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1309 Spokane Ave Orlando, FL 32803

3 Beds 2 Baths 1,512 sqft Built 1993

$435,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $287.70
  • 4 Days on Market
  • MLS # : O5924051
  • Updated Date : 02/19/2021 at 15:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,512 sqft
  • Baths : 2 full
Listing Agent

Corcoran Premier Realty

Listing Agent's Description

Newly renovated home in the popular Colonialtown area! This updated 1,512 sq. ft. 3-bedroom, 2-bath, 2-car garage home located in the highly sought-after Colonial Town area won't last long. The kitchen, master bathroom and guest bathroom have all been remodeled to give this home a brand-new look. As you approach the front entrance, the covered porch area greets you with a sitting area for morning coffee or evening relaxation. The home's spacious and comfortable feel is perfect for entertaining friends and family. A generous backyard space allows the new homeowner room for a future pool, gardening and backyard gatherings. This lovely home is close within blocks of Colonialtown Park, that is great for meeting your neighbors. The Community Garden, and the Neighborhood Center are close by. Grocery shopping and restaurants to suit any appetite are just a short drive away. Don't miss out. Make your appointment today!

SEE MORE

MARKET HIGHLIGHTS

  • Florida state ranks 4th most favorable in the country in State Business Tax Climate Index (Tax Foundation, 2019). Orlando inherits the same rank being part of Florida.
  • Orlando metro's economy is worth $141 billion in Gross Metro Product and projected to grow to $149 billion in 2019 (USMayors.org, 2018)
  • Together Walt Disney World Resort and Universal Orlando Resort employ 96,000 people and drive tourism (Orlando Economic Partnership)
  • Orlando metro employment growth is at 3.5% and predicted to grow at 2.5% in 2019 (USMayors.org, 2018)
  • Orlando metro contributes to 13.8% of Florida state economy i.e. Gross State Product (USMayors.org, 2018)
  • Orlando metro has 64.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Orlando ranks 7th in U.S. for economic growth (Milken Instutute/ Orlando Sentinel, 2018)
  • Major employers in Orlando market: Walt Disney World Resort; Advent Health; Universal Orlando Resort; Orange County Public Schools; University of Central Florida; Lockheed Martin; and Darden Restaurants.
  • Space coast area has attracted $1.4 billion in capital investments over the past 6-years and generated 1,800 new jobs in 2017 (WSJ, 2017)

PRICE & RENT TRENDS

Neighborhood: Colonialtown North

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $105k331k

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

Neighborhood: Colonialtown North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10292089

* 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
Audubon Park School Primary Unknown NA
Audubon Park School Middle Unknown NA
Edgewater High School High Magnet 1,782 89 4

Audubon Park School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Audubon Park School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Edgewater High School

  • Education Level: High
  • # of students: 1,782
  • # of teachers: 89
4
GreatSchools Rating
 

$391,500$478,500$435,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,511
Property Tax -$579
Property Insurance -$126
Property Management Fees -$129
CASH FLOW
-$235

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$435,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.63%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 5.99%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$121,025

INVESTMENT

$121,025

Down Payment
$108,750
Rehab Estimate
$5,750
Closing Costs
$6,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,511

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $108,750
Loan Amount $326,250
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$8,815

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $1.4

    LIST RENT PER SQFT
  • $1,932

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,7253$1,7504$1,8505$2,110
$2,110
RENT COMPS ANALYSIS
  • 1309 Spokane Ave Orlando, FL 5
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $1.40
    •  
  • 800 Arlington St Orlando, FL 1
    • 3 beds 2 baths ∙ 1,259 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,259 Sqft ∙ Built 1994
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.23
    •  
  • 612 Boardman St Orlando, FL 2
    • 3 beds 2 baths ∙ 1,309 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,309 Sqft ∙ Built 1987
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.32
    •  
  • 920 N Hampton Ave Orlando, FL 3
    • 3 beds 3 baths ∙ 1,284 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,284 Sqft ∙ Built 1998
    LEASED 02/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.36
    •  
  • 1513 Woodward St Orlando, FL 4
    • 3 beds 3 baths ∙ 1,542 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,542 Sqft ∙ Built 2000
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.20
    •  
PROPERTY LISTING DETAILS
Carmen Dick
1.407.947.7718
Corcoran Premier Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5924051
Last Updated: 02/19/2021
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