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406 Withers Ct Ocoee, FL 34761

3 Beds 2 Baths 1,346 sqft Built 1986

$262,500

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1986
  • Price/Sqft : $195.02
  • 5 Days on Market
  • MLS # : O5902691
  • Updated Date : 10/30/2020 at 16:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,346 sqft
  • Baths : 2 full
Listing Agent

Charles Rutenberg Realty Orlan

Listing Agent's Description

Beautiful 3/2 home on cul de sac street with no HOA. NEW ROOF and NEW A/C - both energy efficient. NEW granite and quartz countertops, NEW sleek gray tile in wet areas, NEW paint inside and out - on all ceilings, walls, doors & trim, as well as exterior cement areas. Impressive modern bright fireplace and wood mantle draws your eye to the open plan living room and attached dining area with warm laminate flooring. Large kitchen includes eat-in space, pantry, built-in microwave, solid wood cabinets and pass-thru bar to dining area. NEW carpet in 2nd and 3rd bedrooms. 2nd bedroom has 3 closets - perfect for an office. Laminate floor extends to the Master bedroom, which features a walk-in closet and en-suite bathroom. Enjoy the screened-in covered patio off the living room and the tropical feel of the backyard. Backyard opens to a huge expanse of extra space on the pie-shaped lot with 2 fruit trees...extend the fence for private vehicle storage, and work & play area, so many possibilities. Spacious 2-car Garage with opener has pull-down ladder to attic for storage, long work cabinet with peg-board wall, clean open space for washer/dryer, and extra long driveway. Cul de sac street is at the back of the neighborhood and close to lake, park and playground. Forest Oaks continues to be a favorite Ocoee neighborhood, convenient to major roads, shopping, dining and entertainment venues.

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: Forests Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $86k331k

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

Neighborhood: Forests Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8452089

* 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
 

$236,250$288,750$262,500

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$969
Property Tax -$332
Property Insurance -$116
Property Management Fees -$131
CASH FLOW
-$88

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.

$262,500

PROJECTED PRICE

$1,460

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.63%
Appreciation Year (1-5) 7.7%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,313

INVESTMENT

$75,313

Down Payment
$65,625
Rehab Estimate
$5,750
Closing Costs
$3,938

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$969

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,625
Loan Amount $196,875
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$7,371

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,232

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,1003$1,3504$1,4605$1,595
$1,595
RENT COMPS ANALYSIS
  • 406 Withers Ct Ocoee, FL 4
    • 3 beds 2 baths ∙ 1,346 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,346 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $1.08
    •  
  • 1514 Prairie Lake Blvd Ocoee, FL 1
    • 3 beds 2 baths ∙ 1,246 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,246 Sqft ∙ Built 1986
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.84
    •  
  • 1417 Prairie Lake Blvd Ocoee, FL 2
    • 3 beds 2 baths ∙ 1,246 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,246 Sqft ∙ Built 1985
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.88
    •  
  • 1009 Marlene Dr Ocoee, FL 3
    • 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1982
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.97
    •  
  • 1517 Ison Ln Ocoee, FL 5
    • 4 beds 2 baths ∙ 1,643 Sqft ∙ Built 1986 4 beds 2 baths ∙ 1,643 Sqft ∙ Built 1986
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.97
    •  
PROPERTY LISTING DETAILS
Janell Newton
1.407.484.7423
Charles Rutenberg Realty Orlan
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5902691
Last Updated: 10/30/2020
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