Great Upside in Downtown South Area: $179,900

Rare opportunity to own a 1990 build house in the Downtown South area of Orlando. The Downtown South area features great public schools, quick access to Downtown Orlando, lakes, shopping, and more. This area is gentrifying rapidly and offers investors great upside and high rents. Out of 45 active listings in this area, only 7 were under $200,000 with 25% of the homes $750,000+. Several of the listings are new homes where old ones are being demolished. Lots for sale in the area are routinely $110,000+.

We located this home with a seller who is highly motivated and ready to cut a deal for the right investor or owner occupant. The home is well maintained, needs limited work and many upgrades have been done recently.

The details:

  • List price: $179,900
  • List is $137 p/s/f
  • 3 bed / 2 bath / 2 car garage
  • 1990 construction
  • 1308 sq ft
  • Fenced yard
  • HVAC 2003
  • Roof is ~10 years old (30 year roof)
  • Screened in lanai
  • Work needed is interior paint, fridge, and washer/dryer*
  • Rent range is: $1300-1400
  • Taxes ~$2000
  • Insurance ~$1000
  • No HOA!*(recommend inspecting to identify other issues)
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The results:

Gross cash flow with 20% down financing: ~$180

Estimated year 1 appreciation at 4.5%** = ~$8095

 

** Orlando is estimated to have 10%+ appreciation in 2014

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