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7223 54th Ter E Palmetto, FL 34221

3 Beds 2 Baths 1,411 sqft Built 2008

INVESTimate

$260,000

List Price

$1,660

$1,494 - $1,826

Rent Est.

$279,500  ( +7.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2008
  • Price/Sqft : $184.27
  • 7 Days on Market
  • MLS # : A4475310
  • Updated Date : 08/20/2020 at 13:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,411 sqft
  • Baths : 2 full
Listing Agent

Sarasota Land And Homes Llc

Listing Agent's Description

This immaculate home is located in the peaceful neighborhood of Crystal Lakes. This 3 bedroom, 2 bath home built by Taylor Morrison is situated on a cul de sac with plenty of green space and water views. As you walk inside the home, you will immediately notice how bright the space is, filled with natural light. The kitchen has Corian countertops, pantry closet, and a breakfast bar, perfect for family gatherings. The sliding doors open up to a covered patio, which is a perfect place to sit and relax with a cup of coffee in the morning. The living room has vaulted ceilings and nice, big windows facing the water. The master bedroom is spacious with an ensuite bathroom with dual sinks and a tub. The Crystal Lakes community offers lakes for fishing, playground, basketball courts, and walking trails. Low HOA fees, and no CDDs! Located close to I75 and 275 for an easy commute to Bradenton, Sarasota, Tampa, and St. Petersburg. Come see for yourself all that this home has to offer!

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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

Neighborhood: Crystal Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $97k409k

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

Neighborhood: Crystal Lakes

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q212001400160018002000220024002600Rent in $11052642

* 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
Mills Elementary School Primary Regular 1,160 66 6
Buffalo Creek Middle School Middle Regular 1,102 54 5
Palmetto High School High Regular 2,076 93 3

Mills Elementary School

  • Education Level: Primary
  • # of students: 1,160
  • # of teachers: 66
6
GreatSchools Rating

Buffalo Creek Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 54
5
GreatSchools Rating

Palmetto High School

  • Education Level: High
  • # of students: 2,076
  • # of teachers: 93
3
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,494$1,826$1,660

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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$959
Property Tax -$265
Property Insurance -$123
HOA -$45
Property Management Fees -$80
CASH FLOW
$188

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.

$260,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 7.50%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$41,747

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $1,531

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6454$1,6605$1,749
$1,749
RENT COMPS ANALYSIS
  • 7223 54th Ter E Palmetto, 4
    • 3 beds 2 baths ∙ 1,411 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,411 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $1.18
    •  
  • 8930 Founders Cir Palmetto, 1
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2005
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.03
    •  
  • 6504 64th Dr E Palmetto, 2
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1996
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.03
    •  
  • 6219 64th Dr E Palmetto, 3
    • 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1998
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $1.09
    •  
  • 6205 65th Ct E Palmetto, 5
    • 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 1992
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,749
    • $1.19
    •  
PROPERTY LISTING DETAILS
James Hirschman
1.941.320.6687
Sarasota Land And Homes Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4475310
Last Updated: 08/20/2020
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