510 N Summerlin Ave · Orlando, FL 32803

$839,000

3 bd · 3.0 ba · 1,903 sqft · MultiFamily public records · 205 Days on market

Built 1925 5,015 sqft lot

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +6.9/30.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

This charming triplex in the heart of Downtown Orlando offers three 1-bedroom, 1-bathroom units, perfect for investors or anyone looking to live in one unit while renting the others. All 3 units were beautifully renovated in 2021 and feature updated kitchens, modern finishes, newly installed AC systems, and full-size in-unit laundry, making them highly desirable and move-in ready. Unit 3 includes a private second-floor screened balcony, providing a relaxing outdoor space and a unique rental draw. Situated steps from Orlando’s best dining, entertainment, Lake Eola Park, and major downtown employers, this property delivers unbeatable convenience and strong long-term demand. Whether you'

Key facts

• Modern finishes
• Updated kitchens
• 5,015 sq ft lot

Tags

• UPDATED KITCHENS
• MODERN FINISHES
• FULL-SIZE IN-UNIT LAUNDRY
• STEPS FROM LAKE EOLA PARK
• STEPS FROM MAJOR EMPLOYERS
• VIBRANT NEIGHBORHOODS

Property features AI

Finance

• Other: Total living area reported as 1,903 square feet (public records)
• Financial info: Gross income reported at $64,800; Annual net income reported at $51,485; Pro forma rent listed at $1,800 per unit for three 1-bedroom units (potential total $5,400/month); Tenants pay electricity, sewer, trash collection, and water
• HOA & community: No HOA/association

Exterior

• Utilities: Public water; Public sewer; Cable available and connected; Electricity available and connected; Water available and connected; Sewer available and connected
• Home design: Residential income property (Triplex); Single building; R-2B/T/HP zoning; 0.12 acre lot; Asphalt road access
• Construction: Frame construction; Shingle roof; Crawlspace foundation; Built as a triplex (single-story details not specified)
• Exterior features: Covered front porch; Sidewalk; Irrigation equipment

Interior

• Bedrooms: 3 bedrooms total; Three 1-bedroom units (each unit is 1 bedroom)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $839k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative. Per door: $-426/mo.
• To cash-flow at today's rent, offer at most $613k (26.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $510k (39.2% below list).
• Recommended offer: $510k (39.2% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 3.0% in Orlando — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 86/100 on livability (#12 in FL, #360 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Como School (math 45% / reading 49%, grade D-, #1,191 of 2,144 statewide, top 57%, 885 students, 54% FRL); Edgewater High (math 14% / reading 46%, grade F, #441 of 667 statewide, top 67%, 2,059 students, 52% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 180 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• At $5,098/mo this rent would consume 57% of the median local household income ($108k/yr) (locally 793% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($738k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $300k; list at $839k implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $509,800 (39.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.61% ✗
• Cap rate: 4.46%
• Cash-on-cash: -6.53%
• DSCR: 0.71
• GRM: 13.7

CMA / ARV

• ARV (on-the-fly): $551,870
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 Broadway Ave	0.23mi	4/2.0 (+1)	1,850 (-3%)	6mo	$325,000	$176	71
1239 E Ridgewood St	0.42mi	4/3.0 (+1)	1,999 (+5%)	10mo	$580,000	$290	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.64% rent growth · sell at horizon

5-year hold

• IRR: -28.0%
• Equity multiple: 0.07×
• Total profit: $-219,419
• Equity at exit: $125,098

10-year hold

• IRR: -28.2%
• Equity multiple: -0.30×
• Total profit: $-304,293
• Equity at exit: $72,541

Cash invested: $234,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32803

• Rents YoY: 2.6%
• Active inventory: 180
• Price-to-rent: 41.1×

Monthly cashflow live

• Estimated rent: $5,098 high
• Mortgage (P&I): −$4,400
• Tax from tax record: −$556 /mo · $6,673/yr
• Insurance: −$350
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,071
• Net cashflow: $-1,278

Break-even live

Break-even rent $6,716

Max offer price $613,230

Occupancy floor —

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$5,097
Total (3 units)			$5,098

