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5913 Iona Ave Orlando, FL 32835

3 Beds 2 Baths 1,386 sqft Built 1985

$224,900

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $162.27
  • 3 Days on Market
  • MLS # : O5905339
  • Updated Date : 11/14/2020 at 00:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,386 sqft
  • Baths : 2 full
Listing Agent

Homepro Properties

Listing Agent's Description

Don't miss out on the fantastic deal for this 3-bedroom 2 bath block home located in the Metrowest area. The location offers you quick access to the 408 Expressway, Kirkman Road, Metrowest Blvd, Valenica College and you are only a couple of minutes from the Universal Studio Parks. The home is move-in ready with new in/out paint, new carpet in the bedrooms, nice ceramic tile in the main living areas, a new water heater, new stainless range and dishwasher and Corian style counter tops in the kitchen. Interior features include vaulted ceilings in the living room with skylights, dual sinks in the master bath along with a spacious walk-in shower, split bedrooms and two sliding glass doors out to your rear deck. The 2 car garage is large with plenty of room for storage. You'll enjoy the rear yard with a star fruit tree and a big wood deck for entertaining. The home is zoned for A-rated Olympia High School! Don’t wait, call today for your private viewing. It won't last long!

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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: Lake Hill

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240kPrice in $55k253k

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

Neighborhood: Lake Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8671712

* 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
 

$202,410$247,390$224,900

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$830
Property Tax -$256
Property Insurance -$119
Property Management Fees -$119
CASH FLOW
-$3

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.

$224,900

PROJECTED PRICE

$1,320

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.21%
Appreciation Year (1-5) 5.6%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,349

INVESTMENT

$65,349

Down Payment
$56,225
Rehab Estimate
$5,750
Closing Costs
$3,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,225
Loan Amount $168,675
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$10,022

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,435

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,320
1$1,3202$1,3753$1,4504$1,4755$1,700
$1,700
RENT COMPS ANALYSIS
  • 5913 Iona Ave Orlando, FL 1
    • 3 beds 2 baths ∙ 1,386 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,386 Sqft ∙ Built 1985
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.95
    •  
  • 6428 Piccadilly Ln Orlando, FL 2
    • 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1989
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.89
    •  
  • 32 Grand Junction Blvd Orlando, FL 3
    • 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1987
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.10
    •  
  • 5455 Cedar Ln Orlando, FL 4
    • 4 beds 2 baths ∙ 1,408 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,408 Sqft ∙ Built 1998
    property image
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.05
    •  
  • 6540 Abercrombie Ct Orlando, FL 5
    • 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1989
    property image
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.10
    •  
PROPERTY LISTING DETAILS
Robert Gillespie
1.407.322.5956
Homepro Properties
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5905339
Last Updated: 11/14/2020
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