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2190 Patterson Ave #2 Orlando, FL 32811

3 Beds 1 Baths 1,068 sqft Built 1965

INVESTimate

$179,900

List Price

$1,170

$1,053 - $1,287

Rent Est.

$190,568  ( +5.93%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1965
  • Price/Sqft : $168.45
  • 9 Days on Market
  • MLS # : O5885647
  • Updated Date : 08/21/2020 at 13:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,068 sqft
  • Baths : 1 full
Listing Agent

Wra Real Estate Solutions Llc

Listing Agent's Description

This fully renovated property is a cozy and tasteful place to call home. With 3 spacious bedrooms and 1 beautifully designed bathroom, this home offers open layout with a beautiful new kitchen, all new stainless steel appliances, new white cabinets and granite countertops. The open floor plan includes living room, dinning area and an additional open space that can be used as a formal dining room, a media room, a working area or just a place to gather the family together. This home has been remodeled from top to bottom with new stucco, new luxury vinyl plank flooring, fresh paint inside and outside, new interior and exterior doors, new bathroom, new AC system and ducts, new water heater, new electric panel and new roof! In addition, the new double pane energy efficient windows guarantee this house gets plenty of natural light without the harmful rays, keeping your home cooler and saving energy. The property location provides easy easy access to major highways for a quick commute. The open space, natural lighting, large backyard and tasteful updates give this home a fresh touch that is a must see.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Richmond Heights

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240kPrice in $48k253k

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

Neighborhood: Richmond Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280090010001100120013001400150016001700Rent in $7421712

* 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
 

$161,910$197,890$179,900

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$664
Property Tax -$227
Property Insurance -$100
Property Management Fees -$105
CASH FLOW
$74

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.

$179,900

PROJECTED PRICE

$1,170

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.01%
Appreciation Year (1-5) 5.93%
Maintenance Year (1-5) 8.00%
Vacancy 5.82%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$13,796

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $1,188

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1703$1,2004$1,2505$1,300
$1,300
RENT COMPS ANALYSIS
  • 2190 Patterson Ave #2 Orlando, 2
    • 3 beds 1 baths ∙ 1,068 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,068 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $1.10
    •  
  • 2183 Patterson Ave #2 Orlando, 1
    • 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1965
    property image
    LEASED 11/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $1.05
    •  
  • 4172 Kirkland Blvd Orlando, 3
    • 3 beds 1 baths ∙ 1,035 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,035 Sqft ∙ Built 1963
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.16
    •  
  • 4730 King Cole Blvd Orlando, 4
    • 3 beds 2 baths ∙ 1,038 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,038 Sqft ∙ Built 1970
    property image
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.20
    •  
  • 2413 Spingarn Ct Orlando, 5
    • 4 beds 2 baths ∙ 1,250 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,250 Sqft ∙ Built 1962
    property image
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.04
    •  
PROPERTY LISTING DETAILS
Mariana Cezar Ovalle
1.407.427.3559
Wra Real Estate Solutions Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5885647
Last Updated: 08/21/2020
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