Hot turnkey investor special in the most sought after corner of Sarasota Springs. Retiring landlord offers you the rare chance to snatch up this meticulously maintained, plug and play cash flowing asset at a 6% cap rate, with no repairs/improvements needed. Lowest price per sq foot among all the rental inventory for sale in a mile radius.
Cons: Roof and AC 14 years old. Long term tenants leasing at well below market rents until March 2024, but tenants open to moving out early. Pros: Well maintained, with inspection and service records available. No significant deferred maintenance nor capital improvements needed. All new ductwork in 2018. Whole home descaling of underground pipes in April 2023. Lovely corner lot with 2,669 sq feet total, thanks to the huge screened back lanai and oversized garage.
Investor notes:
Flip potential: $514k ARV, with just a new roof. The only other value add opportunities are optional upgrades to match the neighborhood luxury class comps. If going the upgrade route, then ARV is in the $650-700k range, with likely 60-80k in upgrades.
LTR estimate: $3,000 /mo, with limited nearby competition. NOI estimate: $27k /yr. STR estimate: $68.6k yrly gross, at 265 /night, with 71% occupancy.
No HOA/CDD. Optional membership to The Palms at Forest Lakes. Feel free to soft pitch offers to listing agent. Full 2.5% cooperation with non-MLS agents. Just reach out to listing agent below for disclosures and MLS info sheet. Tenant occupied and needs 24 hour notice.