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6409 Stone River Rd Bradenton, FL 34203

3 Beds 3 Baths 2,234 sqft Built 1990

INVESTimate

$278,000

List Price

$2,180

$1,962 - $2,398

Rent Est.

$293,207  ( +5.47%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1990
  • Price/Sqft : $124.44
  • 2 Days on Market
  • MLS # : A4476296
  • Updated Date : 08/26/2020 at 02:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,234 sqft
  • Baths : 3 full
Listing Agent

Mapp Realty & Investment Co

Listing Agent's Description

INVESTOR ALERT! Large Family Home located in Beautiful Tara Golf and Country Club. Open floor plan with high ceilings. Split floor plan that flows easily for entertaining. Separate Family Room with view of the back yard and lanai. Laminate and Tile throughout. Laundry room with front loading machines included. This property has a Class "B" social membership to the Tara Golf and Country Club. Amenities include: Tennis, Dining, Clubhouse, Fitness Center and Pool w/Spa. Property is leased through October 2022 so perfect for an investor or someone that wants to buy now and move into the house later on. NO Showings without accepted contract for initial inspections. Please do not disturb tenants. See attached FEE SCHEDULE FOR ALL CLUB FEES RELATED!

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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: 34203

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k302k

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

Zip Code: 34203

ZipNIR Market*CityMarket20102015Year20082019 Q21200130014001500160017001800190020002100Rent in $11792107

* 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
Tara Elementary School Primary Regular 606 40 6
Braden River Middle School Middle Regular 977 56 5
Braden River High School High Regular 1,999 90 6

Tara Elementary School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 40
6
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
 

$250,200$305,800$278,000

PURCHASE PRICE

$1,962$2,398$2,180

RENT

DOWN PAYMENT
FINANCING

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$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,180
EXPENSES Loan Payment -$1,026
Property Tax -$354
Property Insurance -$173
HOA -$75
Property Management Fees -$80
CASH FLOW
$472

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.

$278,000

PROJECTED PRICE

$2,180

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.47%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,420

INVESTMENT

$79,420

Down Payment
$69,500
Rehab Estimate
$5,750
Closing Costs
$4,170

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$1,026

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,500
Loan Amount $208,500
See What Happens When You Reinvest Cash Flow

13.83

YEARS SAVED

$72,586

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,180

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,200

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,875
1$1,8752$1,9003$2,1504$2,1805$2,200
$2,200
RENT COMPS ANALYSIS
  • 6409 Stone River Rd Bradenton, 4
    • 3 beds 3 baths ∙ 2,234 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,234 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.98
    •  
  • 5219 60th Dr E Bradenton, 1
    • 4 beds 2 baths ∙ 1,951 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,951 Sqft ∙ Built 2007
    property image
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.96
    •  
  • 5002 58th Ter E Bradenton, 2
    • 4 beds 2 baths ∙ 1,956 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,956 Sqft ∙ Built 2006
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.97
    •  
  • 7527 Birds Eye Ter Bradenton, 3
    • 3 beds 2 baths ∙ 2,135 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,135 Sqft ∙ Built 2005
    property image
    LEASED 04/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.01
    •  
  • 7124 Drewrys Blf Bradenton, 5
    • 3 beds 2 baths ∙ 2,208 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,208 Sqft ∙ Built 1997
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.00
    •  
PROPERTY LISTING DETAILS
Paula Mapp
1.941.379.2448
Mapp Realty & Investment Co
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4476296
Last Updated: 08/26/2020
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