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1720 Salem Drive Orlando, FL 32807 Assigned

  • $218,900
  • 4 beds
  • 3 baths
  • 1,481 sqft
Assigned

1720 Salem Drive Orlando, FL 32807

Total SF: 1,855
Duplex SF: 1,481
Back 1/1 SF: 374
Total Beds: 4 | Total Baths: 3
Year Built: 1960
A/C: Central in Duplex, Window Units in 1/1
Construction: Block
What are two of the top criteria when looking for a place to rent? Location and convenience! This property has them both. It’s situated just off of the edge of East Colonial Drive and Goldenrod Road in the heart of Union Park. Valencia College is just 5 minutes away. UCF and Downtown Orlando are just 10 minutes away.

This property recently appraised at $210,000 WITHOUT the detached 1/1 in the back being considered. You’re essentially getting that for free! The entire property is block and no signs of settling or cracked joints were noted. Each building has its own utility spaces for laundry. The central a/c in the duplex is only four years old. Due to increased commercial use in the area, it is very likely that the new buyer could transfer the zoning into commercial use and utilize either or both buildings as an office space.

While this property could potentially be bought to be flipped, its most value-added purpose would be to use the BRRR strategy to add to an investor’s long term portfolio. Homes in this area are only going to increase in value as Union Park continues to develop due to its convenience to Downtown Orlando and the city’s main colleges.

Note: All units run to one septic system and are under one electrical account. It is recommended that the buyer charge the tenants the electric/utility bill through their rent at a standardized, averaged amount per month

Here is a brief summary of what it will need:

Both roofs will need to be replaced: $9,000
Install new flooring throughout both buildings: $14,000
Knock down the front kitchen/living room wall to create an open concept: $2,000
New kitchen cabinets in the 2/1 unit: $3,500
New appliances in the 2/1 unit: $2,500
Interior ceiling drywall repairs (3 or 4 noticeable areas): $3,000
Reserve for miscellaneous expenses: $2,000
Total Repair Cost: $36,000

Financial Breakdown

Flip Strategy:

Purchase price: $214,900

+ 2% closing costs: $4,300

+ Repair costs: $36,000

+ Holding costs (3 months): $1,150

Total Cost: $256,350

Sell Price: $300,000

-5% Commissions: $15,000

-2% Closing costs: $6,000

Proceeds: $279,000

Net Profit: $22,650

NET ROI: 8.84%

B-R-R-R Strategy:

Same Renovation Cost: $256,350

Rental Income:

Front 2/1 Unit: $1,200/month, $14,400/year

Front 1/1 Unit: $700/month, $8,400/year

Back 1/1 Unit: $750/month, $9,000/year

Total Income: $2,650/month, $31,800/year

Expenses:

Taxes: $1,900/year

Utilities & Electric: $2,400/year

Insurance: $1,800/year

Total Expenses: $6,300/year

Annual Net Income: $25,700

NET CAP RATE: 10.02%

Available on 12.22.2020

Don’t let this excellent opportunity pass you by! Get it yours now!

Make An Offer On This Property

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DISCLAIMER: Florida Investor Deals does not own these properties nor does Florida Investor Deals hold itself out to represent the owners of these properties. These are not Florida investor deals listings. Values are strictly an opinion. Consult an appraiser for true values. Florida investor deals disclaims all liability for the actions or inactions taken or not taken as a result of communications from or to its officers, directors, and members.

The sale of these properties may be contingent upon a successful close by the Buyer under Contract with the Current Owner. Seller may not be the owner of record of the applicable court jurisdiction; however, the Seller holds equitable interest in the property along with the owner of record and such interest is documented through an executed Purchase and Sale Agreement

Price:
$218,900
Address:
1720 Salem Drive
Orlando, Florida 32807
Square Feet:
1,481
Bedrooms:
4
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Duplex
Year Built:
1960

Additional Features

1720 Salem Drive Orlando, FL 32807 Total SF: 1,855 Duplex SF: 1,481 Back 1/1 SF: 374 Total Beds: 4 | Total Baths: 3 Year Built: 1960

Call (954) 280-5883 for more details

Property Location