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231 Covered Bridge Dr Ocoee, FL 34761

3 Beds 2 Baths 2,048 sqft Built 2000

$365,000

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $178.22
  • 2 Days on Market
  • MLS # : O5923543
  • Updated Date : 03/13/2021 at 18:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,048 sqft
  • Baths : 2 full
Listing Agent

Century 21 Professional Group

Listing Agent's Description

--View this home 24-hours a day with our 3D virtual tours-- Move-In-Ready-Home with Excellent updates such as a Brand New HVAC Feb-2021, Brand New Fence in 2020, New roof in 2017 & New bedroom flooring in 2018. Welcome to the gated community of Brookestone located moments from 2 major hospital systems, excellent dining & shopping, plus easy access to the 408, 429, 414, and the turnpike. Large glass sliders provide natural light and a fantastic view of the enormous screen enclosed back patio, Open-air brick-paver patio, and huge fenced backyard as you enter the home. The back yard is so big; there is more than enough room to build a fabulous pool and still have space. Tile flooring in the large open living and dining rooms span to the Kitchen, Family room & 2nd full bath. The kitchen features 42" cabinets, granite counters, glass tile backsplash, stainless steel appliances, and a great view of the family room, screened patio & backyard. The primary suite is quite large, with master bath access to a huge walk-in closet. A large window provides plenty of natural light above the oversized tub and adjacent separate shower. As a split bedroom plan, the 2 other bedrooms share the updated second full bath with backyard access. Brookestone offers three gated entrances, a play park, and a covered open-air community area.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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.

PRICE & RENT TRENDS

Neighborhood: Brookestone

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $110k459k

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

Neighborhood: Brookestone

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9362509

* 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
Westbrooke Elementary School Primary Regular 611 42 7
Sunridge Middle School Middle Unknown 1,260 64 NA
West Orange High School High Regular 3,835 178 6

Westbrooke Elementary School

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 42
7
GreatSchools Rating

Sunridge Middle School

  • Education Level: Middle
  • # of students: 1,260
  • # of teachers: 64
NA
GreatSchools Rating

West Orange High School

  • Education Level: High
  • # of students: 3,835
  • # of teachers: 178
6
GreatSchools Rating
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,268
Property Tax -$461
Property Insurance -$158
HOA -$82
Property Management Fees -$129
CASH FLOW
$42

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.

$365,000

PROJECTED PRICE

$2,140

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.63%
Appreciation Year (1-5) 4.6%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$23,564

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $2,022

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9753$2,1404$2,1505$2,200
$2,200
RENT COMPS ANALYSIS
  • 231 Covered Bridge Dr Ocoee, FL 3
    • 3 beds 2 baths ∙ 2,048 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,048 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $1.04
    •  
  • 276 Longhirst Loop Ocoee, FL 1
    • 3 beds 2 baths ∙ 1,888 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,888 Sqft ∙ Built 1998
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.00
    •  
  • 2020 Leather Fern Dr Ocoee, FL 2
    • 3 beds 3 baths ∙ 2,115 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,115 Sqft ∙ Built 2014
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.93
    •  
  • 303 Horsemint Ln Ocoee, FL 4
    • 4 beds 3 baths ∙ 2,103 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,103 Sqft ∙ Built 2013
    LEASED 12/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.02
    •  
  • 11806 Via Lucerna Cir Windermere, FL 5
    • 4 beds 3 baths ∙ 2,206 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,206 Sqft ∙ Built 2006
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.00
    •  
PROPERTY LISTING DETAILS
David Dorman
1.407.948.8295
Century 21 Professional Group
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5923543
Last Updated: 03/13/2021
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