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2772 Prospect St Sarasota, FL 34239

4 Beds 2 Baths 1,562 sqft Built 1960

$385,000

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1960
  • Price/Sqft : $246.48
  • 6 Days on Market
  • MLS # : A4482718
  • Updated Date : 11/05/2020 at 10:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,562 sqft
  • Baths : 2 full
Listing Agent

Re/max Alliance Group

Listing Agent's Description

Motivated Sellers!! Fabulous convenient location close to Sarasota Memorial Hospital, doctors offices, Lido Beach and the city walk to Arlington Park and the "Y" Recently remodeled there is tile through out, clean and bright. An open kitchen design with granite tops, stainless steel appliances, and a great large lanai area. Room for pool. Possible Great B&B Rental

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: Arlington Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $94k330k

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

Neighborhood: Arlington Park

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2120013001400150016001700180019002000Rent in $11532059

* 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
Alta Vista Elementary School Primary Regular 635 49 7
Brookside Middle School Middle Regular 820 53 7
Sarasota High School High Regular 2,110 106 6

Alta Vista Elementary School

  • Education Level: Primary
  • # of students: 635
  • # of teachers: 49
7
GreatSchools Rating

Brookside Middle School

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

Sarasota High School

  • Education Level: High
  • # of students: 2,110
  • # of teachers: 106
6
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$1,420
Property Tax -$407
Property Insurance -$132
Property Management Fees -$80
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.

$385,000

PROJECTED PRICE

$1,930

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 8.6%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$20,874

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $1,589

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,5003$1,5954$1,6355$1,930
$1,930
RENT COMPS ANALYSIS
  • 2772 Prospect St Sarasota, FL 5
    • 4 beds 2 baths ∙ 1,562 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,562 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $1.24
    •  
  • 3003 Irving St Sarasota, FL 1
    • 3 beds 3 baths ∙ 1,521 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,521 Sqft ∙ Built 1974
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.85
    •  
  • 2590 Floyd St Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1977
    property image
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.07
    •  
  • 2651 Wood St Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1958
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.03
    •  
  • 3076 Wood St Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,457 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,457 Sqft ∙ Built 1959
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,635
    • $1.12
    •  
PROPERTY LISTING DETAILS
Glenn Callaghan
1.941.954.5454
Re/max Alliance Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4482718
Last Updated: 11/05/2020
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