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2923 Captiva Way Sarasota, FL 34231

4 Beds 2 Baths 2,015 sqft Built 1974

$389,000

List Price

$2,360

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $193.05
  • 2 Days on Market
  • MLS # : A4485926
  • Updated Date : 12/12/2020 at 16:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,015 sqft
  • Baths : 2 full
Listing Agent

Michael Saunders & Company

Listing Agent's Description

Location. Location. Pool home in popular Gulf Gate Woods close to the beach and a wide selection of shops and restaurants and the new Gulf Gate Library are just around the corner. There's even a small county park within the community a block away. At the front and rear of the home you’ll enjoy complete privacy, plus a low-maintenance lot with no grass to mow. This mid-century-like home was updated several years ago. Approach the home via the circular drive and enter into a private, screened courtyard with a Zen rock garden and water feature – then to the interior from glass French doors protected from the under-cover area directly into the expansive great room with an open floor plan and split bedrooms. Seamless entertaining and a great flow from the kitchen and great room leads to a private tropical oasis & pool area with a massive pool with crystal crete finish, and an outdoor shower. No carpet in home – neutral tiles laid in a garden pattern graces the entire interior. Fabulous kitchen with wood cabinets, large granite peninsula with lots of seating space, contemporary lighting and a pot filler at the cooktop. The spa-like master retreat is truly noteworthy with expansive closet, grand shower and elegant fixtures. Recent updates include a newer tankless hot water heater, newer a/c, new roof over covered portion of rear lanai and new cooktop. The area enjoys "A" rated schools. The entire Sarasota area and its arts, entertainment and beaches are the crown jewel of the Gulf Coast. Don’t miss this Sarasota gem. Come make this place your own and enjoy the good life.

SEE MORE

MARKET HIGHLIGHTS

  • #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.
  • 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)

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
 

$350,100$427,900$389,000

PURCHASE PRICE

$2,124$2,596$2,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,360
EXPENSES Loan Payment -$1,435
Property Tax -$362
Property Insurance -$160
HOA -$6
Property Management Fees -$129
CASH FLOW
$268

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.

$389,000

PROJECTED PRICE

$2,360

PROJECTED RENT

0.61%

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

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$108,835

INVESTMENT

$108,835

Down Payment
$97,250
Rehab Estimate
$5,750
Closing Costs
$5,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,435

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,250
Loan Amount $291,750
See What Happens When You Reinvest Cash Flow

9.83

YEARS SAVED

$64,016

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,360

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $2,388

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,3003$2,3604$2,3955$2,495
$2,495
RENT COMPS ANALYSIS
  • 2923 Captiva Way Sarasota, FL 3
    • 4 beds 2 baths ∙ 2,015 Sqft ∙ Built 1974 4 beds 2 baths ∙ 2,015 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $1.17
    •  
  • 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
    •  
  • 2736 Cardwell Way Sarasota, FL 2
    • 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
    •  
  • 6753 Keystone Dr Sarasota, FL 4
    • 3 beds 2 baths ∙ 2,072 Sqft ∙ Built 1968 3 beds 2 baths ∙ 2,072 Sqft ∙ Built 1968
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.16
    •  
  • 2921 Captiva Dr Sarasota, FL 5
    • 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 1974 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 1974
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.31
    •  
PROPERTY LISTING DETAILS
Kathy Lewis
1.941.228.1213
Michael Saunders & Company
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4485926
Last Updated: 12/12/2020
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