516 Orange Dr #20 · Altamonte Springs, FL 32701

$123,500

1 bd · 1.5 ba · 985 sqft · Condo public records · 97 Days on market

Built 1972 $349/mo HOA · 24% of rent

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Why this score? — see what drove the D 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).

• Cash flow +10.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +5.1/10.0
• Livability +4.1/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic 1st floor unit in Royal Arms. This is the larger of the 1 bedroom floor plans. Updates galore including hardwood floors, updated bathroom, and stainless kitchen appliances. Cozy, clean and ready to move in. Stackable washer and dryer also included. Royal Arms offers 2 clubhouses, 3 tennis courts, 3 swimming pools and boat parking, plus a private boat ramp for access to Lake Orienta. This is not a short sale or foreclosure!

Key facts

• Pool
• Screened in patio
• $349 HOA

Tags

• SCREENED IN PATIO
• POOL
• BEAUTIFULLY MAINTAINED GROUNDS

Property features AI

Finance

• Other: Unfurnished unit
• Financial info: Total monthly fees shown as $349.89; Total annual fees shown as $4,198.68; Lease restrictions apply
• HOA & community: Royal Arms Condo association; Monthly association fee of $349.89; Association fees include insurance, building and grounds maintenance, management, sewer, trash and water; Association approval required; Pool and street lights in community; Buyer approval required; Pets allowed (max ~35 lbs)

Exterior

• Parking: No designated parking listed
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; Public utilities
• Home design: Residential condominium; One level; Faces north
• Construction: Stucco and frame construction; Other roof; Slab foundation; Built as part of a multi-story building (3 stories total)
• Exterior features: Covered patio; Patio; Porch; Screened porch; Sliding doors; Storage; Mature landscaping; Oak trees; City limits lot; Sidewalks; Paved road

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom
• Flooring: Ceramic tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Blinds; Smoke detector(s)
• Laundry & utility: Interior laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $124k.

Deal economics

• At list price, monthly cash flow is $-61 ($-732/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (8.7% below list).
• Meets the 1% rule at list price ($1k rent vs $124k).
• Recommended offer: $112k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.7% vs local median 3.4% in Altamonte Springs — 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 82/100 on livability (#62 in FL, #1,095 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D+, amenities D-.
• Seminole (suburban): math 57% / reading 61% proficiency, ranked #13 of 73 in FL (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-1.5%/yr); 200 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); 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $854 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Seminole County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $35k; list at $124k implies a 253% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $112,385 (9.0% 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 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 1.18% ✓
• Cap rate: 5.70%
• Cash-on-cash: -2.12%
• DSCR: 0.91
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.6%
• Equity multiple: 0.19×
• Total profit: $-27,938
• Equity at exit: $18,414

10-year hold

• IRR: -42.5%
• Equity multiple: -0.30×
• Total profit: $-44,894
• Equity at exit: $10,678

Cash invested: $34,580 (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 32701

• Home prices YoY: -34.4%
• Rents YoY: -1.5%
• Active inventory: 200
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,462 high
• Mortgage (P&I): −$648
• Tax from tax record: −$168 /mo · $2,013/yr
• Insurance: −$51
• HOA: −$349
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-61

