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2056 Harbor Cove Way Winter Garden, FL 34787

4 Beds 3 Baths 2,690 sqft Built 2003

$400,000

List Price

$2,270

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $148.70
  • 2 Days on Market
  • MLS # : O5915649
  • Updated Date : 01/09/2021 at 19:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,690 sqft
  • Baths : 3 full
Listing Agent

Chris Quarles Properties Llc

Listing Agent's Description

One or more photo(s) has been virtually staged. Winter Garden gated community awaits you! No rear neighbors. If you like wide open spaces this 4 bedroom, 3 bath, 3 car garage split plan home is for you. This home features, new roof with transferable warranty, home warranty, 12' ceilings with crown molding, CAT5 wiring, and storage galore. Kitchen appoints 42" cherry wood cabinets, granite countertops, stainless steel GE profile appliances and island that is open to the family room and a view of the conservation area, breakfast nook, wood burning fireplace and French doors to covered patio. Pool planned home with homesite that will accommodate your personally designed pool. Conveniently located to Winter Garden Village, Historic Downtown Winter Garden, local attractions and Advent Health.

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: Wintermere Harbor

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $110k546k

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

Neighborhood: Wintermere Harbor

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $10292960

* 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
Lake Whitney Elementary School Primary Regular 598 40 9
Cornerstone Charter Academy K-8 Middle Charter 933 52 7
Cornerstone Charter Academy High School High Charter 372 21 7

Lake Whitney Elementary School

  • Education Level: Primary
  • # of students: 598
  • # of teachers: 40
9
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
 

$360,000$440,000$400,000

PURCHASE PRICE

$2,043$2,497$2,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,270
EXPENSES Loan Payment -$1,389
Property Tax -$440
Property Insurance -$197
HOA -$92
Property Management Fees -$129
CASH FLOW
$22

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.

$400,000

PROJECTED PRICE

$2,270

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.63%
Appreciation Year (1-5) 6.4%
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

PROJECTED ANNUAL CASH FLOW

11530$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$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$24,120

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,270

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,280

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,090
1$2,0902$2,2703$2,3004$2,3505$2,600
$2,600
RENT COMPS ANALYSIS
  • 2056 Harbor Cove Way Winter Garden, FL 2
    • 4 beds 3 baths ∙ 2,690 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,690 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,270
    • $0.84
    •  
  • 12893 Daughtery Dr Winter Garden, FL 1
    • 4 beds 3 baths ∙ 2,529 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,529 Sqft ∙ Built 2006
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.83
    •  
  • 2149 Harbor Cove Way Winter Garden, FL 3
    • 5 beds 3 baths ∙ 2,860 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,860 Sqft ∙ Built 2002
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.80
    •  
  • 13524 Lake Luntz Dr Winter Garden, FL 4
    • 5 beds 3 baths ∙ 2,755 Sqft ∙ Built 1991 5 beds 3 baths ∙ 2,755 Sqft ∙ Built 1991
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.85
    •  
  • 13015 Lakeshore Grove Dr Winter Garden, FL 5
    • 4 beds 3 baths ∙ 2,843 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,843 Sqft ∙ Built 2000
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.91
    •  
PROPERTY LISTING DETAILS
Cindy Manning
1.407.924.7896
Chris Quarles Properties Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5915649
Last Updated: 01/09/2021
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