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5772 Fossano Dr Sarasota, FL 34238

3 Beds 2 Baths 1,764 sqft Built 2012

$389,000

List Price

$2,640

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $220.52
  • 2 Days on Market
  • MLS # : A4485647
  • Updated Date : 12/12/2020 at 11:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,764 sqft
  • Baths : 2 full
Listing Agent

Re/max Tropical Sands

Listing Agent's Description

Classy and charming from the nostalgic covered and pavered front porch to the rear garage. This immaculate home is Like new. Flowing great room design and 10' ceilings throughout show the openness that is so popular for today's lifestyle. No expense spared in adding all the fine finishes and appointments that you typically won't find in this price range. Your buyer can be pampered with surround sound, 8’ doors, plantation shutters, crown molding, granite countertops in kitchen & bathrooms Beautiful wood flooring in foyer, great room and hallway, stainless steel appliances including French door refrigerator and upgraded range, dishwasher & micro-convention oven, separate laundry room with top load washer & dryer. Spacious master bedroom opens to covered lanai. Enjoy outdoor living at it's finest with large covered very private lanai and enlarged screened patio which is great for barbecue or el fresco dining. Two guest bedrooms - one which is very generous in size. Ideally located within The Isles on Palmer Ranch where residents can enjoy a resort style of living with state of the art amenities and where all grounds are professionally designed and maintained. Community heated pool, clubhouse, catering kitchen, multi-purpose rooms, fitness center, tennis courts, basketball court, pickle ball, bocce ball, tot-lot and full time activities director. Very reasonable HOA for all The Isles has to offer and no CDD. Easy to show and worth seeing!! You just can’t build new in this stellar location for this price!!

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: The Isles on Palmer Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k409k

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

Neighborhood: The Isles on Palmer Ranch

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q2140016001800200022002400260028003000Rent in $12943045

* 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
Laurel Nokomis School Primary Regular 1,024 85 9
Laurel Nokomis School Middle Regular 1,024 85 9
Venice High School High Regular 1,941 96 8

Laurel Nokomis School

  • Education Level: Primary
  • # of students: 1,024
  • # of teachers: 85
9
GreatSchools Rating

Laurel Nokomis School

  • Education Level: Middle
  • # of students: 1,024
  • # of teachers: 85
9
GreatSchools Rating

Venice High School

  • Education Level: High
  • # of students: 1,941
  • # of teachers: 96
8
GreatSchools Rating
 

$350,100$427,900$389,000

PURCHASE PRICE

$2,376$2,904$2,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$1,435
Property Tax -$364
Property Insurance -$144
HOA -$281
Property Management Fees -$129
CASH FLOW
$287

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.

$389,000

PROJECTED PRICE

$2,640

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 1.6%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
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$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$108,835

INVESTMENT

$108,835

Down Payment
$97,250
Rehab Estimate
$5,750
Closing Costs
$5,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,435

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,250
Loan Amount $291,750
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$61,623

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,640

    LIST RENT
  • $1.5

    LIST RENT PER SQFT
  • $2,059

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,9953$2,3004$2,6405$2,700
$2,700
RENT COMPS ANALYSIS
  • 5772 Fossano Dr Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 2012
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,640
    • $1.50
    •  
  • 5102 Hanging Moss Ln Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1997
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 5687 Ferrara Dr Sarasota, FL 2
    • 3 beds 2 baths ∙ 2,033 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,033 Sqft ∙ Built 2002
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.98
    •  
  • 5674 Fossano Dr Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 2013
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.31
    •  
  • 6181 Abaco Dr Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,907 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,907 Sqft ∙ Built 2013
    property image
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.42
    •  
PROPERTY LISTING DETAILS
Mike Winger
1.941.349.3460
Re/max Tropical Sands
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4485647
Last Updated: 12/12/2020
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