Break-even live

Break-even rent $1,539

Max offer price $112,720

Occupancy floor 99%

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: $30,875
• Closing costs: $3,705
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
524 Orange Dr #21 Altamonte Springs, FL	2.0	2.0	1002	$1,695	$1.69	15d	1	0.02mi
530 Orange Dr #11 Altamonte Springs, FL	2.0	2.0	1002	$1,795	$1.79	24d	1	0.08mi
512 Orange Dr #30 Altamonte Springs, FL	2.0	2.0	1002	$1,645	$1.64	18d	1	0.09mi
270 Altamonte Bay Club Cir Altamonte Springs, FL	1.0–2.0	1.0–2.0	1002	$1,360	$1.36	2d	11	0.14mi
568 Orange Dr #48 Altamonte Springs, FL	2.0	2.0	1029	$1,545	$1.50	15d	1	0.15mi
592 Orange Dr #142 Altamonte Springs, FL	1.0	1.0	633	$1,530	$2.42	24d	1	0.18mi
614 Orange Dr #200 Altamonte Springs, FL	1.0	1.0	633	$1,550	$2.45	5d	1	0.19mi
596 Orange Dr #150 Altamonte Springs, FL	1.0	1.0	581	$1,395	$2.40	24d	1	0.20mi
390 Lake Placid Ct #303 Altamonte Springs, FL	1.0	1.0	644	$1,350	$2.10	18d	1	0.21mi
602 Orange Dr #173 Altamonte Springs, FL	2.0	2.0	1029	$1,675	$1.63	24d	1	0.21mi
618 Orange Dr #212 Altamonte Springs, FL	1.0	1.0	607	$1,350	$2.22	2d	1	0.21mi
305 Lakepointe Dr #104 Altamonte Springs, FL	2.0	2.0	924	$1,749	$1.89	5d	1	0.21mi
300 Lakepointe Dr #204 Altamonte Springs, FL	1.0	1.0	712	$1,225	$1.72	24d	1	0.24mi
385 Woodside Dr #201 Altamonte Springs, FL	1.0	1.0	708	$1,500	$2.12	24d	1	0.25mi
370 Lake Tahoe Ct Altamonte Springs, FL	1.0	1.0	712	$1,295	$1.82	18d	2	0.26mi
351 Lone Hill Dr #306 Altamonte Springs, FL	1.0	1.0	644	$1,350	$2.10	5d	1	0.29mi
365 Forestway Cir #306 Altamonte Springs, FL	1.0	1.0	644	$1,350	$2.10	15d	1	0.29mi
365 Forestway Cir Altamonte Springs, FL	1.0	1.0	644	$1,325	$2.06	24d	2	0.29mi
375 Lake Ontario Ct Altamonte Springs, FL	1.0	1.0	678	$1,322	$1.95	4d	2	0.31mi
380 Lakepointe Dr #204 Altamonte Springs, FL	1.0	1.0	712	$1,345	$1.89	5d	1	0.32mi
320 Black Oak Ct #207 Altamonte Springs, FL	1.0	1.0	712	$1,350	$1.90	24d	1	0.35mi
465 Forestway Cir #302 Altamonte Springs, FL	1.0	1.0	664	$1,249	$1.88	2d	1	0.38mi
200 Maitland Ave Altamonte Springs, FL	1.0–3.0	1.0–2.0	1115	$1,500	$1.35	24d	3	0.52mi
375 Palm Springs Dr Altamonte Springs, FL	3.0	1.0–2.0	828	$1,363	$1.65	2d	19	0.62mi
285 Uptown Blvd Altamonte Springs, FL	1.0–3.0	1.0–2.0	1166	$1,732	$1.48	2d	27	0.64mi
351 Northlake Blvd Altamonte Springs, FL	1.0–2.0	1.0–2.0	837	$1,388	$1.66	2d	26	0.74mi
230 Country Walk Pl Altamonte Springs, FL	1.0–3.0	1.0–2.5	1068	$1,297	$1.21	2d	52	0.74mi
828 Orienta Ave Altamonte Springs, FL	1.0–2.0	1.0–2.0	845	$1,182	$1.40	22d	30	0.76mi
505 One Center Blvd Altamonte Springs, FL	3.0	1.0–2.0	963	$2,285	$2.37	2d	39	0.78mi
510 Cranes Way #106 Altamonte Springs, FL	1.0	1.0	834	$1,400	$1.68	3d	1	0.79mi
525 One Center Blvd Altamonte Springs, FL	1.0–3.0	1.0–2.0	1082	$1,288	$1.19	2d	17	0.83mi
325 Wymore Rd Unit 325-106 Altamonte Springs, FL	1.0	1.0	651	$1,000	$1.54	24d	1	0.89mi
355 Wymore Rd #202 Altamonte Springs, FL	2.0	1.0	828	$1,380	$1.67	16d	1	0.90mi
285 Wymore Rd Unit 285-104 Altamonte Springs, FL	1.0	1.0	651	$1,100	$1.69	24d	1	0.91mi
285 Wymore Rd Unit 285-202 Altamonte Springs, FL	2.0	1.0	828	$1,375	$1.66	24d	1	0.91mi
315 Wymore Rd Altamonte Springs, FL	1.0	1.0	650	$1,150	$1.77	18d	1	0.91mi
315 Wymore Rd Altamonte Springs, FL	1.0	1.0	650	$1,172	$1.80	24d	2	0.91mi
435 Wymore Rd #207 Altamonte Springs, FL	1.0	1.0	650	$1,300	$2.00	18d	1	0.92mi
700 Altamira Cir Altamonte Springs, FL	1.0–2.0	1.0–2.0	825	$1,226	$1.49	2d	33	0.96mi
356 Wymore Rd Altamonte Springs, FL	1.0	1.0	765	$1,080	$1.41	22d	1	0.97mi

