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6820 Wagon Wheel Cir Sarasota, FL 34243

3 Beds 2 Baths 1,756 sqft Built 1998

INVESTimate

$325,000

List Price

$1,810

$1,629 - $1,991

Rent Est.

$343,298  ( +5.63%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $185.08
  • 4 Days on Market
  • MLS # : A4476114
  • Updated Date : 08/25/2020 at 16:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,756 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Florida Realty

Listing Agent's Description

Welcome to Mote Ranch, a wonderful neighborhood in Sarasota that has a community pool, park, fishing pier and access to the Braden River. This well-maintained home has been recently renovated with complete new kitchen including granite tops, guest bath, fresh paint, laminate flooring throughout and is completely move-in ready. The well-designed floor plan has an eat-in kitchen as well as large open space for living and dining that overlooks the 23 ft. long screened lanai with views of the lake beyond. A versatile layout was designed as a two bedroom plus den but can easily serve as a three bedroom with the den having an added closet. Living in Mote Ranch gives you easy access to all amenities such as the University Town Center, Benderson Park, the airport and everything Sarasota has to offer. The low HOA fee and NO CDD fee is attractive. Residents of Mote Ranch enjoy the Jr. Olympic size community pool, nature trails, and ability to launch a kayak or canoe to enjoy more of Florida's nature.

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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: 34243

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k319k

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

Zip Code: 34243

ZipNIR Market*CityMarket20102015Year20082019 Q21200130014001500160017001800190020002100Rent in $11792164

* 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
Willis Elementary School Primary Regular 729 45 10
Braden River Middle School Middle Regular 977 56 5
Braden River High School High Regular 1,999 90 6

Willis Elementary School

  • Education Level: Primary
  • # of students: 729
  • # of teachers: 45
10
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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,629$1,991$1,810

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,199
Property Tax -$355
Property Insurance -$144
HOA -$51
Property Management Fees -$80
CASH FLOW
-$19

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.

$325,000

PROJECTED PRICE

$1,810

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.63%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$23,780

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,809

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5953$1,8104$2,1755$2,200
$2,200
RENT COMPS ANALYSIS
  • 6820 Wagon Wheel Cir Sarasota, 3
    • 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $1.03
    •  
  • 5924 Sandstone Ave Sarasota, 1
    • 3 beds 2 baths ∙ 1,735 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,735 Sqft ∙ Built 1997
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.81
    •  
  • 5890 Lantern Ct Sarasota, 2
    • 3 beds 2 baths ∙ 1,685 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,685 Sqft ∙ Built 1993
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.95
    •  
  • 6726 W Country Club Ln Sarasota, 4
    • 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 2000
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $1.20
    •  
  • 4961 Creekside Trl Sarasota, 5
    • 3 beds 2 baths ∙ 1,902 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,902 Sqft ∙ Built 2002
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.16
    •  
PROPERTY LISTING DETAILS
Pam Charron
1.941.993.3388
Berkshire Hathaway Homeservices Florida Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4476114
Last Updated: 08/25/2020
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