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16344 Corner Lake Dr Orlando, FL 32820

4 Beds 3 Baths 2,836 sqft Built 2006

$339,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $119.53
  • 4 Days on Market
  • MLS # : O5916994
  • Updated Date : 01/16/2021 at 12:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,836 sqft
  • Baths : 2 full , 1 half
Listing Agent

Hometrust Realty Group

Listing Agent's Description

Come see this beautiful home with an amazing water view that sits on a corner lot! This move-in ready 2 story home has 4 bedrooms on the 2nd floor along with a loft area. It has an ample master bedroom as well as a very large second bedroom. It comes with 2 full baths upstairs and 1 half bath downstairs. It includes all new kitchen appliances (Dishwasher, Microwave, stove, and refrigerator) with a warranty! The home also has a water softener installed. It also comes with a separate dining area along with another flex area that can be converted into another bedroom. Great location with UCF and shopping just a short drive away and great schools.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Corner Lake

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $105k288k

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

Neighborhood: Corner Lake

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9741842

* 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
Cornerstone Charter Academy K-8 Primary Charter 933 52 7
Cornerstone Charter Academy K-8 Middle Charter 933 52 7
Cornerstone Charter Academy High School High Charter 372 21 7

Cornerstone Charter Academy K-8

  • Education Level: Primary
  • # of students: 933
  • # of teachers: 52
7
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
 

$305,100$372,900$339,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,177
Property Tax -$386
Property Insurance -$206
HOA -$33
Property Management Fees -$129
CASH FLOW
$9

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.

$339,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.21%
Appreciation Year (1-5) 10.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.01%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$95,585

INVESTMENT

$95,585

Down Payment
$84,750
Rehab Estimate
$5,750
Closing Costs
$5,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,177

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $84,750
Loan Amount $254,250
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$17,155

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $2,141

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9403$2,1504$2,2005$2,375
$2,375
RENT COMPS ANALYSIS
  • 16344 Corner Lake Dr Orlando, FL 2
    • 4 beds 3 baths ∙ 2,836 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,836 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.68
    •  
  • 2748 Blowing Breeze Way Orlando, FL 1
    • 4 beds 3 baths ∙ 2,798 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,798 Sqft ∙ Built 2006
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.68
    •  
  • 16375 Corner Lake Dr Orlando, FL 3
    • 4 beds 3 baths ∙ 2,814 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,814 Sqft ∙ Built 2006
    LEASED 07/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.76
    •  
  • 2761 Blowing Breeze Way Orlando, FL 4
    • 5 beds 3 baths ∙ 2,990 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,990 Sqft ∙ Built 2006
    LEASED 01/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.74
    •  
  • 1936 Cascades Cove Dr Orlando, FL 5
    • 4 beds 3 baths ∙ 2,824 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,824 Sqft ∙ Built 2003
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $0.84
    •  
PROPERTY LISTING DETAILS
Ruben Gonzalez
1.407.432.9442
Hometrust Realty Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5916994
Last Updated: 01/16/2021
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