Downtown House rented by the room to up to 8 tenants. Owner says he typically pulls in around $2000-$2400/m. House is insured for $1600/yr. One of the tenants handles most of the leasing and has been doing so for many years. The house is an old frame house. Currently set up with 8 bedrooms and 2 baths. Overall decent condition but if you wanted to remodel into a single family home, it would likely need a full remodel. Doesn’t need much to keep it as is.
The real value in this deal is the location! Look at a map and you’ll see this is in the heart of all the new Downtown development by the UCF campus and Magic Village. Eventually this lot alone could be worth 3 times this price. Collect rent and wait for a big developer to buy the lot.
Only 1 block from the new Orlando City soccer stadium, 2 blocks from I-4, between W Robinson and W Washington St. Deals like this don’t come around too often and soon will be a thing of the past. Literally in the heart of the new downtown developments.