Solid Rental

6650 Orlando Drive, Indian Lake Estates, FL

14.37% return

SP: $99,900

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Property Description

Awesome cash-flow property. CBS duplex. One side is occupied at $700, other side is vacant but can be rented at $800. The vacant side has a garage. Property needs a little bit of TLC, has some missing shingles from the storm. No other major repairs are needed. Very good condition overall. This property has low expenses and will generate a 12-14%+ net return on investment. Sold at 50% of replacement cost.

Property Information

Listing statusSold
Property typeMulti Family
Total units2
Total bedrooms4
Total bathrooms4
Building size2924 sq. ft.
Lot size0.5 acres
Year built1980

CountyPolk County
SubdivisionINDIAN LAKE ESTATES UNIT 10
ConstructionCBS
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$99,900
Estimated rehab¹$5,000
Total investment$104,900

TypeProforma
After repair value$125,000
Potential profit$20,100

Gross income (annually)$18,000
Operating expenses (annually)$2,921
Net income (annually)$15,079
Gross return17.16%

Gross income (monthly)$1,500
Operating expenses (monthly)$243
Net income (monthly)$1,257
Net return14.37%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 2 bed / 2 bath$700/month$8,400/year
Unit 2: 2 bed / 2 bath$800/month$9,600/year
Total$1,500/month$18,000/year

Expenses

Property Taxes$63/month$761/year
Insurance$67/month$800/year
Maintenance reserve$83/month$1,000/year
Lawn care$30/month$360/year
Total$243/month$2,921/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.