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

506 Withers Ct Ocoee, FL 34761

3 Beds 2 Baths 1,371 sqft Built 1986

$270,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $196.94
  • 3 Days on Market
  • MLS # : O5928076
  • Updated Date : 03/06/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,371 sqft
  • Baths : 2 full
Listing Agent

Florida Rental Team

Listing Agent's Description

Welcome Home! This spacious 3 bedroom, 2 bathroom home is located in the neighborhood of Forest Oaks. Forest Oaks community features a community playground and NO HOA FEES! The home is clean and ready for move in with fresh paint inside. It features tile floors throughout the entire home. The kitchen overlooks the bright open living room and dining room area. The modern kitchen features granite counters, stainless steel appliances, and updated fixtures. The main bedroom features a large closet and a private bathroom with double vanities, new quartz countertops, updated modern fixtures, and a large stand-alone shower. This is a true split floorplan. Along with 2 other bedrooms, there is an additional room with French doors that could be used as a den, office, or small gym. The 2nd bathroom features granite counters and an updated vanity and fixtures. The spacious 2 car garage with opener offers ample parking, storage space & shelving, washer and dryer connections, freshly painted floor, and is plumbed for a utility sink. Outside is a large screen enclosed patio and backyard that is partially fenced and perfect for relaxing or entertaining. The home is conveniently located in Ocoee, Florida and minutes from shopping, restaurants, parks, walking trails, and schools. Jump on the TR 429, Turnpike, or 408 and be to Disney in 35 minutes or Downtown Orlando in 25 minutes.

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: 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
Prairie Lake Elementary School Primary Regular 1,081 71 3
Ocoee Middle School Middle Regular 1,375 73 3
Ocoee High School High Regular 2,243 106 4

Prairie Lake Elementary School

  • Education Level: Primary
  • # of students: 1,081
  • # of teachers: 71
3
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
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$938
Property Tax -$341
Property Insurance -$118
Property Management Fees -$129
CASH FLOW
-$146

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.

$270,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.51%

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$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$5,829

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,292

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,3803$1,5004$1,5955$1,650
$1,650
RENT COMPS ANALYSIS
  • 506 Withers Ct Ocoee, FL 2
    • 3 beds 2 baths ∙ 1,371 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,371 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.01
    •  
  • 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
    •  
  • 5105 Log Wagon Rd Ocoee, FL 3
    • 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 1991
    LEASED 02/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.95
    •  
  • 1517 Ison Ln Ocoee, FL 4
    • 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
    •  
  • 2360 Grand Poplar St Ocoee, FL 5
    • 3 beds 2 baths ∙ 1,631 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,631 Sqft ∙ Built 2000
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.01
    •  
PROPERTY LISTING DETAILS
Sylvia Pletka
1.407.405.8923
Florida Rental Team
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5928076
Last Updated: 03/06/2021
BESbswy