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687 Albritton Ave Sarasota, FL 34232

3 Beds 2 Baths 1,529 sqft Built 1981

$269,900

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $176.52
  • 5 Days on Market
  • MLS # : A4485750
  • Updated Date : 12/10/2020 at 14:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,529 sqft
  • Baths : 2 full
Listing Agent

Re/max Alliance Group

Listing Agent's Description

No Deed Restrictions! This 1,529 SF 3 Bedroom, 2 Bathroom, Concrete Block Home Sits On a Lot That Features a Pond in the Backyard! The Extended Driveway Gives Ample Room to Park a Boat or RV, while also having room to Park in the Large 1 Car Attached Garage. Features include NEW Garage Door & Roof Installed September 2020, Exterior Recently Painted, A/C 2014, Hurricane Windows, Master Bedroom with Updated Shower & Large Walk In Closet, Spacious Living Room with Cathedral Ceiling that Overlooks the Fenced Backyard & Pond.

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: Crestline

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $67k306k

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

Neighborhood: Crestline

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10092059

* 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
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$996
Property Tax -$252
Property Insurance -$130
Property Management Fees -$129
CASH FLOW
$183

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.

$269,900

PROJECTED PRICE

$1,690

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.34%
Appreciation Year (1-5) 7.7%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$43,040

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,686

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6903$1,6954$1,8505$1,995
$1,995
RENT COMPS ANALYSIS
  • 687 Albritton Ave Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $1.11
    •  
  • 1019 Ponder Ave Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,717 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,717 Sqft ∙ Built 1992
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.96
    •  
  • 1611 Summer Breeze Way Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 2001
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.16
    •  
  • 1671 Summer Breeze Way Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,681 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,681 Sqft ∙ Built 1998
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.10
    •  
  • 2132 Old Arbor Ct Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,682 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,682 Sqft ∙ Built 1997
    LEASED 10/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.19
    •  
PROPERTY LISTING DETAILS
Mike Bridges
1.941.316.6530
Re/max Alliance Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4485750
Last Updated: 12/10/2020
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