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6719 S Lockwood Ridge Rd Sarasota, FL 34231

3 Beds 2 Baths 1,559 sqft Built 1966

$299,900

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1966
  • Price/Sqft : $192.37
  • 23 Days on Market
  • MLS # : A4480707
  • Updated Date : 10/28/2020 at 12:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,559 sqft
  • Baths : 2 full
Listing Agent

Scott Silver Concierge Realty

Listing Agent's Description

CALLING ALL INVESTORS! LOCATION, LOCATION, LOCATION! Highly desirable Gulf Gate property, perfect for a buy-and-hold investor or a homeowner looking to renovate and move in. It's been cleaned out and demo'ed, and is now ready to be put back together. A brand new HVAC system has been installed, but otherwise needs full renovation. This property will NOT qualify for conventional financing -- cash or hard money offers only. Seller may be willing to provide short-term seller financing.

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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: Gulf Gate

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k323k

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

Neighborhood: Gulf Gate

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2120013001400150016001700180019002000Rent in $11472059

* 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
Gulf Gate Elementary School Primary Regular 753 53 7
Brookside Middle School Middle Regular 820 53 7
Riverview High School High Magnet 2,483 126 7

Gulf Gate Elementary School

  • Education Level: Primary
  • # of students: 753
  • # of teachers: 53
7
GreatSchools Rating

Brookside Middle School

  • Education Level: Middle
  • # of students: 820
  • # of teachers: 53
7
GreatSchools Rating

Riverview High School

  • Education Level: High
  • # of students: 2,483
  • # of teachers: 126
7
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$1,107
Property Tax -$280
Property Insurance -$132
Property Management Fees -$80
CASH FLOW
$312

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.

$299,900

PROJECTED PRICE

$1,910

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.6%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
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$0.0$5.0k$10k$15k$20k

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$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$62,228

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $1,902

    COMP ESTIMATED VALUE
  • $1.22

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,8753$1,9104$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 6719 S Lockwood Ridge Rd Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1966
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $1.23
    •  
  • 2458 Breakwater Cir Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1966
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.14
    •  
  • 7132 Antigua Pl Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 1967
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $1.20
    •  
  • 2453 Gulf Gate Dr Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1961
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.28
    •  
  • 2722 White Sands Dr Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,590 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,590 Sqft ∙ Built 1961
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.26
    •  
PROPERTY LISTING DETAILS
Carol Scott
1.941.313.3439
Scott Silver Concierge Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4480707
Last Updated: 10/28/2020
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