Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1916 Spruce Ridge Dr Orlando, FL 32808

4 Beds 2 Baths 1,333 sqft Built 1996

$199,000

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $149.29
  • 4 Days on Market
  • MLS # : O5919876
  • Updated Date : 01/29/2021 at 09:43
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,333 sqft
  • Baths : 2 full
Listing Agent

Creegan Group

Listing Agent's Description

Welcome Home to 1916 Spruce Ridge Drive! You will love this spotless one-story 4 bedroom, 2 bathroom, 1 car garage home in the Silver Pines community in Orlando. Special highlights in this move-in ready home include vaulted ceilings, large sunny windows, laminate and tile throughout (no carpet!) and a fully fenced yard. The generously-sized kitchen features a breakfast bar top, eat-in breakfast nook and overlooks the spacious family room. The owner’s bedroom features great closet space and a en-suite bath with tiled stand up shower while the roomy secondary bedrooms share a bath with shower/tub combo. Located to major roads, schools, and shopping, this home is also just minutes to the center of Orlando. ROOF 2016. Call today for your private showing.

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: Silver Pines Pointe

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240kPrice in $55k253k

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

Neighborhood: Silver Pines Pointe

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280090010001100120013001400150016001700Rent in $7821712

* 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
Pine Hills Elementary School Primary Regular 666 40 4
Meadowbrook Middle School Middle Regular 932 53 2
Evans High School High Magnet 2,355 117 3

Pine Hills Elementary School

  • Education Level: Primary
  • # of students: 666
  • # of teachers: 40
4
GreatSchools Rating

Meadowbrook Middle School

  • Education Level: Middle
  • # of students: 932
  • # of teachers: 53
2
GreatSchools Rating

Evans High School

  • Education Level: High
  • # of students: 2,355
  • # of teachers: 117
3
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$691
Property Tax -$226
Property Insurance -$116
HOA -$15
Property Management Fees -$129
CASH FLOW
$3

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.

$199,000

PROJECTED PRICE

$1,180

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.01%
Appreciation Year (1-5) 12.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.82%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$691

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$9,861

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $863

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$750
1$7502$9003$9754$9755$1,180
$1,180
RENT COMPS ANALYSIS
  • 1916 Spruce Ridge Dr Orlando, FL 5
    • 4 beds 2 baths ∙ 1,333 Sqft ∙ Built 1996 4 beds 2 baths ∙ 1,333 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $0.89
    •  
  • 3001 Redlive Oaks Dr Orlando, FL 1
    • 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 2000
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $750
    • $0.60
    •  
  • 412 Fred St Orlando, FL 2
    • 4 beds 2 baths ∙ 1,360 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,360 Sqft ∙ Built 2002
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.66
    •  
  • 1019 Neville Ln Orlando, FL 3
    • 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1991
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $0.73
    •  
  • 6318 Laurelwood Ct Orlando, FL 4
    • 3 beds 2 baths ∙ 1,612 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,612 Sqft ∙ Built 1983
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $0.60
    •  
PROPERTY LISTING DETAILS
Chris Creegan
1.407.509.2159
Creegan Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5919876
Last Updated: 01/29/2021
BESbswy