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740 Lime Ave
Sarasota, FL

740 Lime Ave

$400,000
2 bd • 2 ba • 1,027 sf

This analysis was generated by artificial intelligence on 1/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$400,000

Price/Sq.Ft

$389

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 740 Lime Ave, Sarasota, FL 34237 offers several attractive features. Located in the desirable 34237 zip code, it's just 1.2 miles from downtown Sarasota, providing excellent accessibility to urban amenities. The price point of $400,000 translates to $389.48/sqft, which is approximately 15% below the average of $458/sqft for similar properties in the area, presenting good value. The 2 bed/2 bath configuration in 1,027 sqft is efficient and aligns well with the current rental market, where 2-bedroom units command $1,630/month. This suggests a potential gross rental yield of 4.89%, which is competitive for the area. The property's lush landscaping, including mature trees and a palm tree, enhances curb appeal and provides natural shade, potentially reducing cooling costs.

The Bad

The property's age is not specified, which raises concerns about potential hidden maintenance issues. The lack of listed features suggests possible outdated amenities or the need for modernization. At 1,027 sqft, it's about 15% smaller than the average home size in Sarasota (1,200 sqft), which may limit its appeal to some buyers. The property appears to have minimal landscaping in the front yard, which could increase water requirements in Sarasota's climate. The roof, while intact, shows signs of age and may need replacement in the near future, a significant expense typically ranging from $10,000 to $15,000 for a house of this size.

The Ugly

Given Sarasota's vulnerability to hurricanes and flooding, the property's resilience is a major concern. Without information on hurricane-resistant features or flood protection measures, insurance costs could be substantially higher than average. The median income in the area ($55,828) suggests that affordability could be an issue for many local buyers, as the purchase price is about 7.2 times the median income, well above the recommended 3-4 times. The lack of information on utilities and systems raises red flags about potential costly upgrades needed for HVAC, plumbing, or electrical systems. The property's proximity to the coast (approximately 3 miles) puts it at risk for long-term sea-level rise impacts, which could affect future property values and insurability.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. First-time homebuyers or young professionals with household incomes around $100,000-$120,000, based on traditional mortgage affordability metrics. 2. Investors looking for a rental property, given the favorable price point and potential rental yield. 3. Retirees or empty nesters seeking a low-maintenance home close to downtown amenities. 4. Remote workers who prioritize a central location and don't require extensive space. 5. Buyers willing to invest in upgrades to increase the property's value and resilience against environmental factors.

Not For

This property is not suitable for: 1. Large families requiring more than 2 bedrooms or extensive living space. 2. Buyers seeking a move-in ready, modernized home with all the latest amenities. 3. Those with limited budgets for potential major repairs or upgrades. 4. Individuals highly concerned about climate change risks without the means to invest in significant resilience upgrades. 5. Buyers looking for properties with strong appreciation potential without additional investment.
Demographics
Area Median Income

$55,828

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Risk Assessment

Risk Analysis

1. Hurricane and flood vulnerability: The property may require significant investments in storm shutters, impact-resistant windows, and flood mitigation measures. 2. Potential for high insurance costs: Given the coastal location and unknown resilience features, insurance premiums could be 30-50% higher than inland properties. 3. Uncertain maintenance needs: Without knowing the age and condition of major systems, there's a risk of unexpected repair costs. 4. Market volatility: Sarasota's real estate market can be influenced by seasonal demand and economic factors affecting tourism. 5. Long-term climate risks: Sea-level rise could impact property values and insurability over the next 20-30 years. 6. Zoning and development changes: The proximity to downtown means potential for neighborhood changes that could affect property values positively or negatively. 7. Rental market fluctuations: If purchased as an investment property, changes in tourism patterns or local regulations could impact rental income potential.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$258,750

-35.3% below list price

Median Price

$220,000

Based on 6 recent sales

Price per Sq.Ft

$255

Comparable Properties

2204 BAHIA VISTA STREET #D3, SARASOTA, FL 34239
Price: $195,000
Sq.Ft: 982
Beds/Baths: 2/2
$/Sq.Ft:
$19949.0%
Sale Date: 10/2/2024
2228 BAHIA VISTA STREET #C1, SARASOTA, FL 34239
Price: $220,000
Sq.Ft: 982
Beds/Baths: 2/2
$/Sq.Ft:
$22442.5%
Sale Date: 8/29/2024
2275 BAHIA VISTA STREET, SARASOTA, FL 34239
Price: $375,000
Sq.Ft: 1,080
Beds/Baths: 2/2
$/Sq.Ft:
$34710.9%
Sale Date: 8/30/2024
2121 WOOD STREET #213, SARASOTA, FL 34237
Price: $207,500
Sq.Ft: 885
Beds/Baths: 2/2
$/Sq.Ft:
$23439.8%
Sale Date: 9/16/2024
2760 COCONUT BAY LANE #236, SARASOTA, FL 34237
Price: $195,000
Sq.Ft: 866
Beds/Baths: 2/2
$/Sq.Ft:
$22542.2%
Sale Date: 8/16/2024
2535 FLOYD STREET, SARASOTA, FL 34239
Price: $360,000
Sq.Ft: 1,193
Beds/Baths: 3/2
$/Sq.Ft:
$30222.5%
Sale Date: 8/9/2024

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