Score
0Sarasota, FL
740 Lime Ave
400K
2 beds
2 baths
1,027 sqft
2 bd • 2 ba • 1,027 sf
This analysis was generated on 1/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
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 The lack of listed features suggests possible outdated amenities or the need for modernization.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
Property History
Price History
Ownership Timeline
$30,500Cash Purchase
Apr 15, 2008Thomas J MorrisseyThomas J Morrissey, Siti R Morrissey
Intrafamily Transfer
Non-Arm's Length Transactions
$55,000Financed
Oct 3, 1997Daniel B Via, Kristie L ViaThomas J Morrissey
Warranty Deed
Standard Sale (Purchase/Resales)
$47,000Cash Purchase
Feb 3, 1994Donald W Troyer, Nancy G TroyerDaniel B Via, Kristie L Via
Warranty Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
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Sunlight Analysis
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Financials
Monthly Costs
Market Rent (2 bed)
Get a detailed estimate on Zillow$1,630
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$400,000
Price/sqft
$389
Layout
2 bd•2 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$258,750
54.6%
Your price is 54.6% above average
Median Price
$220,000
81.8%
Based on 6 recent sales
Price per Sq.Ft
$255
52.7%
Your price is 52.7% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 2204 BAHIA VISTA STREET #D3, SARASOTA, FL 34239 | $195,000 | 982 | 2 | 2 | $19949.0% | 10/2/2024 |
| 2228 BAHIA VISTA STREET #C1, SARASOTA, FL 34239 | $220,000 | 982 | 2 | 2 | $22442.5% | 8/29/2024 |
| 2275 BAHIA VISTA STREET, SARASOTA, FL 34239 | $375,000 | 1,080 | 2 | 2 | $34710.9% | 8/30/2024 |
| 2121 WOOD STREET #213, SARASOTA, FL 34237 | $207,500 | 885 | 2 | 2 | $23439.8% | 9/16/2024 |
| 2760 COCONUT BAY LANE #236, SARASOTA, FL 34237 | $195,000 | 866 | 2 | 2 | $22542.2% | 8/16/2024 |
| 2535 FLOYD STREET, SARASOTA, FL 34239 | $360,000 | 1,193 | 3 | 2 | $30222.5% | 8/9/2024 |
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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