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4044 Olive Ave Sarasota, FL 34231

3 Beds 2 Baths 1,790 sqft Built 1985

$335,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $187.15
  • 2 Days on Market
  • MLS # : A4486041
  • Updated Date : 12/12/2020 at 09:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,790 sqft
  • Baths : 2 full
Listing Agent

Medway Realty

Listing Agent's Description

Rare Find at this price in the heart of Sarasota! Will not last long! This completely renovated 3 bedroom, 2 full baths , PLUS BONUS ROOM that can be used as a home office/ home gym/ remote learning area- possibilities are endless! Light and bright Loft area features brand new laminate flooring, paint, and trim work. The dark laminate flooring in main living areas give this home a cozy, but modern feel, and is soft to the feel. Fenced in backyard offers privacy with lush landscaping surrounding the entire property, and is ready for your outdoor entertaining in the backyard patio. Structurally: this home has a metal roof that has a transferable warranty, updated windows ,new efficient hot water tank, AND the exterior siding has been replaced on 3 sides with cement boards, as well as entire home has been tastefully painted in ultra -modern colors. It boasts sleek stainless appliances to show off your gorgeous new kitchen with dazzling granite counters, and bar! Home is located on a quiet, dead end street , central to beaches, downtown Sarasota, and I -75- all within 15 mins!

SEE MORE

MARKET HIGHLIGHTS

  • #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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Flora Villa

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $101k306k

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

Neighborhood: Flora Villa

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2120013001400150016001700180019002000Rent in $11382059

* 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
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$1,236
Property Tax -$313
Property Insurance -$146
Property Management Fees -$129
CASH FLOW
-$74

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.

$335,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 10.5%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$21,061

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,839

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7953$1,8004$1,8005$1,900
$1,900
RENT COMPS ANALYSIS
  • 4044 Olive Ave Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,790 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,790 Sqft ∙ Built 1985
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.98
    •  
  • 4348 Pasadena Cir Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 1982
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.09
    •  
  • 3954 Helene St Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,915 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,915 Sqft ∙ Built 1981
    property image
    LEASED 12/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.94
    •  
  • 4448 Emerald Ridge Dr Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1968
    property image
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.01
    •  
  • 4140 Augustine Ave Sarasota, FL 5
    • 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1998
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.07
    •  
PROPERTY LISTING DETAILS
Rachelle Belanger
1.941.266.4567
Medway Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4486041
Last Updated: 12/12/2020
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