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January 8th, 2009 7:15 AM by David W. Welch
1910 and 1912 E. Kaley Ave. is a duplex I have for sale south of downtown Orlando. I am trying to use the new term SoDo to describe the area because of the new development nearby. If you have not been to SoDo, check it out. They have apartments and shops, restaurants, a gym and a terrific SuperTarget. Now back to the duplex.
I had this for sale a couple of years ago for $299,900, but the owner says sell it. So, we have it on the market now for $199,900 which is $30,000 less than he paid for it back in 2003. That was before all the real estate hype, so this is a really good price for this property. Run the numbers yourself, but with 20% down this investment cash flows with rents of $800/mo on each side. Taxes are a little over $4,100/yr and figure insurance at $1,200/yr to be conservative. Even at a 7% interest rate this makes money. Both sides are currently rented, but one of the leases is up in February. If you chose to live in that side and get an owner occupant loan at 5.5% you could live here for like $450/mo. I am not a lender, so these are not offers of mortgages just real world examples.
The duplex itself is newer, built in 2001 and the units are mirror images of each other. Each one offers two bedrooms, two full bathrooms with a jetted tub in the master. They also each have a one car garage, and the back yard is fenced. The total living area is 2024 sq ft., and they come with all the kitchen appliances. This one is a keeper.
David W. Welch, Remax 200 Realty, RealEstateOptimist