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4511 Groveland Ave Sarasota, FL 34231

3 Beds 2 Baths 1,529 sqft Built 1988

$289,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $189.01
  • 2 Days on Market
  • MLS # : A4488018
  • Updated Date : 01/10/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,529 sqft
  • Baths : 2 full
Listing Agent

Overseas Realty, Inc

Listing Agent's Description

Fantastic 2 story contemporary home on corner lot in quiet residential neighborhood with NO HOA so bring all your water toys. The home was completely renovated just a few years ago. Upon entering the front door, you are greeted with soaring ceilings & an abundance of natural lighting from the Cathedral Ceiling Skylights. Light and bright open floor plan house with fabulous designer touches including a conversation piece marble fireplace, Venetian plaster in master bath, and wood laminate floors. The living area offers a great space to entertain around the wood burning fireplace with a pass through to the kitchen. Kitchen features new tile backsplash, new cabinets, and granite countertops. The first floor boasts a very desirable master ensuite with private outside balcony, massive closet area, private master bathroom with dual sinks and overersized walk-in shower. The upstairs has a split plan with the bathroom in the middle and 2nd bedroom has its own Juliet style balcony to enjoy the sun. The upstairs also has a window nook area which would make for an adorable home office space. The yard is ideal space for tinkering or storage of your watercraft or other toys. Additionally there is oversized driveway & 2 car garage. Onsite Storage shed. Newer Roof. Strategically located in walking distance to Bee Ridge Park, and close to shopping, downtown and beautiful beaches!

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: 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
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,004
Property Tax -$270
Property Insurance -$130
Property Management Fees -$129
CASH FLOW
$307

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.

$289,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.64%

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$20k

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$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,004

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$51,489

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,839

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$1,775
1$1,7752$1,8003$1,8404$2,0005$2,050
$2,050
RENT COMPS ANALYSIS
  • 4511 Groveland Ave Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $1.20
    •  
  • 3791 Aster Dr Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1980
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $1.17
    •  
  • 2521 Jamaica St Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1978
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.15
    •  
  • 4054 Olive Ave Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,574 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,574 Sqft ∙ Built 1985
    property image
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.27
    •  
  • 5370 Matthew Ct Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,677 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,677 Sqft ∙ Built 1995
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.22
    •  
PROPERTY LISTING DETAILS
Des Doggett
1.410.982.9039
Overseas Realty, Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4488018
Last Updated: 01/10/2021
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