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307 Sterling Lake Dr Ocoee, FL 34761

3 Beds 2 Baths 1,736 sqft Built 1991

$289,900

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $166.99
  • 5 Days on Market
  • MLS # : T3290127
  • Updated Date : 02/17/2021 at 11:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,736 sqft
  • Baths : 2 full
Listing Agent

Offerpad Brokerage

Listing Agent's Description

VACANT! Don't miss this incredible light and bright home! Home has been upgraded throughout with a new hvac, new roof, and new flooring throughout. New kitchen with stainless steel appliance package and new fixtures. Both bathrooms fully remodeled. Large covered patio area and a large backyard. Tour today!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Silver Glen Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $109k358k

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

Neighborhood: Silver Glen Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9362167

* 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
Citrus Elementary School Primary Regular 654 40 5
Ocoee Middle School Middle Regular 1,375 73 3
Ocoee High School High Regular 2,243 106 4

Citrus Elementary School

  • Education Level: Primary
  • # of students: 654
  • # of teachers: 40
5
GreatSchools Rating

Ocoee Middle School

  • Education Level: Middle
  • # of students: 1,375
  • # of teachers: 73
3
GreatSchools Rating

Ocoee High School

  • Education Level: High
  • # of students: 2,243
  • # of teachers: 106
4
GreatSchools Rating
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,007
Property Tax -$366
Property Insurance -$140
HOA -$30
Property Management Fees -$129
CASH FLOW
-$12

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.

$289,900

PROJECTED PRICE

$1,660

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.21%
Appreciation Year (1-5) 7.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.01%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$13,222

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,675

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,620
1$1,6202$1,6603$1,7254$1,7505$1,795
$1,795
RENT COMPS ANALYSIS
  • 307 Sterling Lake Dr Ocoee, FL 2
    • 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1991
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.96
    •  
  • 9162 Baton Rouge Dr Orlando, FL 1
    • 4 beds 2 baths ∙ 1,735 Sqft ∙ Built 1988 4 beds 2 baths ∙ 1,735 Sqft ∙ Built 1988
    property image
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.93
    •  
  • 2799 Cullens Ct Ocoee, FL 3
    • 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 1997
    property image
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.02
    •  
  • 2707 Child St Ocoee, FL 4
    • 4 beds 2 baths ∙ 1,866 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,866 Sqft ∙ Built 1999
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
  • 1423 Vickers Lake Dr Ocoee, FL 5
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 1996
    property image
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.97
    •  
PROPERTY LISTING DETAILS
Rob Jones
1.813.534.6326
Offerpad Brokerage
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: T3290127
Last Updated: 02/17/2021
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