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $209,750
• Closing costs: $25,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 E Amelia St Orlando, FL	2.0	2.0	1250	$2,400	$1.92	24d	1	0.14mi
400 E Colonial Dr Orlando, FL	2.0	2.0	1179	$2,485	$2.11	3d	1	0.27mi
266 Park Lake St Unit 19 Orlando, FL	3.0	3.5	1785	$4,600	$2.58	24d	1	0.45mi
266 Park Lake St Unit 14 Orlando, FL	3.0	3.5	2381	$5,400	$2.27	20d	1	0.45mi
1504 Mount Vernon St Orlando, FL	3.0	2.0	1981	$3,195	$1.61	3d	1	0.47mi
218 Park Lake St #01 Orlando, FL	3.0	3.5	2385	$6,250	$2.62	20d	1	0.47mi
431 E Central Blvd Orlando, FL	3.0	1.0–3.0	1228	$3,420	$2.79	2d	24	0.52mi
335 N Magnolia Ave Orlando, FL	3.0	1.0–3.0	1041	$2,640	$2.54	2d	35	0.53mi
151 E Robinson St Orlando, FL	4.0	1.0–3.5	1815	$7,950	$4.38	15d	2	0.54mi
150 E Robinson St Unit 31B Orlando, FL	2.0	2.0	1237	$3,400	$2.75	18d	1	0.56mi
1 S Eola Dr #11 Orlando, FL	3.0	3.0	1978	$3,795	$1.92	24d	1	0.56mi
1513 Woodward St Orlando, FL	3.0	2.5	1542	$2,950	$1.91	24d	1	0.56mi
21 N Mills Ave Orlando, FL	3.0	1.0	1382	$2,250	$1.63	22d	1	0.57mi
1010 E Central Blvd Orlando, FL	2.0	1.0	1317	$1,899	$1.44	22d	1	0.60mi
415 E Pine St Orlando, FL	2.0	2.0	1471	$2,595	$1.76	15d	1	0.61mi
151 E Washington St Orlando, FL	2.0	2.0	1507	$3,250	$2.16	24d	2	0.61mi
823 La Salle Ave Orlando, FL	3.0	3.0	1350	$3,950	$2.93	3d	1	0.61mi
413 E Pine St Orlando, FL	3.0	2.0	1743	$3,485	$2.00	24d	1	0.62mi
100 S Eola Dr #607 Orlando, FL	2.0	2.0	1970	$3,795	$1.93	11d	1	0.64mi
410 N Orange Ave Orlando, FL	3.0	1.0–3.0	854	$4,725	$5.53	2d	181	0.65mi
101 Lake Ave Orlando, FL	3.0	2.0	1706	$4,000	$2.34	24d	1	0.67mi
612 E Church St Orlando, FL	3.0	2.5	1764	$2,795	$1.58	2d	1	0.67mi
520 E Church St Orlando, FL	1.0–3.0	1.0–2.0	1108	$3,829	$3.45	3d	14	0.67mi
420 E Church St Orlando, FL	1.0–3.0	1.0–2.0	1086	$3,289	$3.03	3d	12	0.70mi
899 N Orange Ave Orlando, FL	1.0–2.0	1.0–2.0	1067	$2,837	$2.66	2d	10	0.70mi
820 Altaloma Ave Orlando, FL	3.0	3.0	2200	$2,900	$1.32	24d	1	0.71mi
125 E Pine St Orlando, FL	2.0	2.0	1237	$3,150	$2.55	24d	1	0.72mi
525 E Jackson St Unit P4 Orlando, FL	2.0	2.0	1691	$6,400	$3.78	24d	1	0.74mi
525 E Jackson St Unit P3 Orlando, FL	2.0	2.0	1644	$6,200	$3.77	24d	1	0.74mi
525 E Jackson St Orlando, FL	1.0–3.0	1.0–2.0	1540	$6,500	$4.22	14d	6	0.74mi
260 S Osceola Ave #1106 Orlando, FL	2.0	2.5	2000	$4,750	$2.38	24d	1	0.74mi
260 S Osceola Ave Orlando, FL	2.0	2.0–2.5	1882	$4,350	$2.31	16d	2	0.74mi
1900 E Jefferson St Orlando, FL	3.0	2.0	1602	$2,800	$1.75	11d	1	0.82mi
1219 Lake Highland Dr Orlando, FL	3.0	2.0	1320	$2,500	$1.89	24d	1	0.86mi
2165 Ridgewood St Orlando, FL	3.0	2.5	1910	$3,395	$1.78	2d	1	0.93mi
2316 E Concord St #9 Orlando, FL	3.0	3.0	1727	$3,495	$2.02	24d	1	1.01mi
544 N Bumby Ave Unit 5 Orlando, FL	3.0	3.0	1807	$4,095	$2.27	24d	1	1.01mi
505 Chatham Ave Orlando, FL	3.0	1.0–2.0	1022	$3,144	$3.08	3d	27	1.02mi
1033 N Hampton Ave Orlando, FL	3.0	2.0	1402	$2,995	$2.14	8d	1	1.03mi
1460 Alden Rd Orlando, FL	1.0–3.0	1.0–3.0	1020	$3,804	$3.73	2d	39	1.09mi

