Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6451 Longoak Ct Lakeland, FL 33811

3 Beds 2 Baths 2,226 sqft Built 1993

$319,000

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $143.31
  • 2 Days on Market
  • MLS # : L4919398
  • Updated Date : 11/21/2020 at 11:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,226 sqft
  • Baths : 2 full
Listing Agent

Florida Landmark Realty

Listing Agent's Description

This spacious 3 bedroom 2 bath home is well maintained and has lots of extras. There's a split bedroom plan with a bonus room. The kitchen opens to a dining room. living room, and family room - plenty of space to entertain. The large Florida room leads to a beautiful back yard of mature landscaping. The 19x23 shed has running water, electricity, and even a ceiling fan. This house has solar panels, a high efficiency hot water heater, an irrigation well, solar attic exhaust fans, and a water filtration system, and it's prewired for a generator. The quiet neighborhood of Longwood Oaks boasts low HOA fees and a tennis court for residents. Close to South Lakeland shopping and restaurants!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Longwood Oaks

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300k320kPrice in $70k338k

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

Neighborhood: Longwood Oaks

NeighborhoodNIR Market*CityMarket2015Year20092019 Q210001100120013001400150016001700180019002000Rent in $9082051

* 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
Medulla Elementary School Primary Regular 635 40 3
Lakeland Highlands Middle School Middle Regular 1,217 66 6
George W. Jenkins Senior High School High Regular 2,319 116 5

Medulla Elementary School

  • Education Level: Primary
  • # of students: 635
  • # of teachers: 40
3
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
 

$287,100$350,900$319,000

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,177
Property Tax -$379
Property Insurance -$163
HOA -$37
Property Management Fees -$80
CASH FLOW
$54

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.

$319,000

PROJECTED PRICE

$1,890

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.75%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 3.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,285

INVESTMENT

$90,285

Down Payment
$79,750
Rehab Estimate
$5,750
Closing Costs
$4,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,177

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,750
Loan Amount $239,250
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$25,071

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,553

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3503$1,5004$1,5505$1,890
$1,890
RENT COMPS ANALYSIS
  • 6451 Longoak Ct Lakeland, FL 5
    • 3 beds 2 baths ∙ 2,226 Sqft ∙ Built 1993 3 beds 2 baths ∙ 2,226 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.85
    •  
  • 6855 Shadowcast Ln Lakeland, FL 1
    • 3 beds 2 baths ∙ 2,055 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,055 Sqft ∙ Built 2005
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.63
    •  
  • 5950 Velvet Loop Lakeland, FL 2
    • 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 2001
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.72
    •  
  • 5685 Oakwood Knoll Dr Lakeland, FL 3
    • 4 beds 2 baths ∙ 2,129 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,129 Sqft ∙ Built 2005
    LEASED 08/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.70
    •  
  • 5745 Oakwood Knoll Dr Lakeland, FL 4
    • 4 beds 2 baths ∙ 2,108 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,108 Sqft ∙ Built 2005
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.74
    •  
PROPERTY LISTING DETAILS
Kathy Chalue
1.863.582.1109
Florida Landmark Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: L4919398
Last Updated: 11/21/2020
BESbswy