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3023 Silk Oak Dr Sarasota, FL 34232

3 Beds 2 Baths 1,033 sqft Built 1978

$259,900

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $251.60
  • 7 Days on Market
  • MLS # : A4483833
  • Updated Date : 11/17/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,033 sqft
  • Baths : 2 full
Listing Agent

Sabal Palm Realty Llc

Listing Agent's Description

***GREAT LOCATION*** Ranch style home single car garage plus additional covered carport. This home has an additional 12x16 building with it's own attic for additional storage. Freshly restored coastal style kitchen, updated bathrooms, tile flooring throughout the main living areas. August 15th, 2020 a new roof was installed to the main house as well as the storage building adding the third nail to the straps on the main house for additional insurance credits. Silk Oak Drive has been recently re-paved in August 2020. Close to Brentwood Elementary, Doctors Hospital and Shopping. Showings will commence 11/18/2020 by appointment only.

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: Brentwood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $89k306k

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

Neighborhood: Brentwood Estates

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10262059

* 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
Brentwood Elementary School Primary Regular 672 53 4
Mcintosh Middle School Middle Regular 684 50 5
Sarasota High School High Regular 2,110 106 6

Brentwood Elementary School

  • Education Level: Primary
  • # of students: 672
  • # of teachers: 53
4
GreatSchools Rating

Mcintosh Middle School

  • Education Level: Middle
  • # of students: 684
  • # of teachers: 50
5
GreatSchools Rating

Sarasota High School

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

$233,910$285,890$259,900

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$959
Property Tax -$243
Property Insurance -$99
Property Management Fees -$80
CASH FLOW
-$1

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.

$259,900

PROJECTED PRICE

$1,380

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 13.5%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% 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 $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$21,737

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.34

    LIST RENT PER SQFT
  • $999

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$9003$9954$1,1005$1,380
$1,380
RENT COMPS ANALYSIS
  • 3023 Silk Oak Dr Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,033 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,033 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.34
    •  
  • 5139 Brookmeade Dr Sarasota, FL 1
    • 3 beds 1 baths ∙ 921 Sqft ∙ Built 1970 3 beds 1 baths ∙ 921 Sqft ∙ Built 1970
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.92
    •  
  • 3925 Mesa Ave Sarasota, FL 2
    • 3 beds 1 baths ∙ 924 Sqft ∙ Built 1960 3 beds 1 baths ∙ 924 Sqft ∙ Built 1960
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.97
    •  
  • 4975 Live Oak Dr Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,107 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,107 Sqft ∙ Built 1977
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $0.90
    •  
  • 4539 Webber St Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1979
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $1.08
    •  
PROPERTY LISTING DETAILS
Walter Wanting
1.941.779.5047
Sabal Palm Realty Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4483833
Last Updated: 11/17/2020
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