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5353 Castleman Drive Sarasota, FL 34232

4 Beds 2 Baths 2,278 sqft Built 1961

$359,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $157.59
  • 3 Days on Market
  • MLS # : A4489323
  • Updated Date : 01/23/2021 at 01:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,278 sqft
  • Baths : 2 full
Listing Agent

Trend Realty

Listing Agent's Description

Hello gorgeous! Newly renovated, rarely available, split level home in the community of Ridgewood Estates. The home sits on an oversized lot, just over a 1/4 Acre with tons of room for a pool! Fresh paint & new LVP (luxury vinyl plank) flooring in most areas. New roof, kitchen appliances, countertops, cabinets and new tile in upstairs bathroom. HVAC and Hot Water heater are a few years old. The neighborhood is centrally located to major roadways, schools, shopping, dining and easy access to the beach! Did we mention it is in an optional HOA? The ground floor has a full bathroom with new dual vanities, new fixtures and shower stall. Large bedroom which can be used as the master suite has an "open concept" custom closet system. The split floorplan allows for the homeowner to choose if they want to convert the ground floor into an in-law suite or rent out the ground floor and generate income while you utilize the entire top floor for yourself! In addition to the ground floor bathroom and bedroom, there is a kitchenette which has a sink and refrigerator with tons of open space that can be converted into another bedroom, den, recreation room and more! Top floor has three bedrooms, one full bathroom, full kitchen with new appliances and a living/dining room combination. Walk out to your oversized screened in deck with a smaller uncovered deck ideal for grilling. Large fenced in yard with mature landscaping. Two car attached garage with tons of overhead storage, washer, dryer and hot water heater. Don't miss out!

SEE MORE

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: 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
 

$323,100$394,900$359,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,247
Property Tax -$343
Property Insurance -$176
Property Management Fees -$129
CASH FLOW
$5

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.

$359,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.53%

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$1.2M$1.4M

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$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,247

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$24,990

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,936

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9003$1,9854$2,300
$2,300
RENT COMPS ANALYSIS
  • 5353 Castleman Drive Sarasota, FL 2
    • 4 beds 2 baths ∙ 2,278 Sqft ∙ Built 1961 4 beds 2 baths ∙ 2,278 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.83
    •  
  • 3635 Lalani Blvd Sarasota, FL 1
    • 5 beds 3 baths ∙ 2,560 Sqft ∙ Built 1960 5 beds 3 baths ∙ 2,560 Sqft ∙ Built 1960
    property image
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.74
    •  
  • 3708 Riviera Dr Sarasota, FL 3
    • 4 beds 3 baths ∙ 2,237 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,237 Sqft ∙ Built 1976
    property image
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,985
    • $0.89
    •  
  • 4912 Hidden Oaks Trl Sarasota, FL 4
    • 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 1979
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.92
    •  
PROPERTY LISTING DETAILS
Monica Desomma
1.202.427.4328
Trend Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4489323
Last Updated: 01/23/2021
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