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241 Midwest Pkwy Sarasota, FL 34232

3 Beds 3 Baths 1,332 sqft Built 1961

$229,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 1961
  • Price/Sqft : $171.92
  • 2 Days on Market
  • MLS # : A4483218
  • Updated Date : 11/08/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,332 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Huge potential for this THREE bedroom, THREE full bath diamond in the rough that has great 'bones': Concrete construction, newer windows, AC, roof, kitchen, baths and fixtures and more. Located within the city of Sarasota, this split plan has a third bedroom with an en-suite full bath and separate exterior entrance and parking. Perfect for an owner occupant seeking to generate rental income. (City of Sarasota allows 7-Day rentals - see city ordinance for further details). It also features granite countertops in the kitchen with newer stainless steel appliances, breakfast bar, a nice open living room/kitchen space, a huge master bedroom, ceramic tile flooring throughout and a fenced backyard. The circular driveway also allows for plenty of parking. Located in Eastwood Oaks, there are no HOA's and it's just minutes from downtown Sarasota restaurants, entertainment, theaters, the beautiful sandy beaches of Siesta/Lido key, Bobby Jones golf course, and Interstate 75. Sold 'As-Is', this is an excellent opportunity for owner/occupants and investors alike.

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: Eastwood Oaks

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240k260k280k300kPrice in $55k306k

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

Neighborhood: Eastwood Oaks

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q210001100120013001400150016001700180019002000Rent in $9392059

* 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
Fruitville Elementary School Primary Regular 761 58 8
Mcintosh Middle School Middle Regular 684 50 5
Sarasota High School High Regular 2,110 106 6

Fruitville Elementary School

  • Education Level: Primary
  • # of students: 761
  • # of teachers: 58
8
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
 

$206,100$251,900$229,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$845
Property Tax -$242
Property Insurance -$118
Property Management Fees -$80
CASH FLOW
$266

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.

$229,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 7.7%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

12

YEARS SAVED

$49,730

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,582

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5953$1,7004$1,7455$1,775
$1,775
RENT COMPS ANALYSIS
  • 241 Midwest Pkwy Sarasota, FL 1
    • 3 beds 3 baths ∙ 1,332 Sqft ∙ Built 1961 3 beds 3 baths ∙ 1,332 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.16
    •  
  • 3862 Buckeye Cir Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1961
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.19
    •  
  • 635 Melody Cir Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1974
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.09
    •  
  • 746 Wood Ln Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1973
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $1.32
    •  
  • 3923 Bellwood Dr Sarasota, FL 5
    • 4 beds 2 baths ∙ 1,543 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,543 Sqft ∙ Built 1976
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $1.15
    •  
PROPERTY LISTING DETAILS
George Miller
1.941.374.1000
Coldwell Banker Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4483218
Last Updated: 11/08/2020
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