2508 SW 35th Pl #51

Gainesville, FL 32608

$149,900F

0 bd · 2.0 ba · 0 sqft · Built 1983 · Condo · Pending · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,225/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$250
• HOA: −$262
• Vac / Maint / Mgmt: −$257
• Net cashflow: $-331/mo
• Annual: $-3,966/yr
• Cap rate: 3.65%
• Cash-on-cash: -9.45%
• DSCR: 0.58
• 1% rule: 0.82%
• Cash to close: $41,972

Investor read

• This is a ?-bed/2.0-bath condo listed at $150k.
• At list price, monthly cash flow is $-331 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (31.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (18.3% below list).
• It's been on market 113 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (31.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#97 in FL, #1,480 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Alachua (urban): math 49% / reading 54% proficiency, ranked #30 of 73 in FL (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Idylwild Elementary School (math 30% / reading 29%, grade F, #1,896 of 2,144 statewide, top 90%, 533 students, 78% FRL); Kanapaha Middle School (math 54% / reading 54%, grade B-, #196 of 571 statewide, top 36%, 1,094 students, 53% FRL); Eastside High School (math 29% / reading 56%, grade F, #264 of 667 statewide, top 41%, 1,220 students, 56% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+2.9%/yr); 605 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,774 units permitted in Alachua County in 2024 (984 in 5+ unit buildings).
• Alachua County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $150k implies a 227% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• It's been on market 113 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F 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?