Orlando, Block-Duplex

Description

1,260 Sqft block-duplex near Lake Holden with month-month tenants of 7 years. The duplex is a 4/2 with 2/1’s on each side and separate meters (tenants pay their own electric) for each unit– water bill is currently covered by the landlord and it runs $28-$36/month. Tenants cover lawn care.

Rents are currently $575/side– tenants are aware of the sale and future rent increases; one tenant would like to stay even if rents are increased. In it’s current state, the property can be rented for $2,200/month total, but with updates to the kitchen, rents are $1,600/side for a total of $3,200/month.

*Bathrooms have recently been renovated, but kitchens will need to be updated**

Additional Photos Available Soon

Property

Interior

Bedrooms: 4

Bathrooms: 2

Livable Sqft: 1,260

Total Sqft: 1,485

Lot

Lot Size Sqft: 7,188

Zoning: R-1A

Construction:

Type: Block

Year Built: 1949

Mechanicals

AC: Window Units

Water Heaters: TBD, but newer and working great

Roof: 2016

Sewer: Septic, no issues

Electric: 60 Amps on each side, good condition

Rent, Taxes, Underwriting/Debt Service:

Rent

Current Rent: $1,150/month Total

Pro Forma Rent As-Is: $2,200/month Total

Pro Forma Rent w/ Kitchen Updates: $2,800-$3,200/month Total

Taxes (Estimated via county tax estimator based on $190,000 Purchase Price)

Low- $3,269

High- $3,564

DSCR/Cash Flow

DSCR- 1.39

$2,200/month in Total Rents

80% LTV of 190k

7.7% Rate

Taxes of $3,564
Insurance at $2,400 annually
Water of $336/year
10% annualy to prop management
Gross Cash Flow/Month- $591

Net Cash Flow/Month- $371

Pro Forma Rent Comp:

438 Purdue St

2/1 (in a triplex), 624 Sqft, recently rented for $1,650/month

Purchase Price: $190,000

COE: 6/6/24

EMD: $4,000