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3722 Papai Dr Sarasota, FL 34232

3 Beds 1 Baths 1,121 sqft Built 1960

$209,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $186.44
  • 1 Days on Market
  • MLS # : A4506306
  • Updated Date : 07/13/2021 at 15:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,121 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Opportunity knocks for this fixer upper. Great Location, close everything shopping, restaurants, the interstate, hospitals, Sarasota's amazing beaches and much more... Create a home of your own or use as an investment and to rent. Being sold AS-IS with right to Inspect.

SEE MORE

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: 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
 

$188,100$229,900$209,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$726
Property Tax -$200
Property Insurance -$105
Property Management Fees -$129
CASH FLOW
$451

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.

$209,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.77%

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

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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,135

INVESTMENT

$61,135

Down Payment
$52,250
Rehab Estimate
$5,750
Closing Costs
$3,135

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$726

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,250
Loan Amount $156,750
See What Happens When You Reinvest Cash Flow

15.42

YEARS SAVED

$53,393

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $1.44

    LIST RENT PER SQFT
  • $1,600

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,6103$1,6994$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 3722 Papai Dr Sarasota, FL 2
    • 3 beds 1 baths ∙ 1,121 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,121 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $1.44
    •  
  • 2924 E Mark Dr Sarasota, FL 1
    • 3 beds 1 baths ∙ 1,111 Sqft ∙ Built 1974 3 beds 1 baths ∙ 1,111 Sqft ∙ Built 1974
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.26
    •  
  • 3581 Lalani Blvd Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,235 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,235 Sqft ∙ Built 1968
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $1.38
    •  
  • 4027 Condor Ln Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,187 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,187 Sqft ∙ Built 1959
    LEASED 06/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.52
    •  
  • 3739 Bond Pl Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,192 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,192 Sqft ∙ Built 1980
    LEASED 05/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.55
    •  
PROPERTY LISTING DETAILS
Kevin Vale, Pa
1.941.356.1776
Coldwell Banker Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4506306
Last Updated: 07/13/2021
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