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2368 James Ln Sarasota, FL 34231

3 Beds 2 Baths 1,783 sqft Built 1986

$449,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $251.82
  • 5 Days on Market
  • MLS # : A4486903
  • Updated Date : 12/24/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,783 sqft
  • Baths : 2 full
Listing Agent

The Ray Williams Group Llc

Listing Agent's Description

Don't miss this move-in ready gem in the sweet spot of Sarasota. Located on a quiet street just minutes from downtown and Sarasota's famous Siesta Key Beaches. You will enjoy fantastic shopping, endless entertainment, and amazing restaurants in this most desirable location. This well-maintained three bedroom, two bath, and two car garage home is nestled among beautiful mature oak trees and landscaping. The interior of this home features a beautiful kitchen with stainless steel appliances, solid wood cabinets, and gorgeous granite countertops. Unwind in the master bedroom with a private ensuite bathroom featuring a walk in shower, a walk in closet, and an additional private outdoor sitting area. Two additional bedrooms and a full bathroom complete this expansive split floor plan. The spacious and peaceful backyard features beautiful mature oak trees, a fully fenced in yard, a screened in porch for formal dining, and a large paver deck with unlimited possibilities. Bring your boats and your toys to this great neighborhood. There is plenty of room with an oversized driveway and NO HOA Fees or CDD. Close to all things Sarasota has to offer. This rare gem is a MUST SEE. Being sold AS IS. You don't want to miss out on this opportunity!

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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: Ridgewood

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $109k371k

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

Neighborhood: Ridgewood

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q212001300140015001600170018001900200021002200Rent in $11792208

* 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
Phillippi Shores Elementary School Primary Regular 750 50 8
Brookside Middle School Middle Regular 820 53 7
Riverview High School High Magnet 2,483 126 7

Phillippi Shores Elementary School

  • Education Level: Primary
  • # of students: 750
  • # of teachers: 50
8
GreatSchools Rating

Brookside Middle School

  • Education Level: Middle
  • # of students: 820
  • # of teachers: 53
7
GreatSchools Rating

Riverview High School

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

$404,100$493,900$449,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,657
Property Tax -$420
Property Insurance -$145
Property Management Fees -$129
CASH FLOW
-$51

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.

$449,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 8.8%
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$1.2M$1.4M$1.6M

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$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,735

INVESTMENT

$124,735

Down Payment
$112,250
Rehab Estimate
$5,750
Closing Costs
$6,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,657

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,250
Loan Amount $336,750
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$33,092

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $2,140

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$1,685
1$1,6852$1,9003$1,9904$2,3005$2,395
$2,395
RENT COMPS ANALYSIS
  • 2368 James Ln Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,783 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,783 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.29
    •  
  • 2230 Oak Ter Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1972
    property image
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,685
    • $1.12
    •  
  • 4140 Augustine Ave Sarasota, FL 2
    • 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1998
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.07
    •  
  • 2310 Siesta Drive Sarasota, FL 3
    • 3 beds 3 baths ∙ 1,796 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,796 Sqft ∙ Built 1990
    property image
    LEASED 12/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $1.11
    •  
  • 1914 Hillsdale Pl Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 1978
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.50
    •  
PROPERTY LISTING DETAILS
Brett Smith
1.941.549.0959
The Ray Williams Group Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4486903
Last Updated: 12/24/2020
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