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1624 Towering Oak Dr Sarasota, FL 34232

3 Beds 2 Baths 1,493 sqft Built 1993

$290,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 06, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $194.24
  • 2 Days on Market
  • MLS # : A4485458
  • Updated Date : 12/06/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,493 sqft
  • Baths : 1 full , 1 half
Listing Agent

Paradise Realty Of Sarasota

Listing Agent's Description

This 3 bedroom 2 bathroom house in Colonial Oaks is beautifully situated on a cul-de-sac in a great neighborhood. It is a perfect space for the family that works from home with a dedicated office space, as well as an additional bonus room for the home schoolers. It's a nicely designed split floor plan with high ceilings and spacious bedrooms. It boasts a large master bedroom with a big walk in closet and nice size on-suite. The yard is fenced in and ready for your pets, with a great side yard space to have family gatherings or a neighborhood wiffle ball game. The lanai is screened and private adding additional entertaining space. Roof, Water heater, AC and full duct work all replaced in 2015, and is also fitted with hurricane shutters... This home is just waiting for your touch. Make your appointment today!!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Colonial Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k306k

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

Neighborhood: Colonial Oaks

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
Brentwood Elementary School Primary Regular 672 53 4
Mcintosh Middle School Middle Regular 684 50 5
Sarasota High School High Regular 2,110 106 6

Brentwood Elementary School

  • Education Level: Primary
  • # of students: 672
  • # of teachers: 53
4
GreatSchools Rating

Mcintosh Middle School

  • Education Level: Middle
  • # of students: 684
  • # of teachers: 50
5
GreatSchools Rating

Sarasota High School

  • Education Level: High
  • # of students: 2,110
  • # of teachers: 106
6
GreatSchools Rating
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,070
Property Tax -$271
Property Insurance -$128
HOA -$13
Property Management Fees -$129
CASH FLOW
$59

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.

$290,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.4%
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-$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$31,106

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $1,680

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$1,670
1$1,6702$1,6953$1,7004$1,7005$1,850
$1,850
RENT COMPS ANALYSIS
  • 1624 Towering Oak Dr Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,493 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,493 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $1.12
    •  
  • 1611 Summer Breeze Way Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 2001
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.16
    •  
  • 2140 Tall Oak Ct Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,625 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,625 Sqft ∙ Built 1988
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.05
    •  
  • 5510 Colonial Oaks Blvd Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,434 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,434 Sqft ∙ Built 1986
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.19
    •  
  • 1671 Summer Breeze Way Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,681 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,681 Sqft ∙ Built 1998
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.10
    •  
PROPERTY LISTING DETAILS
Kevin Andrade
1.941.268.1591
Paradise Realty Of Sarasota
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4485458
Last Updated: 12/06/2020
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