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6227 Somerset W Lakeland, FL 33813

3 Beds 2 Baths 1,696 sqft Built 1970

$270,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1970
  • Price/Sqft : $159.20
  • 3 Days on Market
  • MLS # : T3274601
  • Updated Date : 11/06/2020 at 16:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,696 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Smart

Listing Agent's Description

This beautifully remodeled 3 bedroom, 2 bathroom South Lakeland pool home features new vinyl flooring, kitchen cabinets, counter tops and backsplash, stainless steel appliances, tiled showers, interior and exterior paint, and a new roof. The large screened lanai is the perfect place for BBQs and pool days. This property is situated on over a quarter-acre with NO HOA or CDD! Located conveniently close to South Florida Ave. and Highway 98 and within minutes of Lakeside Village. Welcome to your stunning new Florida home!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Highland Gardens

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $70k236k

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

Neighborhood: Highland Gardens

NeighborhoodNIR Market*CityMarket2015Year20092019 Q2950100010501100115012001250130013501400145015001550Rent in $9081590

* 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
Scott Lake Elementary School Primary Regular 771 52 5
Lakeland Highlands Middle School Middle Regular 1,217 66 6
George W. Jenkins Senior High School High Regular 2,319 116 5

Scott Lake Elementary School

  • Education Level: Primary
  • # of students: 771
  • # of teachers: 52
5
GreatSchools Rating

Lakeland Highlands Middle School

  • Education Level: Middle
  • # of students: 1,217
  • # of teachers: 66
6
GreatSchools Rating

George W. Jenkins Senior High School

  • Education Level: High
  • # of students: 2,319
  • # of teachers: 116
5
GreatSchools Rating
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$996
Property Tax -$297
Property Insurance -$133
Property Management Fees -$80
CASH FLOW
-$56

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.

$270,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.82%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 3.73%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$13,122

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,141

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2503$1,3004$1,3505$1,450
$1,450
RENT COMPS ANALYSIS
  • 6227 Somerset W Lakeland, FL 5
    • 3 beds 2 baths ∙ 1,696 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,696 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.85
    •  
  • 6002 Christina Dr E Lakeland, FL 1
    • 4 beds 2 baths ∙ 1,663 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,663 Sqft ∙ Built 1975
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.66
    •  
  • 5064 Shady Lake Ln Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,878 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,878 Sqft ∙ Built 1988
    LEASED 08/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.67
    •  
  • 312 Forest Glen Ave Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,852 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,852 Sqft ∙ Built 1974
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.70
    •  
  • 409 Oak Trl Lakeland, FL 4
    • 3 beds 3 baths ∙ 2,032 Sqft ∙ Built 1973 3 beds 3 baths ∙ 2,032 Sqft ∙ Built 1973
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.66
    •  
PROPERTY LISTING DETAILS
David Scoynes
1.863.398.5060
Keller Williams Realty Smart
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3274601
Last Updated: 11/06/2020
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