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405 W Cornelius Cir Sarasota, FL 34232

4 Beds 1 Baths 1,139 sqft Built 1960

INVESTimate

$219,900

List Price

$1,500

$1,350 - $1,650

Rent Est.

$248,773  ( +13.13%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1960
  • Price/Sqft : $193.06
  • 6 Days on Market
  • MLS # : A4475675
  • Updated Date : 08/22/2020 at 12:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,139 sqft
  • Baths : 1 full
Listing Agent

Fine Properties

Listing Agent's Description

This 4 bedroom/one bath remodeled home wont last! Immediately you are welcomed into the freshly painted combination living room/ kitchen with stainless steel appliances and granite counter tops. The cook will love this updated eat in kitchen, with white cabinets and granite island. Many windows and vaulted ceilings make the home feel open and spacious. Huge private, partially fenced yard has endless possibilities with beautiful Oaks for shade and comfort. The indoor laundry has access to the back porch that can be enlarged or have a pool added. The master bath has not been completed, but is fully plumbed with a shower stall, sink and toilet. New AC and UV Sterilizer installed 3/2020, Roof has a transferable warranty, and Hot Water Heater heater installed 2017. No HOA or Deed restrictions. Eastwood Park is across the street, Family friendly neighborhood, centrally located near shopping centers, restaurants, schools, St. Armands, Siesta Key, beaches, and with easy access to I-75 to this desirable neighborhood, it will not last long.

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MARKET HIGHLIGHTS

  • 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.
  • Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Eastwood

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $61k306k

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

Neighborhood: Eastwood

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q210001100120013001400150016001700180019002000Rent in $9582059

* 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
Fruitville Elementary School Primary Regular 761 58 8
Mcintosh Middle School Middle Regular 684 50 5
Sarasota High School High Regular 2,110 106 6

Fruitville Elementary School

  • Education Level: Primary
  • # of students: 761
  • # of teachers: 58
8
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
 

$197,910$241,890$219,900

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

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$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$100k$200k$300k$400k$500k$600k$700k$800k$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$811
Property Tax -$232
Property Insurance -$106
Property Management Fees -$80
CASH FLOW
$271

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.

$219,900

PROJECTED PRICE

$1,500

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 13.13%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,024

INVESTMENT

$64,024

Down Payment
$54,975
Rehab Estimate
$5,750
Closing Costs
$3,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$811

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,975
Loan Amount $164,925
See What Happens When You Reinvest Cash Flow

12.33

YEARS SAVED

$49,429

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $1.32

    LIST RENT PER SQFT
  • $1,492

    COMP ESTIMATED VALUE
  • $1.31

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3753$1,5004$1,5955$1,745
$1,745
RENT COMPS ANALYSIS
  • 405 W Cornelius Cir Sarasota, 3
    • 4 beds 1 baths ∙ 1,139 Sqft ∙ Built 1960 4 beds 1 baths ∙ 1,139 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.32
    •  
  • 325 E Cornelius Cir Sarasota, 1
    • 3 beds 2 baths ∙ 973 Sqft ∙ Built 1960 3 beds 2 baths ∙ 973 Sqft ∙ Built 1960
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.39
    •  
  • 3869 Gatewood Dr Sarasota, 2
    • 3 beds 2 baths ∙ 1,028 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,028 Sqft ∙ Built 1977
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.34
    •  
  • 3862 Buckeye Cir Sarasota, 4
    • 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1961
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.19
    •  
  • 746 Wood Ln Sarasota, 5
    • 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1973
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $1.32
    •  
PROPERTY LISTING DETAILS
Philip Mobilio, Iv
1.201.220.3222
Fine Properties
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4475675
Last Updated: 08/22/2020
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