HOA detail condo

• Monthly dues: $349 · $4,188/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $123,500 Active 97 DOM
2. 2026-06-17
   days on market $123,500 Active 96 DOM
3. 2026-06-16
   days on market $123,500 Active 95 DOM
4. 2026-06-15
   days on market $123,500 Active 94 DOM
5. 2026-06-13
   days on market $123,500 Active 92 DOM
6. 2026-06-09
   days on market $123,500 Active 88 DOM
7. 2026-06-08
   days on market $123,500 Active 87 DOM
8. 2026-06-07
   days on market $123,500 Active 86 DOM
9. 2026-06-04
   days on market $123,500 Active 83 DOM
10. 2026-06-03
    days on market $123,500 Active 82 DOM
11. 2026-06-02
    days on market $123,500 Active 81 DOM
12. 2026-06-01
    days on market $123,500 Active 80 DOM
13. 2026-05-31
    days on market $123,500 Active 79 DOM
14. 2026-05-12
    price $123,500
15. 2026-04-02
    price $124,000
16. 2026-03-13
    listed $125,000 Active
17. 2011-02-25
    soldstatus $35,000 436-char remark

    Show marketing remark (436 chars)

    Fantastic 1st floor unit in Royal Arms. This is the larger of the 1 bedroom floor plans. Updates galore including hardwood floors, updated bathroom, and stainless kitchen appliances. Cozy, clean and ready to move in. Stackable washer and dryer also included. Royal Arms offers 2 clubhouses, 3 tennis courts, 3 swimming pools and boat parking, plus a private boat ramp for access to Lake Orienta. This is not a short sale or foreclosure!

18. 2010-12-03
    listed $35,000 436-char remark

    Show marketing remark (436 chars)

    Fantastic 1st floor unit in Royal Arms. This is the larger of the 1 bedroom floor plans. Updates galore including hardwood floors, updated bathroom, and stainless kitchen appliances. Cozy, clean and ready to move in. Stackable washer and dryer also included. Royal Arms offers 2 clubhouses, 3 tennis courts, 3 swimming pools and boat parking, plus a private boat ramp for access to Lake Orienta. This is not a short sale or foreclosure!

ⓘ 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: $2,013 · $168/mo
• Projected year-2 tax: $2,013 · $168/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 ≥108°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,542
• − Mortgage interest: −$6,918
• − Property taxes: −$2,013
• − Insurance: −$618
• − Repairs & maintenance: −$1,403
• − Management: −$1,403
• − HOA: −$4,188
• − Depreciation: −$3,593
• Taxable loss: −$2,594
• Est. tax savings @ 24.0%: +$623
• After-tax cash flow: $-110/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: Seminole
• NCES district ID: 1201710
• Math proficiency: 57% ▼ -7.00%
• Reading proficiency: 61% ▼ -1.00%
• Median HH income: $58,478
• Composite: 51.05/100
• National rank: #1769
• State rank: #13 of 73 in FL

Livability — Altamonte Springs

• Score: 82/100
• State rank: #62
• US rank: #1095

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamonte Springs, FL
• County: Seminole County · 436,154 people
• City population: 62,497
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 24,592
• Household income: $62,198
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 1447.0

Population outlook (Seminole County) Hauer SSP2

• Today (2025): 515,494 people
• By 2030: 545,713 · +5.9%
• By 2040: 598,068 · +16.0%
• By 2050: 640,663 · +24.3%
• By 2075: 724,461 · +40.5%
• By 2100: 755,530 · +46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 46% Hispanic / Latino 28% Black 19% Two or more races 18% Asian 3%
• Hispanic origin (detail): Puerto Rican 16% Cuban 3% Dominican 1%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 19% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Seminole

• 2024 margin: Toss-up / Even · D 47.6% · R 51.1% · Other 1.3%
• 2008→2024 swing: -0.8pp no change · 2008: -2.8pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.8 2016: R+1.6 2012: R+6.5 2008: R+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -169.27%
• Current HPI: 323.2703
• Rent YoY: ▼ -1.52%
• 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

+252.9% since first listed

5 events — show timeline

• 2026-05-12 Price Changed $123,500 Stellar MLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $124,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-13 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2011-02-25 Sold (MLS) $35,000 Stellar MLS as Distributed by MLS Grid
• 2010-12-03 Listed $35,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+10.4%/yr

Latest (2025): $2,013 · +7.9% YoY. Source: county tax records.