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2511 Cardwell Way Sarasota, FL 34231

3 Beds 2 Baths 1,895 sqft Built 1975

$425,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $224.27
  • 2 Days on Market
  • MLS # : A4488062
  • Updated Date : 01/10/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,895 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Are you ready to live your best beach and pool life in Southwest Florida? This is the home! This home in the sought after neighborhood of Gulf Gate is only a ~7 minute drive to the beaches of Siesta Key which means you are only 7 minutes from heaven! This block pool home offers a split floorplan with 3 bedrooms, 2 bathrooms and an oversized 2 car garage. The large lanai offers a large covered space and an expansive pool... this home is within walking distance to library, shops, restaurants... and you can ride your bike to the South Bridge that will bring you to the beautiful white powdery sands and warm Gulf water on beautiful Siesta Key. Bring your kayaks, fishing rods, paddle boards or other water toys... get ready to play in beautiful Sarasota Florida! Come see, come sigh and make this home your own...

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: Gulf Gate Woods

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $109k369k

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

Neighborhood: Gulf Gate Woods

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21200130014001500160017001800190020002100220023002400Rent in $11792435

* 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
 

$382,500$467,500$425,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,476
Property Tax -$397
Property Insurance -$152
HOA -$75
Property Management Fees -$129
CASH FLOW
-$109

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.

$425,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 3.7%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$19,328

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,113

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0003$2,0004$2,1205$2,300
$2,300
RENT COMPS ANALYSIS
  • 2511 Cardwell Way Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,895 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,895 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.12
    •  
  • 7529 Curtiss Ave Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,771 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,771 Sqft ∙ Built 1973
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.13
    •  
  • 3047 Goodwater St Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 1964
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.08
    •  
  • 2508 Cardwell Way Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,807 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,807 Sqft ∙ Built 1971
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.11
    •  
  • 2736 Cardwell Way Sarasota, FL 5
    • 3 beds 2 baths ∙ 2,019 Sqft ∙ Built 1971 3 beds 2 baths ∙ 2,019 Sqft ∙ Built 1971
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.14
    •  
PROPERTY LISTING DETAILS
Karie Backman
1.941.404.8389
Coldwell Banker Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4488062
Last Updated: 01/10/2021
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