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2904 Louise St Sarasota, FL 34237

3 Beds 2 Baths 1,392 sqft Built 1960

$260,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $186.78
  • 5 Days on Market
  • MLS # : A4486746
  • Updated Date : 12/23/2020 at 15:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,392 sqft
  • Baths : 2 full
Listing Agent

Re/max Platinum Realty

Listing Agent's Description

Check out this great buy in Central Sarasota! Located just minutes to Downtown Sarasota, Lido Beach, Payne Park, and just blocks from the future Legacy Trail, this home is perfect for those looking for the city life. This home features vaulted ceilings, a newer kitchen, and some updates to the bathrooms. All the cast iron drain lines and water lines have been replaced, it has a newer metal roof, and a newer air conditioner. There is a tenant in place making this a perfect rental property with all the major repairs completed. Call for more information and schedule a showing today!Lease on the property through May 31, 2021.

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: Bonita Manor

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $67k306k

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

Neighborhood: Bonita Manor

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10372059

* 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
Booker Middle School Middle Magnet 856 62 4
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

Booker Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 62
4
GreatSchools Rating

Sarasota High School

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

$234,000$286,000$260,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$959
Property Tax -$275
Property Insurance -$121
Property Management Fees -$129
CASH FLOW
$266

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.

$260,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 11.4%
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$20k

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

11.33

YEARS SAVED

$52,131

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $1,750

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$1,635
1$1,6352$1,6753$1,7504$1,7955$1,850
$1,850
RENT COMPS ANALYSIS
  • 2904 Louise St Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.26
    •  
  • 3076 Wood St Sarasota, FL 1
    • 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
    •  
  • 2921 Greenbriar St Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,341 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,341 Sqft ∙ Built 1956
    property image
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.25
    •  
  • 2857 Wood St Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,333 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,333 Sqft ∙ Built 1956
    property image
    LEASED 12/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.35
    •  
  • 2987 Bay St Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 1958
    property image
    LEASED 12/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.31
    •  
PROPERTY LISTING DETAILS
Wade Ongstad
1.941.705.0537
Re/max Platinum Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4486746
Last Updated: 12/23/2020
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