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3608 Spainwood Dr Sarasota, FL 34232

3 Beds 2 Baths 1,275 sqft Built 1978

$270,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $211.76
  • 2 Days on Market
  • MLS # : A4490690
  • Updated Date : 02/06/2021 at 22:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,275 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Florida Realty

Listing Agent's Description

Welcome to your new home in the highly sought after Ridgewood Estates neighborhood conveniently located in the center of Sarasota. Come relax and unwind in this well maintained home which offers 3 bedrooms and 2 bathrooms, a Florida room and a backyard garden that makes you feel like you are in an urban tropical paradise. Location is amazing...close to everything you need... shopping, restaurants, medical, top rated beaches, arts and culture.

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: Ridgewood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $89k306k

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

Neighborhood: Ridgewood Estates

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10562059

* 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
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$938
Property Tax -$252
Property Insurance -$114
HOA -$3
Property Management Fees -$129
CASH FLOW
$194

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.

$270,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 10.3%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

9.92

YEARS SAVED

$38,185

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $1.28

    LIST RENT PER SQFT
  • $1,291

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2003$1,6304$1,7005$1,790
$1,790
RENT COMPS ANALYSIS
  • 3608 Spainwood Dr Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $1.28
    •  
  • 5523 Briarcliff Dr Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1974
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.79
    •  
  • 5856 Whistlewood Cir Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,283 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,283 Sqft ∙ Built 1984
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.94
    •  
  • 5510 Colonial Oaks Blvd Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,434 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,434 Sqft ∙ Built 1986
    property image
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.19
    •  
  • 5860 Whistlewood Cir Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1982
    property image
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $1.13
    •  
PROPERTY LISTING DETAILS
Kimi Newcomb
1.941.266.0029
Berkshire Hathaway Homeservices Florida Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4490690
Last Updated: 02/06/2021
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