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2608 Constitution Blvd Sarasota, FL 34231

3 Beds 2 Baths 1,791 sqft Built 1964

$295,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $164.71
  • 5 Days on Market
  • MLS # : A4483499
  • Updated Date : 11/13/2020 at 09:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,791 sqft
  • Baths : 2 full
Listing Agent

Michael Saunders & Company

Listing Agent's Description

Enviably situated near Siesta Key, vibrant shopping and dining destinations, this enticing 3 bedroom, 2 bath residence is brimming with clean-lined charm and comfort. Exquisitely remodeled, it’s evident from the moment guests walk into the living area that the home captures a sense of warmth and elegance accented with open spaces for entertaining, crown molding, and ample natural light. A dazzling display of modernity, the newly remodeled kitchen boasts wood cabinets, granite surfaces, stainless appliances, and a spacious walk-in pantry. Perfect for pampering yourself and your guests, both bathrooms have been remodeled; the master bath boasts a double sink, granite countertop vanity, walk-in shower, and gleaming tile floor. Three bedrooms provide room for you and your loved ones. Positioned on a corner lot, enjoy the outdoors in the enclosed lanai, on the brick deck, or the sundrenched grassy lawn – completely fenced in. A new A/C has just been installed. A one-car garage with laundry completes the picture. The location is within easy reach of downtown Sarasota and only five minutes from the powder white sands of Siesta Key, one of the world’s finest beaches. 2020 sewer hooked up.

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: Phillippi Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k310k

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

Neighborhood: Phillippi Gardens

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21200130014001500160017001800190020002100Rent in $11792166

* 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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,088
Property Tax -$272
Property Insurance -$146
Property Management Fees -$80
CASH FLOW
$564

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.

$295,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 9.4%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

14.83

YEARS SAVED

$83,974

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $2,145

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0403$2,1504$2,1505$2,500
$2,500
RENT COMPS ANALYSIS
  • 2608 Constitution Blvd Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,791 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,791 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.20
    •  
  • 2142 Jo An Dr Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,731 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,731 Sqft ∙ Built 1957
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.16
    •  
  • 5707 Merrimac Dr Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,875 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,875 Sqft ∙ Built 1957
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $1.09
    •  
  • 2267 Nikla Ln Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,722 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,722 Sqft ∙ Built 1969
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.25
    •  
  • 5630 Britannia Dr Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,937 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,937 Sqft ∙ Built 1967
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.29
    •  
PROPERTY LISTING DETAILS
Melba Jimenez, Pa
1.941.356.3970
Michael Saunders & Company
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4483499
Last Updated: 11/13/2020
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