Listing history 28 events

1. 2026-06-18
   days on market $839,000 Active 205 DOM
2. 2026-06-17
   days on market $839,000 Active 204 DOM
3. 2026-06-16
   days on market $839,000 Active 203 DOM
4. 2026-06-15
   days on market $839,000 Active 202 DOM
5. 2026-06-13
   days on market $839,000 Active 200 DOM
6. 2026-06-13
   days on market $839,000 Active 199 DOM
7. 2026-06-09
   days on market $839,000 Active 196 DOM
8. 2026-06-08
   days on market $839,000 Active 195 DOM
9. 2026-06-07
   days on market $839,000 Active 194 DOM
10. 2026-06-04
    days on market $839,000 Active 191 DOM
11. 2026-06-03
    days on market $839,000 Active 190 DOM
12. 2026-06-02
    days on market $839,000 Active 189 DOM
13. 2026-06-02
    days on market $839,000 Active 188 DOM
14. 2026-05-31
    days on market $839,000 Active 187 DOM
15. 2025-11-25
    listed $839,000 Active
16. 2025-10-01
    historical
17. 2025-09-25
    status Active
18. 2025-03-11
    listed $849,000 Active
19. 2024-09-13
    historical
20. 2024-05-05
    price $849,000
21. 2023-09-20
    status Active
22. 2023-08-25
    status Pending
23. 2023-08-14
    status Active
24. 2023-07-31
    status Pending
25. 2023-07-27
    listed $839,000 Active
26. 2021-04-05
    historical
27. 2021-02-18
    listed $699,000 Active
28. 2018-01-26
    soldstatus $300,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $6,673 · $556/mo
• Projected year-2 tax: $6,964 · $580/mo
• Expected delta: +$291/yr (+$24/mo · 4.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,176
• − Mortgage interest: −$46,997
• − Property taxes: −$6,673
• − Insurance: −$4,195
• − Repairs & maintenance: −$4,894
• − Management: −$4,894
• − Depreciation: −$24,407
• Taxable loss: −$30,884
• Est. tax savings @ 24.0%: +$7,412
• After-tax cash flow: $-7,924/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — Orlando

• Score: 86/100
• State rank: #12
• US rank: #360

Category grades

Amenities A+ Commute A+ Cost of living B- Crime B+ Employment C+ Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orlando, FL
• County: Orange County · 1,471,359 people
• City population: 964,969
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 22,152
• Household income: $107,592
• Rent vs Own: 46.9% rent · 53.1% own
• Severe rent burden: 793.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 17% Two or more races 13% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7% Cuban 2%
• Common ancestry: Romanian 3% Slovak 3% Italian 2%
• Foreign-born: 8% · Canada, Dominican Republic, Vietnam
• Languages at home: 85% English-only · Spanish 10% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -505.52%
• Current HPI: 303.0942
• Rent YoY: ▲ 2.64%
• Metro: Orlando-Kissimmee-Sanford, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+179.7% since first listed

14 events — show timeline

• 2025-11-25 Listed $839,000 Stellar MLS as Distributed by MLS Grid
• 2025-10-01 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-09-25 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-03-11 Listed $849,000 Stellar MLS as Distributed by MLS Grid
• 2024-09-13 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-05-05 Price Changed $849,000 Stellar MLS as Distributed by MLS Grid
• 2023-09-20 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-08-25 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-08-14 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-07-31 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-07-27 Listed $839,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-05 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2021-02-18 Listed $699,000 Stellar MLS as Distributed by MLS Grid
• 2018-01-26 Sold (Public Records) $300,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $6,673 · +7.9% YoY. Source: county tax records.