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3507 Mccormick Woods Dr Ocoee, FL 34761

4 Beds 4 Baths 2,906 sqft Built 2008

$385,000

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $132.48
  • 3 Days on Market
  • MLS # : O5918633
  • Updated Date : 01/22/2021 at 16:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,906 sqft
  • Baths : 3 full , 1 half
Listing Agent

Watson Realty Corp

Listing Agent's Description

MOVE IN READY POOL HOME in Ocoee's gated McCormick Woods. This Ryland built "Sydney" model features 4 beds, 3.5 baths, formal living & dining rooms in addition to a large family room w/soaring ceilings and two-story windows that allow natural light to flood in. You will notice the neutral paint, ceramic tile & wood laminate floors, great floor plan & view of the covered patio overlooking the screened in pool & fenced corner lot. You will appreciate the floor plan w/large kitchen that opens to the large family room. The kitchen has many upgrades - recessed lighting, 42" dark cherry cabinets w/crown molding & hardware, silestone counters, breakfast bar, stainless steel appliances & large pantry. The breakfast nook is off the kitchen & the half bath is close by as well. The family room has wood laminate floors & overlooks the screened in pool, covered patio & fenced in yard. All bedrooms are upstairs in this home. The large owner's suite is separate from the other bedrooms for privacy, has a new ceiling fan and has two separate large, walk-in closets! The bathroom has double silestone sinks, a separate tiled jetted garden tub & large tiled shower. Two of the guest bedrooms share a jack & jill bath and the other guest bedroom has its own, private en-suite bath. Home has a three car tandem garage. One of the only POOL homes for sale in the area! Additional updates/upgrades include new exterior paint, extended brick paver patio, new pool screen, new landscaping, new pendant lights in kitchen and new kitchen faucet, the AC has a new copper line and the windows have been tinted for additional energy efficiency. Centrally located with easy access to the 429 & the 408 & very close to the West Orange Trail. Don't let this beautiful home pass you by!

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: McCormick Woods

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $109k382k

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

Neighborhood: McCormick Woods

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000210022002300Rent in $9362338

* 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
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,337
Property Tax -$486
Property Insurance -$210
HOA -$96
Property Management Fees -$129
CASH FLOW
-$188

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.

$385,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.21%
Appreciation Year (1-5) 3.1%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$6,242

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,085

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0703$2,1954$2,1955$2,200
$2,200
RENT COMPS ANALYSIS
  • 3507 Mccormick Woods Dr Ocoee, FL 2
    • 4 beds 4 baths ∙ 2,906 Sqft ∙ Built 2008 4 beds 4 baths ∙ 2,906 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $0.71
    •  
  • 2772 Pythagoras Cir Ocoee, FL 1
    • 4 beds 3 baths ∙ 2,717 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,717 Sqft ∙ Built 2008
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.72
    •  
  • 148 Hopewell Dr Ocoee, FL 3
    • 5 beds 3 baths ∙ 3,083 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,083 Sqft ∙ Built 2006
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.71
    •  
  • 3496 Gretchen Dr Ocoee, FL 4
    • 4 beds 3 baths ∙ 3,056 Sqft ∙ Built 2018 4 beds 3 baths ∙ 3,056 Sqft ∙ Built 2018
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.72
    •  
  • 3408 Bromfield Dr Ocoee, FL 5
    • 5 beds 4 baths ∙ 3,062 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,062 Sqft ∙ Built 2006
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.72
    •  
PROPERTY LISTING DETAILS
Eve Metlis
1.407.493.5225
Watson Realty Corp
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5918633
Last Updated: 01/22/2021
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