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6920 Rex Ln Sarasota, FL 34243

3 Beds 2 Baths 1,725 sqft Built 1981

$280,000

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $162.32
  • 4 Days on Market
  • MLS # : A4482261
  • Updated Date : 10/31/2020 at 20:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,725 sqft
  • Baths : 2 full
Listing Agent

Re/max Alliance Group

Listing Agent's Description

Tenant occupied until 12/31 3 Bedroom, 2 bath cul de sac pool home in the Whitfield Acres subdivision, this home is close to everything. Private lot and large rear lanai with convenient multiple access, large 2 car garage, separate living, and family rooms. The kitchen window overlooks the pool and patio. Pool and fountain recently refinished. The tenant would like to stay but can move too.

SEE MORE

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: Whitfield

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k309k

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

Neighborhood: Whitfield

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2120013001400150016001700180019002000Rent in $11792059

* 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
Abel Elementary School Primary Regular 554 40 3
Lee Magnet Middle School Middle Magnet 1,034 59 2
Southeast High School High Regular 1,457 68 5

Abel Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 40
3
GreatSchools Rating

Lee Magnet Middle School

  • Education Level: Middle
  • # of students: 1,034
  • # of teachers: 59
2
GreatSchools Rating

Southeast High School

  • Education Level: High
  • # of students: 1,457
  • # of teachers: 68
5
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,033
Property Tax -$306
Property Insurance -$142
Property Management Fees -$80
CASH FLOW
$209

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.

$280,000

PROJECTED PRICE

$1,770

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$46,923

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,829

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7703$1,7854$1,8955$1,975
$1,975
RENT COMPS ANALYSIS
  • 6920 Rex Ln Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,725 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,725 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $1.03
    •  
  • 718 Mcarthur Ave Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,719 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,719 Sqft ∙ Built 1996
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.99
    •  
  • 1110 Southern Pine Ln Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1981
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $1.13
    •  
  • 6612 Conetta Dr Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,879 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,879 Sqft ∙ Built 1974
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.01
    •  
  • 627 Saint Andrews Dr Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,786 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,786 Sqft ∙ Built 1972
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.11
    •  
PROPERTY LISTING DETAILS
Mark Hughes
1.941.312.1708
Re/max Alliance Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4482261
Last Updated: 10/31/2020
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