4/2 Near Downtown Orlando W. Anderson St. Orlando, Fl. 32805
4 bed 2 bath block home in the heart of the Downtown Orlando development site West of I4 and North of hwy 408. This area is booming with commercial development. Houses are very difficult to come by in this area due to such a high demand for investors and developers to snatch up anything that comes on the market in this area.
Take a quick drive over to the area and you’ll see all the development. Old frame residential houses are being torn down and lots fenced off waiting to be developed. There is very little residential selling going on because everyone is waiting for the commercial development to finish up and for UCF to open the downtown campus. Prices could easily double or triple over the next couple years. It won’t be long before UCF opens their downtown campus in this same neighborhood and you could eventually be renting this 4 bedroom house out as student housing for $600 per bedroom.
Currently rented to a 3 year tenant at $775/m, on a month to month basis. Tenant is expecting a rent increase so getting $850 should be easy. Market rent is closer to $950-$1000/m for a 4 bedroom house in the area. Listed as 3 bedrooms on county records but the carport is enclosed to make a 4th bedroom.
Property Condition: PVC plumbing, average cosmetic condition for the area, tile and wood floors, tenant keeps the space in relatively tidy condition, small roof leak which is causing some ceiling damage over the carport bedroom, older but working AC, nice sized back yard.
You could keep the current tenant without making repairs other than a new roof and fixing a damaged shower.
Or move the tenant out and do a full rehab on the property and either sell it for around $150k, or rent it for closer to $1200/m.
Repairs to keep as a rental: roof, fix shower surround, raise current tenants rent to $850/m
Full Rehab Repairs: roof, kitchen, bathrooms, floors, paint, AC, cosmetic repairs etc. Around $30k-$40k.
Current ARV is around $145k-$165k, but the huge potential is 1-3 years down the road when this area is booming as the Phase 2 of Downtown Orlando.
829 Polk St: 3/1, 1134sqft, sold $119,500
1005 Dewitt Dr: 3/1, 1197sqft, Sold $115,000
741 W Concord: 2/1, 805sqft, Sold $141,000 new rehab
908 Citrus St: 2/1, 933sqft, Sold $104,00 (Less desirable area South of 408)