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1550 Chestnut Ave Winter Park, FL 32789

3 Beds 2 Baths 1,155 sqft Built 1971

$389,900

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $337.58
  • 4 Days on Market
  • MLS # : O5914040
  • Updated Date : 01/01/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,155 sqft
  • Baths : 2 full
Listing Agent

Charles Rutenberg Realty Orlando

Listing Agent's Description

Come see this adorable move in ready home in highly desirable Winter Park location. This lovely 3 bedroom, 2 bath home with detached studio offers an updated kitchen with granite countertops and all appliances. The cozy dining area is open to a spacious living room with laminate floors and sliding glass doors to the, covered and screened patio. This split plan features master suite with walk in closet and beautifully updated master bath. 2 additional bedrooms offer plenty of natural light, laminate floors and updated shared 2nd bath. Enjoy your spacious backyard with mature trees and detached studio that offers many options for a home office, private retreat and more... the possibilities are endless.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lake Knowles Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $110k554k

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

Neighborhood: Lake Knowles Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $10293050

* 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
Lakemont Elementary School Primary Regular 656 45 8
Cornerstone Charter Academy K-8 Middle Charter 933 52 7
Cornerstone Charter Academy High School High Charter 372 21 7

Lakemont Elementary School

  • Education Level: Primary
  • # of students: 656
  • # of teachers: 45
8
GreatSchools Rating

Cornerstone Charter Academy K-8

  • Education Level: Middle
  • # of students: 933
  • # of teachers: 52
7
GreatSchools Rating

Cornerstone Charter Academy High School

  • Education Level: High
  • # of students: 372
  • # of teachers: 21
7
GreatSchools Rating
 

$350,910$428,890$389,900

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,439
Property Tax -$465
Property Insurance -$105
Property Management Fees -$129
CASH FLOW
-$157

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.

$389,900

PROJECTED PRICE

$1,980

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.63%
Appreciation Year (1-5) 9.7%
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$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,074

INVESTMENT

$109,074

Down Payment
$97,475
Rehab Estimate
$5,750
Closing Costs
$5,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,439

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,475
Loan Amount $292,425
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$14,997

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $1,412

    COMP ESTIMATED VALUE
  • $1.22

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5953$1,5954$1,7955$1,980
$1,980
RENT COMPS ANALYSIS
  • 1550 Chestnut Ave Winter Park, FL 5
    • 3 beds 2 baths ∙ 1,155 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,155 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $1.71
    •  
  • 1718 Magnolia Ave Winter Park, FL 1
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1957
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.04
    •  
  • 1812 Palmer Ave Winter Park, FL 2
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1953
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.23
    •  
  • 1813 Pineview Cir Winter Park, FL 3
    • 3 beds 1 baths ∙ 1,282 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,282 Sqft ∙ Built 1957
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.24
    •  
  • 1803 Palmer Ave Winter Park, FL 4
    • 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1953
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.38
    •  
PROPERTY LISTING DETAILS
Stacey Howell
1.407.416.9999
Charles Rutenberg Realty Orlando
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5914040
Last Updated: 01/01/2021
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