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6260 Butternut Dr Lakeland, FL 33813

3 Beds 2 Baths 1,621 sqft Built 1985

$235,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

December 01, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $144.97
  • 7 Days on Market
  • MLS # : L4919556
  • Updated Date : 12/01/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,621 sqft
  • Baths : 2 full
Listing Agent

Sellstate Centric Realty

Listing Agent's Description

Great South Lakeland Location! This home features newly updated flooring with an open floor plan and cathedral ceilings. Recent improvements to this home include a new air conditioner and double pane windows. The spacious living room features a stunning wood burning fireplace, pass through from the kitchen and access to the oversized screened porch. Master bedroom features walk in closet with private bath and access to porch. Highly desirable location and school district! This one will not last long!

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Christina Oaks

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240kPrice in $70k250k

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

Neighborhood: Christina Oaks

NeighborhoodNIR Market*CityMarket2015Year20092019 Q21000110012001300140015001600Rent in $9081672

* 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
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$867
Property Tax -$258
Property Insurance -$129
HOA -$24
Property Management Fees -$129
CASH FLOW
-$7

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.

$235,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.60%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$15,370

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,394

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4003$1,4004$1,4955$1,550
$1,550
RENT COMPS ANALYSIS
  • 6260 Butternut Dr Lakeland, FL 3
    • 3 beds 2 baths ∙ 1,621 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,621 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.86
    •  
  • 6104 Mountain Lake Dr Lakeland, FL 1
    • 3 beds 2 baths ∙ 1,777 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,777 Sqft ∙ Built 1996
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.73
    •  
  • 606 Mountain Lake Pl Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,484 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,484 Sqft ∙ Built 1995
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.94
    •  
  • 6860 Lake Eaglebrooke Dr Lakeland, FL 4
    • 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2004
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.87
    •  
  • 6876 Lake Eaglebrooke Dr Lakeland, FL 5
    • 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2004
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.90
    •  
PROPERTY LISTING DETAILS
Tammy Graham
1.863.838.7273
Sellstate Centric Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4919556
Last Updated: 12/01/2020
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