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2909 E Michigan St Orlando, FL 32806

3 Beds 2 Baths 1,240 sqft Built 1986

$299,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $241.13
  • 3 Days on Market
  • MLS # : O5916727
  • Updated Date : 01/15/2021 at 11:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,240 sqft
  • Baths : 2 full
Listing Agent

Prestige Property Shop Llc

Listing Agent's Description

Charming & Beautifully updated 3 bedroom home in the SODO area. Block home with so many updates. New ROOF 2020, Newer Lennox AC 2018. New entry door with keypad lead you to an open living area with gorgeous Ceramic wood tile floors & custom lighting. Stunning brick wall for that classy urban feel. New GE Profile Microwave, GE Range. The 20x7 bonus area off the kitchen has many options to be an office or dining room, the choice is yours! Master BR has a walk-in closet & French doors. Improvements include; Backsplash in kitchen, new soaking tub & tile in guest bath, Knockdown Ceilings, New Windows In LR & 2 Bedrooms & Terminex Pest resistant insulation with Lifetime warranty. Nice size fenced backyard with a Shed for additional storage. Cute outdoor living for a fire pit or grilling! Such a great location close to downtown & shopping. No HOA

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: Roselle Park

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $69k261k

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

Neighborhood: Roselle Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8951712

* 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
Boone High School High Magnet 2,763 141 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

Boone High School

  • Education Level: High
  • # of students: 2,763
  • # of teachers: 141
7
GreatSchools Rating
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,039
Property Tax -$340
Property Insurance -$110
Property Management Fees -$129
CASH FLOW
$62

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.

$299,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.01%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k$1.0M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$20,151

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $1.35

    LIST RENT PER SQFT
  • $1,519

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6503$1,6804$1,6955$1,700
$1,700
RENT COMPS ANALYSIS
  • 2909 E Michigan St Orlando, FL 3
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $1.35
    •  
  • 1621 Jessamine Ave Orlando, FL 1
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 2006
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.20
    •  
  • 1614 Jessamine Ave Orlando, FL 2
    • 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1983
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.36
    •  
  • 1594 Jessamine Ave Orlando, FL 4
    • 4 beds 2 baths ∙ 1,430 Sqft ∙ Built 1989 4 beds 2 baths ∙ 1,430 Sqft ∙ Built 1989
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.19
    •  
  • 3843 Brandy St Orlando, FL 5
    • 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 1990
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.15
    •  
PROPERTY LISTING DETAILS
Dora Siler
1.407.493.4959
Prestige Property Shop Llc
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5916727
Last Updated: 01/15/2021
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