Most of Orlando was built as single-family suburbs, so small multifamily is scattered rather than concentrated. You find it in older in-town neighborhoods near downtown, in clusters of 1980s fourplexes east toward UCF, and in historic Sanford, each with different rents, insurance costs and zoning questions.
In short: LendingStreet finances Orlando duplexes, triplexes and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns. Loans start at $150,000, purchases go up to 80% LTV, cash-out refinances up to 75% LTV, and the standard minimum DSCR is 1.0x, with LLC borrowers allowed. Florida insurance and taxes are heavy relative to rent, so many Orlando 2-4 unit purchases work at 70% to 75% LTV rather than the maximum.
Close to downtown, Colonialtown, Mills 50, Thornton Park, Delaney Park and the edges of College Park have older duplexes, garage apartments and small fourplexes, many built between the 1920s and 1960s. They rent to tenants who want to be near downtown jobs, Lake Eola and the Mills 50 restaurant district, and prices per unit are high.
East of downtown, toward the University of Central Florida and the Research Park employers, there are clusters of purpose-built duplexes and fourplexes from the 1980s and 1990s, often rented to students and staff. North of the city, Sanford's historic district has older homes divided into units, and Kissimmee and Pine Hills have scattered duplexes at lower prices.
| Type | Where | What to check |
|---|---|---|
| Older in-town duplex or fourplex | Colonialtown, Mills 50, Thornton Park | Legal unit count, plumbing, roof |
| 1980s-90s fourplex | East Orlando near UCF | Roof age, HOA, student lease terms |
| Historic home divided into units | Sanford historic district | Historic review, wiring, insurance |
| Side-by-side duplex | Pine Hills, Kissimmee, Apopka | Block construction, rent level |
Orlando and the surrounding counties each set which zoning districts allow two-family and multi-family housing. A garage apartment or a converted older home may or may not be a recognized unit, so confirm the legal unit count with the city or county before you buy. The appraisal and the loan are generally based on legal units only.
Historic districts in Orlando and Sanford add design review for exterior changes, which can affect renovation plans and costs. Some east Orlando fourplex clusters were built as condominium or HOA-governed projects, with shared roofs, parking and landscaping. In those, the association's budget, insurance and reserves affect your costs, so ask for the HOA documents and recent meeting minutes, and check whether any special assessments are planned.
This example is illustrative and not a quote. An investor buys a 1980s fourplex in east Orlando for $780,000 with four two-bedroom units renting for $1,600 each, or $6,400 a month. Taxes without a homestead exemption are about $1,138 a month and insurance is $450. At 75% LTV the loan is $585,000, estimated principal and interest is about $4,090, the total payment is about $5,678 and DSCR is about 1.13x.
A Sanford duplex bought for $420,000 with units renting for $1,500 each shows how Florida carrying costs can tighten smaller deals. At 75% LTV the payment would be about $3,075 and DSCR about 0.98x, below the 1.0x standard minimum. At 70% LTV, the payment drops to about $2,928 and DSCR rises to about 1.02x.
| Item | East Orlando fourplex, 75% | Sanford duplex, 75% | Sanford duplex, 70% |
|---|---|---|---|
| Purchase price | $780,000 | $420,000 | $420,000 |
| Loan amount | $585,000 | $315,000 | $294,000 |
| Estimated principal and interest | $4,090 | $2,203 | $2,056 |
| Taxes and insurance | $1,588 | $873 | $873 |
| Total monthly payment | $5,678 | $3,075 | $2,928 |
| Combined rent | $6,400 | $3,000 | $3,000 |
| DSCR | 1.13x | 0.98x | 1.02x |
Hurricane wind is the main insurance cost on Orlando rentals. Insurers look at roof age and shape, roof-to-wall connections, window and door protection, and the age of plumbing and electrical systems. Concrete block construction is common and helps, but an older roof can still make a building hard to insure.
Get a wind mitigation inspection and an insurance quote during your inspection period. On a duplex, insurance can move the DSCR more than a modest change in rent. Check the flood map too, since some properties near lakes and creeks are in mapped flood zones.
Investors do not receive the homestead exemption, and Florida caps annual assessed value increases on non-homestead property at 10% for non-school taxes until the property sells. Because a purchase resets the value, use your price for the tax estimate. Florida also charges documentary stamp tax on deeds and notes and an intangible tax on new mortgages.
Florida law preempts local rent control, and the state landlord-tenant statute sets notice and deposit rules. Short-term rentals are restricted in the City of Orlando and most of unincorporated Orange County, so plan on 12-month leases.
UCF is one of the largest universities in the country by enrollment, and fourplexes in east Orlando often rent to students on 12-month leases, sometimes by the bedroom. Turnover can be higher, and some leases follow the academic calendar. In-town duplexes rent to young professionals and hospital staff at the downtown medical campuses.
Use signed leases or a market rent estimate for each unit. If several units are vacant at purchase, plan time to lease them before a refinance. Rents near the theme parks and the tourism corridor can be supported by hospitality workers, while units near Lake Nona draw staff from the medical and research campuses there.
Small apartment buildings of 5 to 8 units are still residential for our programs, though maximum LTV can be lower and varies by program. Owners with five or more rentals can combine them under one blanket portfolio loan. Buildings of 9 or more units are commercial; see our multifamily loans page.
If a building needs a new roof or major repairs before it can be insured or leased at market, a fix and flip or bridge loan can fund the work first, followed by a DSCR refinance.
Send these items with the form below, or call (877) 298-1001.
Yes. DSCR on a 2-4 unit property is based on the combined rent of all legal units.
Florida insurance and property taxes add a lot to the monthly payment. A lower loan amount often lets a smaller property clear 1.0x DSCR.
Yes. Student rentals qualify on their lease income. Expect questions about lease terms and turnover.
The City of Orlando and most of unincorporated Orange County restrict investor short-term rentals in residential areas, so most 2-4 unit properties here are financed on long-term leases.
The loan is generally sized on recognized units, so rent from an unapproved unit may not count.
It can. Documented wind-resistant features often lower insurance premiums, which improves DSCR.
Yes. HOA dues are part of the DSCR payment, and the association's insurance, reserves and any special assessments can affect your costs and the review.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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