote Ranch, the neighborhood offers the best of year-round living, on the only street that can connect to gas. Master Bedroom features 2 walk-in closets an en suite Bathroom, with double sinks. The Great Room flows into an oversized, covered Lanai, uniquely designed by the builder for the homeowner. Beautiful fixtures and fans throughout. Includes easy to use, Accordion Hurricane Shutters. Tranquility, small town living with big city amenities at your doorstep, Mote Ranch boasts an Olympic sized pool, screened in Rec Center, Playground, Nature Trail, Braden River Kayak launch and Fishing dock. The UTC Mall, Benderson Park, the highly anticipated new home of the Mote Aquarium, are an easy 6-minute drive. Close to world class beaches including Siesta Key, Lido Key, Coquina Beach. Downtown Sarasota, with its fine dining, Culture and Arts scene, St Armand’s Circle, is an 18-minute drive. An ideal locale with Sarasota Intl. Airport a 10-minute drive. Mote Ranch is also surrounded by excellent golf, top rated Hospitals, medical facilities, and is close to Lakewood Ranch as well. Fast and easy access to I-75 via University Pkwy or SR-70. This is the home and community that will give you everything on your wish list for year round or snowbird living!

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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

Zip Code: 34201

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k552k

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

Zip Code: 34201

ZipNIR Market*CityMarket20102015Year20082019 Q2140016001800200022002400260028003000Rent in $12943141

* 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
 

$349,200$426,800$388,000

PURCHASE PRICE

$2,142$2,618$2,380

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$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$1,432
Property Tax -$419
Property Insurance -$177
HOA -$55
Property Management Fees -$80
CASH FLOW
$217

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.

$388,000

PROJECTED PRICE

$2,380

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 1.34%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$108,570

INVESTMENT

$108,570

Down Payment
$97,000
Rehab Estimate
$5,750
Closing Costs
$5,820

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,432

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,000
Loan Amount $291,000
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$55,184

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,377

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1503$2,3804$2,4955$2,500
$2,500
RENT COMPS ANALYSIS
  • 6173 Palomino Cir University Park, 3
    • 3 beds 3 baths ∙ 2,302 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,302 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.03
    •  
  • 4912 Creekside Trl Sarasota, 1
    • 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, 2
    • 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
    •  
  • 6759 Coyote Ridge Ct University Park, 4
    • 3 beds 2 baths ∙ 2,458 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,458 Sqft ∙ Built 2001
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.02
    •  
  • 6907 Ranch Rd Sarasota, 5
    • 4 beds 3 baths ∙ 2,341 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,341 Sqft ∙ Built 1990
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.07
    •  
PROPERTY LISTING DETAILS
Ronald Greene
1.941.445.2985
Michael Saunders & Company
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4474443
Last Updated: 08/21/2020
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