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5615 Norman H Cutson Dr Orlando, FL 32821

3 Beds 2 Baths 1,708 sqft Built 1994

$289,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $169.20
  • 3 Days on Market
  • MLS # : O5923551
  • Updated Date : 02/13/2021 at 12:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,708 sqft
  • Baths : 2 full
Listing Agent

Re/max Prime Properties

Listing Agent's Description

WOW Great  Location!! Amazing opportunity to own this solid block 3 bedroom, 2 bath, 2 car garage with very low HOA home!  This is a great starter home or a great investment rental. The property has been very well maintained by the owners and features tile throughout, solid countertops, eaton space in kitchen.  The master suite has walk-in closet and the master bath has dual sinks and a large stand up shower. HOA included lawn services and a short walk to the community pool and amenities and around the corner from multiple Orlando attractions with close proximity to the Orange County convention center, SeaWorld, Orlando International Airport & more!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Orlando metro employment growth is at 3.5% and predicted to grow at 2.5% in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Parkview Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $105k302k

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

Neighborhood: Parkview Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9891744

* 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
Waterbridge Elementary School Primary Regular 1,137 72 5
Freedom Middle School Middle Regular 1,040 58 3
Freedom High School High Regular 3,281 149 6

Waterbridge Elementary School

  • Education Level: Primary
  • # of students: 1,137
  • # of teachers: 72
5
GreatSchools Rating

Freedom Middle School

  • Education Level: Middle
  • # of students: 1,040
  • # of teachers: 58
3
GreatSchools Rating

Freedom High School

  • Education Level: High
  • # of students: 3,281
  • # of teachers: 149
6
GreatSchools Rating
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,004
Property Tax -$323
Property Insurance -$138
HOA -$80
Property Management Fees -$129
CASH FLOW
-$54

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.

$289,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.21%
Appreciation Year (1-5) 6.4%
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

PROJECTED ANNUAL CASH FLOW

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,004

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$10,246

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,618

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,6203$1,7004$1,7205$1,750
$1,750
RENT COMPS ANALYSIS
  • 5615 Norman H Cutson Dr Orlando, FL 2
    • 3 beds 2 baths ∙ 1,708 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,708 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.95
    •  
  • 5609 Wildflower Rd Orlando, FL 1
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1979
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $1.00
    •  
  • 10626 Deergrass Ln Orlando, FL 3
    • 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 1978
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.93
    •  
  • 10322 Lollipop Ln Orlando, FL 4
    • 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 1981
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.92
    •  
  • 10762 Larissa St Orlando, FL 5
    • 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1983
    LEASED 01/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
PROPERTY LISTING DETAILS
Milton James
1.407.572.4458
Re/max Prime Properties
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5923551
Last Updated: 02/13/2021
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