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583 Pine Ranch East Rd Osprey, FL 34229

4 Beds 2 Baths 2,203 sqft Built 1996

INVESTimate

$399,777

List Price

$2,560

$2,310 - $2,810

Rent Est.

$415,808  ( +4.01%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1996
  • Price/Sqft : $181.47
  • 2 Days on Market
  • MLS # : A4475959
  • Updated Date : 08/25/2020 at 13:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,203 sqft
  • Baths : 2 full
Listing Agent

Relax Realty Group Inc

Listing Agent's Description

Beautifully updated 4bed/2ba pool home in Bay Oaks Estates. This home backs up to the popular Legacy Trail and minutes from the "Friends of Osprey Junction Trailhead." Walk-in and you are greeted with a large living room with vaulted ceilings and views of your screened in pool that was just resurfaced. Throughout the house is luxury vinyl plank flooring, new baseboards, fresh paint inside and out, new doors interior doors and fixtures. The spacious kitchen has recessed lighting, quartz counters, marble backsplash, undermount sink with garbage disposal and a new whirlpool appliance package. Off the kitchen is a dedicated laundry room and access to the 2 car garage which has new paint, new garage door and opener. Back inside you'll find a split floor plan with spacious bedrooms, a guest bath with double-sinks, quartz counter that matches kitchen and a tub with new tile surround. The master bedroom has sliders out to the lanai, two closets (one a walk-in) and large bathroom with soaking tub, walk-in shower with new tile and double sink vanity with quartz counters. This home offers many updates including a NEW Roof, NEW HVAC & NEW Hot Water Heater! Hurry in to see this home and all it's features!

SEE MORE

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: Bay Oaks Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k511k

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

Neighborhood: Bay Oaks Estates

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q214001600180020002200240026002800Rent in $12942944

* 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
 

$359,799$439,755$399,777

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

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$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$1,475
Property Tax -$358
Property Insurance -$171
HOA -$21
Property Management Fees -$80
CASH FLOW
$455

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.

$399,777

PROJECTED PRICE

$2,560

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 4.01%
Maintenance Year (1-5) 8.00%
Vacancy 3.70%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,691

INVESTMENT

$111,691

Down Payment
$99,944
Rehab Estimate
$5,750
Closing Costs
$5,997

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,475

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,944
Loan Amount $299,833
See What Happens When You Reinvest Cash Flow

12

YEARS SAVED

$86,961

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $2,913

    COMP ESTIMATED VALUE
  • $1.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4503$2,5604$3,0005$3,200
$3,200
RENT COMPS ANALYSIS
  • 583 Pine Ranch East Rd Osprey, 3
    • 4 beds 2 baths ∙ 2,203 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,203 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $1.16
    •  
  • 5746 Benevento Dr Sarasota, 1
    • 3 beds 3 baths ∙ 2,008 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,008 Sqft ∙ Built 2007
    LEASED 12/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.19
    •  
  • 9539 Knightsbridge Cir Sarasota, 2
    • 3 beds 2 baths ∙ 2,014 Sqft ∙ Built 1993 3 beds 2 baths ∙ 2,014 Sqft ∙ Built 1993
    LEASED 04/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.22
    •  
  • 215 Pine Ranch East Rd Osprey, 4
    • 3 beds 3 baths ∙ 2,321 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,321 Sqft ∙ Built 1995
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.29
    •  
  • 5810 Benevento Dr Sarasota, 5
    • 3 beds 3 baths ∙ 2,008 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,008 Sqft ∙ Built 2007
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.59
    •  
PROPERTY LISTING DETAILS
Marc Pelletz
1.941.809.3869
Relax Realty Group Inc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4475959
Last Updated: 08/25/2020
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