Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

424 Via Florence Dr Apopka, FL 32712

3 Beds 2 Baths 1,605 sqft Built 1988

INVESTimate

$259,900

List Price

$1,590

$1,431 - $1,749

Rent Est.

$278,119  ( +7.01%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $161.93
  • 2 Days on Market
  • MLS # : O5887433
  • Updated Date : 08/26/2020 at 02:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,605 sqft
  • Baths : 2 full
Listing Agent

Re/max Town & Country Realty

Listing Agent's Description

Welcome to this cute home in Oaks on the Lake subdivision! This is a one street neighborhood with approx. 19 homes. This 3 bedroom 2 bath house comes with Lake access to Lake McCoy, at the end of the street, and sits among large mature oak trees! As you enter the home, you step into the living room with a vaulted ceiling and large windows to provide much natural light. The floors are tile throughout so there is no carpet to clean. A wood burning fireplace is in place for cooler evenings. A split bedroom plan allows two good sized bedrooms and a shower/tub combo bath off of the Living room at one end of the home. The master bedroom suite is on the opposite side of the home with a walk-in closet and the master bath includes dual sinks, a soaking tub, and separate stand-up shower. The kitchen has been updated with solid surface counters, breakfast bar, a stainless steel refrigerator, a large stainless sink, and a pass through window that provides beautiful views of the back yard. The fenced back yard contains fruit trees of papaya, fig, dragon fruit, pineapple and bananas! The inside laundry room has a utility sink and built in cabinets. The home has been upgraded with some Smart features on the thermostat, irrigation controller, door lock, security system, smoke detector and garage door opener. Fantastic Apopka location- close to dining, shopping, and medical services. Call today!!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Oaks on the Lake

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $110k331k

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

Neighborhood: Oaks on the Lake

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9302089

* 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
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$959
Property Tax -$295
Property Insurance -$132
HOA -$23
Property Management Fees -$143
CASH FLOW
$38

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.

$259,900

PROJECTED PRICE

$1,590

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.63%
Appreciation Year (1-5) 7.01%
Maintenance Year (1-5) 8.00%
Vacancy 5.99%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$17,233

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,645

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,5904$1,6005$1,624
$1,624
RENT COMPS ANALYSIS
  • 424 Via Florence Dr Apopka, 3
    • 3 beds 2 baths ∙ 1,605 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,605 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.99
    •  
  • 332 Mantis Loop Apopka, 1
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1987
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.02
    •  
  • 633 Key Deer Ct Apopka, 2
    • 3 beds 2 baths ∙ 1,605 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,605 Sqft ∙ Built 1988
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
  • 319 Mantis Loop Apopka, 4
    • 3 beds 2 baths ∙ 1,605 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,605 Sqft ∙ Built 1989
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
  • 237 Mantis Loop Apopka, 5
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1988
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,624
    • $1.11
    •  
PROPERTY LISTING DETAILS
Jeff Witter
1.407.416.5505
Re/max Town & Country Realty
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5887433
Last Updated: 08/26/2020
BESbswy