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7192 Del Lago Dr Sarasota, FL 34238

3 Beds 2 Baths 2,135 sqft Built 1994

$379,000

List Price

$2,830

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $177.52
  • 3 Days on Market
  • MLS # : A4491739
  • Updated Date : 02/20/2021 at 10:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,135 sqft
  • Baths : 2 full
Listing Agent

Zachos Realty

Listing Agent's Description

One or more photo(s) has been virtually staged. Picture yourself in this beautiful, Florida-lifestyle home. A really great house in a wonderful location! Whether it is a morning stroll through the neighborhood while enjoying the cool breeze or an evening bike ride to the Legacy Trail to stretch your legs, you will love the location. This home is located in the sought after community of Mira Lago at Palmer Ranch. This home boasts vaulted ceilings and an open floor plan. Tremendous value in this home with new luxury vinyl flooring throughout and all new plumbing from just a few years. This beautiful home is ideally situated with a water view from almost every room in the house. Relax and enjoy your morning coffee listening to the many birds and animals that frequent the private pond. You will love entertaining guests as you enjoy conversation and take full advantage of this home's open concept floor plan. With the ideal location of this home in north western Palmer Ranch, you will love the fact that within a fifteen minute drive, you have the option of three different county waterfront beaches and parks. Crescent Beach (only three miles), Siesta Key Beach (five miles), Turtle Beach and its boat and kayak launch (six miles away). In addition to the beach, you will find yourself enjoying Palmer Ranch and the Gulf Gate area shops and restaurants. If you love seafood you will be excited to know there are almost a dozen four to five star rated restaurants located within a ten mile drive. This neighborhood and Palmer Ranch is pedestrian and bicycle friendly. The legacy Trail is less than 1.5 miles from home. If you're adventurous and enjoy long bike rides, you can cruise all the way to the island of Venice and then onto Caspersen Beach Park (using the trail). The Legacy Trail is currently expanding north to connect all the way to downtown Sarasota. This home is perfect as either a vacation retreat or living in paradise year-round. Take advantage of this wonderful opportunity to enjoy owning the home you always wanted in Florida.

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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: Mira Lago at Palmer Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k409k

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

Neighborhood: Mira Lago at Palmer Ranch

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q213001400150016001700180019002000210022002300240025002600Rent in $12942642

* 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
Sarasota Middle School Middle Regular 1,270 80 9
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

Sarasota Middle School

  • Education Level: Middle
  • # of students: 1,270
  • # of teachers: 80
9
GreatSchools Rating

Riverview High School

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

$341,100$416,900$379,000

PURCHASE PRICE

$2,547$3,113$2,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,830
EXPENSES Loan Payment -$1,316
Property Tax -$354
Property Insurance -$167
HOA -$314
Property Management Fees -$129
CASH FLOW
$550

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.

$379,000

PROJECTED PRICE

$2,830

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 1.9%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

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$106,185

INVESTMENT

$106,185

Down Payment
$94,750
Rehab Estimate
$5,750
Closing Costs
$5,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,316

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $94,750
Loan Amount $284,250
See What Happens When You Reinvest Cash Flow

12.67

YEARS SAVED

$76,729

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,830

    LIST RENT
  • $1.33

    LIST RENT PER SQFT
  • $2,781

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6753$2,7004$2,8305$3,000
$3,000
RENT COMPS ANALYSIS
  • 7192 Del Lago Dr Sarasota, FL 4
    • 3 beds 2 baths ∙ 2,135 Sqft ∙ Built 1994 3 beds 2 baths ∙ 2,135 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,830
    • $1.33
    •  
  • 3842 Kingston Blvd Sarasota, FL 1
    • 4 beds 3 baths ∙ 2,304 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,304 Sqft ∙ Built 1985
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.09
    •  
  • 3958 Easton Ter Sarasota, FL 2
    • 4 beds 3 baths ∙ 2,115 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,115 Sqft ∙ Built 1984
    LEASED 10/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,675
    • $1.26
    •  
  • 4174 Kingston Way Sarasota, FL 3
    • 4 beds 3 baths ∙ 1,967 Sqft ∙ Built 1984 4 beds 3 baths ∙ 1,967 Sqft ∙ Built 1984
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.37
    •  
  • 7451 Blaine Way Sarasota, FL 5
    • 3 beds 2 baths ∙ 2,009 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,009 Sqft ∙ Built 1978
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.49
    •  
PROPERTY LISTING DETAILS
David Zachos
1.941.780.1909
Zachos Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4491739
Last Updated: 02/20/2021
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