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3940 Midland Rd Sarasota, FL 34231

3 Beds 2 Baths 1,397 sqft Built 1999

$285,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $204.01
  • 49 Days on Market
  • MLS # : A4478972
  • Updated Date : 11/14/2020 at 12:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,397 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

**JUST REDUCED - BRING OFFERS** Here lies an opportunity like no other - a beautiful well-maintained starter home in a fantastic location at a great price! This corner lot on Midland Road boasts a large spacious front yard and screened in lanai. Inside there are three bedrooms and two bathrooms. The main bedroom is en-suite with a walk-in closet. The floor plan is fantastic! As you walk in, you enter a large living and dining area with an open concept kitchen, which hosts a Whirlpool fridge, GE profile stove, and a Frigidaire dishwasher! From the kitchen, a hallway leads into the bedrooms and a shared/guest bath. Located within the corner of Swift and Bee Ridge Road, this property is conveniently stationed near popular stores, convenient streets, and just 10 minutes from the number one beach in the USA, Siesta Key! Do not let this adorable opportunity slip away from you! Call, email or text us now to schedule your private showing!

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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: Hyde Park Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $80k306k

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

Neighborhood: Hyde Park Terrace

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10702059

* 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
Wilkinson Elementary School Primary Regular 483 40 4
Brookside Middle School Middle Regular 820 53 7
Riverview High School High Magnet 2,483 126 7

Wilkinson Elementary School

  • Education Level: Primary
  • # of students: 483
  • # of teachers: 40
4
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
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$1,052
Property Tax -$267
Property Insurance -$122
Property Management Fees -$80
CASH FLOW
-$90

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.

$285,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 9.2%
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-$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$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$14,907

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,421

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3503$1,4004$1,4305$1,700
$1,700
RENT COMPS ANALYSIS
  • 3940 Midland Rd Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,397 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,397 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $1.02
    •  
  • 2516 Trinidad St Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,327 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,327 Sqft ∙ Built 1979
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.94
    •  
  • 2160 Fiesta Dr Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 2002
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.03
    •  
  • 4011 Rockefeller Ave Sarasota, FL 3
    • 3 beds 1 baths ∙ 1,397 Sqft ∙ Built 1979 3 beds 1 baths ∙ 1,397 Sqft ∙ Built 1979
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
  • 4515 Groveland Ave Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,546 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,546 Sqft ∙ Built 1988
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.10
    •  
PROPERTY LISTING DETAILS
Lynne Koy
1.941.387.1803
Coldwell Banker Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4478972
Last Updated: 11/14/2020
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