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335 S Tuttle Ave Sarasota, FL 34237

3 Beds 3 Baths 1,708 sqft Built 1960

$395,000

List Price

$1,920

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $231.26
  • 2 Days on Market
  • MLS # : A4506606
  • Updated Date : 07/13/2021 at 12:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,708 sqft
  • Baths : 3 full
Listing Agent

Berkshire Hathaway Homeservices Florida Realty

Listing Agent's Description

Lots of possibilities for this multi-use home. Property consists of a main house with 2-3 bedrooms, 2 baths and a pool, plus a cottage with 1 bedroom, kitchen/living area and screened lanai. There is onsite parking for both homes and separate water and electric meters. Main house: cute cottage-style home with two bedrooms and two bathrooms, family room and a large bonus room/living with wood burning fireplace. This is currently used as the master bedroom as it has an ensuite bathroom/laundry room. The kitchen has sliding doors onto a lanai and a walled swimming pool, pebble tec deck and a covered pool cabana. Cottage: 560sf centrally cooled house with 12x13 bedroom, closet space with washer and dryer, kitchen/living room and a screened lanai. There is also a storage shed for the cottage. Cottage rents for $900 per month. Main house rents for $1,370 per month. The home has not been updated. At this price, an excellent investment for the right buyer. Sold AS IS.

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MARKET HIGHLIGHTS

  • 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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Patricia Manor

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $67k306k

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

Neighborhood: Patricia 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
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,728$2,112$1,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,920
EXPENSES Loan Payment -$1,372
Property Tax -$417
Property Insurance -$141
Property Management Fees -$129
CASH FLOW
-$139

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.

$395,000

PROJECTED PRICE

$1,920

PROJECTED RENT

0.49%

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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,372

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$14,998

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,920

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,088

    COMP ESTIMATED VALUE
  • $1.22

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9003$1,9204$2,0805$2,100
$2,100
RENT COMPS ANALYSIS
  • 335 S Tuttle Ave Sarasota, FL 3
    • 3 beds 3 baths ∙ 1,708 Sqft ∙ Built 1960 3 beds 3 baths ∙ 1,708 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $1.12
    •  
  • 2866 Louise St Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1954
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.19
    •  
  • 2709 Ringling Blvd Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1952
    property image
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.16
    •  
  • 2580 Belvoir Blvd Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1957
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $1.18
    •  
  • 3048 Browning St Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,549 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,549 Sqft ∙ Built 1958
    property image
    LEASED 04/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.36
    •  
PROPERTY LISTING DETAILS
Bev Murray
1.941.724.4995
Berkshire Hathaway Homeservices Florida Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4506606
Last Updated: 07/13/2021
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