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7137 40th Ln E Sarasota, FL 34243

3 Beds 2 Baths 1,785 sqft Built 1989

$355,000

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $198.88
  • 3 Days on Market
  • MLS # : O5915113
  • Updated Date : 01/09/2021 at 01:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,785 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

One or more photo(s) has been virtually staged. This Sarasota one-story cul-de-sac home offers a patio, and a two-car garage. This home is vacant and cleaned regularly.

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

Zip Code: 34243

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k319k

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

Zip Code: 34243

ZipNIR Market*CityMarket20102015Year20082019 Q21200130014001500160017001800190020002100Rent in $11792164

* 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
Kinnan Elementary School Primary Regular 656 41 3
Braden River Middle School Middle Regular 977 56 5
Southeast High School High Regular 1,457 68 5

Kinnan Elementary School

  • Education Level: Primary
  • # of students: 656
  • # of teachers: 41
3
GreatSchools Rating

Braden River Middle School

  • Education Level: Middle
  • # of students: 977
  • # of teachers: 56
5
GreatSchools Rating

Southeast High School

  • Education Level: High
  • # of students: 1,457
  • # of teachers: 68
5
GreatSchools Rating
 

$319,500$390,500$355,000

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,233
Property Tax -$388
Property Insurance -$146
HOA -$41
Property Management Fees -$129
CASH FLOW
-$156

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.

$355,000

PROJECTED PRICE

$1,780

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.6%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,233

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$11,203

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,959

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,780
1$1,7802$1,8003$1,8954$1,9255$2,100
$2,100
RENT COMPS ANALYSIS
  • 7137 40th Ln E Sarasota, FL 1
    • 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $1.00
    •  
  • 7116 39th Ln E Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,661 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,661 Sqft ∙ Built 1990
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.08
    •  
  • 3810 73rd Ave E Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,747 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,747 Sqft ∙ Built 1998
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.08
    •  
  • 7324 Linden Ln Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2000
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.99
    •  
  • 7432 39th Ct E Sarasota, FL 5
    • 3 beds 2 baths ∙ 1,698 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,698 Sqft ∙ Built 2001
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.24
    •  
PROPERTY LISTING DETAILS
Alli Johnston
1.407.634.1744
Opendoor Brokerage Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5915113
Last Updated: 01/09/2021
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