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8768 Belter Dr Orlando, FL 32817

3 Beds 3 Baths 2,305 sqft Built 1987

$380,000

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $164.86
  • 4 Days on Market
  • MLS # : O5899233
  • Updated Date : 11/06/2020 at 11:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,305 sqft
  • Baths : 3 full
Listing Agent

Remax Marketplace

Listing Agent's Description

This IMMACULATELY MAINTAINED HOME is located in the sought after community of Lake Irma Estates near 417/University Blvd. It is conveniently located near shopping, restaurants and UCF. The home is located on a CORNER LOT with a SIDE GARAGE. It has an OPEN/SPLIT FLOORPLAN with lots of NATURAL LIGHT. The flooring is white tile throughout the house making it very easy to maintain. The kitchen has beautiful SOLID WOOD CHERRY CABINETS with lighting underneath and above the cabinets. There is also a newer CONVECTION OVEN and MICROWAVE AND AN INDUCTION STOVETOP for those who love to cook. The large master has a WALK IN CLOSET with CUSTOM SHELVING built by Closets By Design. Master Bath features walk in shower and DUAL SINKS. The spacious family room features a beautiful TILED GAS FIREPLACE , CROWN MOULDING and VAULTED CEILINGS. For those who need HOME OFFICE SPACE, there is a 13 x 8 office area off of the family room and 2- 9 x 10 rooms in the front of the home for flex space. Each of the guest bedrooms has their own bathroom which have been tastefully updated. The 2015 renovated pool SALT WATER ( 15 x 32) is perfect for entertaining with its large deck. There is also an INDOOR/OUTDOOR KITCHEN with stove, sink and mini refrigerator. INSIDE LAUNDRY & SPACIOUS GARAGE are among other great features. HOME IS UNDER A TERMITE BOND. This is truly a MOVE IN READY home and a must see!

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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: Lake Irma Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $105k398k

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

Neighborhood: Lake Irma Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8071820

* 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
 

$342,000$418,000$380,000

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,402
Property Tax -$432
Property Insurance -$174
HOA -$23
Property Management Fees -$176
CASH FLOW
-$247

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.

$380,000

PROJECTED PRICE

$1,960

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.21%
Appreciation Year (1-5) 8.3%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,261

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,005

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9383$1,9504$1,9605$2,015
$2,015
RENT COMPS ANALYSIS
  • 8768 Belter Dr Orlando, FL 4
    • 3 beds 3 baths ∙ 2,305 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,305 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.85
    •  
  • 8515 Spencer Ct Orlando, FL 1
    • 4 beds 3 baths ∙ 2,123 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,123 Sqft ∙ Built 1992
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.89
    •  
  • 8140 Tumeric Ct Orlando, FL 2
    • 3 beds 3 baths ∙ 2,123 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,123 Sqft ∙ Built 2007
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,938
    • $0.91
    •  
  • 3007 Lakewood Pointe Dr Orlando, FL 3
    • 4 beds 3 baths ∙ 2,409 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,409 Sqft ∙ Built 2006
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.81
    •  
  • 3936 Orange Lake Dr Orlando, FL 5
    • 3 beds 2 baths ∙ 2,309 Sqft ∙ Built 1980 3 beds 2 baths ∙ 2,309 Sqft ∙ Built 1980
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,015
    • $0.87
    •  
PROPERTY LISTING DETAILS
Tena Harris
1.321.439.4540
Remax Marketplace
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: O5899233
Last Updated: 11/06/2020
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