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2431 Pinehurst St Sarasota, FL 34231

3 Beds 2 Baths 1,383 sqft Built 1996

$325,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $235.00
  • 5 Days on Market
  • MLS # : A4489111
  • Updated Date : 01/21/2021 at 09:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,383 sqft
  • Baths : 2 full
Listing Agent

Michael Saunders & Company

Listing Agent's Description

GREAT Palmer Ranch location, close to everything! Wonderful family starter home, investment property or vacation home near so many great amenities: Siesta Key Beach, shopping at Sarasota/Westfield Square Mall, & Gulf Gate, restaurants and lots of things to do! Well maintained, new carpets, all ductwork replaced 2016, 3-year-old roof, replumbed, large Privacy Fenced back yard with super screed porch, great for kids, pets, outdoor living or boat. Great-Room Style split floorplan with sunny eat-in kitchen. Most room sizes are irregular so Purchaser should confirm dimensions. No deed restrictions or CDD/HOA fees! Good school, Riverview High School. Welcome to Palmer Ranch!!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Florida Pines

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $102k409k

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

Neighborhood: Florida Pines

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q212001400160018002000220024002600Rent in $10872642

* 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
Brookside Middle School Middle Regular 820 53 7
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

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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,129
Property Tax -$304
Property Insurance -$121
Property Management Fees -$129
CASH FLOW
$118

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.

$325,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 7.1%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$33,711

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $1.3

    LIST RENT PER SQFT
  • $1,549

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,6003$1,6504$1,6505$1,800
$1,800
RENT COMPS ANALYSIS
  • 2431 Pinehurst St Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,383 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,383 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.30
    •  
  • 2430 Pinehurst St Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1976
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.91
    •  
  • 3222 Rowena St Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1979
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.19
    •  
  • 7795 Nixon Ave Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,258 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,258 Sqft ∙ Built 1984
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.31
    •  
  • 1847 Mova St Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1982
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.07
    •  
PROPERTY LISTING DETAILS
Anne Mitchell
1.941.725.0227
Michael Saunders & Company
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4489111
Last Updated: 01/21/2021
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