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2815 Gulf Gate Dr Sarasota, FL 34231

3 Beds 3 Baths 1,784 sqft Built 1963

$320,000

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $179.37
  • 3 Days on Market
  • MLS # : A4484372
  • Updated Date : 11/21/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,784 sqft
  • Baths : 3 full
Listing Agent

Own Srq Llc

Listing Agent's Description

Fabulous 3 bedroom, 3 bathroom + den, multi generational home. The Main home consists of 2 bedrooms, 2 bathrooms and a den/office w/ a closet, and the attached studio consists of 1 bedroom, 1 bathroom and a kitchenette. The studio also has its own separate entrance too, off the Glades Way side of the home. Numerous updates have been done, including a new electrical panel, vinyl plank flooring, updated lighting, UV light added to the A/C system and the fantastic pavered circular driveway & backyard. Did you see that perfect “no maintenance” grass in the back too? Great spot for a firepit as well! Fenced to the rear, this is truly the perfect Florida retreat. Draped by huge oaks and picturesque curb appeal, this corner lot offers excellent proximity to Gulf Gate shops and America's #1 beach on Siesta Key.

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: Gulf Gate

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k323k

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

Neighborhood: Gulf Gate

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2120013001400150016001700180019002000Rent in $11472059

* 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
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,181
Property Tax -$299
Property Insurance -$145
HOA -$50
Property Management Fees -$80
CASH FLOW
$315

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.

$320,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.6%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

11.25

YEARS SAVED

$63,653

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,869

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,8503$1,9004$2,0005$2,070
$2,070
RENT COMPS ANALYSIS
  • 2815 Gulf Gate Dr Sarasota, FL 5
    • 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1963 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $1.16
    •  
  • 3133 Regatta Cir Sarasota, FL 1
    • 3 beds 3 baths ∙ 1,655 Sqft ∙ Built 1963 3 beds 3 baths ∙ 1,655 Sqft ∙ Built 1963
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 6719 Keystone Dr Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,950 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,950 Sqft ∙ Built 1968
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.95
    •  
  • 2604 Regatta Dr Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,598 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,598 Sqft ∙ Built 1964
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.19
    •  
  • 3047 Goodwater St Sarasota, FL 4
    • 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
    •  
PROPERTY LISTING DETAILS
Lisa Warren-wallace
1.941.400.4084
Own Srq Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4484372
Last Updated: 11/21/2020
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