420 Banana Cay Dr Unit B · South Daytona, FL 32119

$129,900

2 bd · 2.0 ba · 922 sqft · Condo public records · 34 Days on market

Built 1985 $398/mo HOA · 26% of rent

---

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 +13.6/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• DSCR +4.1/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced to Sell | Updated 2BR/2BA Ground-Floor Condo | Pool | Screened Lanai | Prime Location Seller is motivated and ready to make a deal -- don't let this one slip by! Move-in ready ground-floor condo offering 2 bedrooms, 2 upgraded baths, and stylish finishes throughout. The renovated kitchen features white shaker-style cabinetry, granite countertops, and a breakfast bar -- perfect for entertaining -- plus a separate dining area for added space. Step out to your private screened lanai and enjoy Florida's weather year-round. Single-level living. .. no stairs and easy access to a beautiful pool and meticulously maintained community grounds. Location highlights: • Minutes to the beach • Close to area universities and colleges • Quick access to the airport • Direct shot to I-95 and I-4 An incredible opportunity for owner-occupants, seasonal buyers, or investors. Motivated seller means this is priced to move -- bring your offers and schedule your showing today!

Key facts

• Ground floor condo
• Minutes to the beach
• Screened lanai

Tags

• GROUND FLOOR CONDO
• SCREENED LANAI
• RENOVATED KITCHEN
• PRIVATE SCREENED LANAI
• BEAUTIFUL POOL
• MINUTES TO THE BEACH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $-59 ($-706/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (8.0% below list).
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $120k (8.0% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 80/100 on livability (#114 in FL, #1,755 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools D, employment D, commute F.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-2.0%/yr); 280 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• This rent runs 33% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $90k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,505 (8.0% 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 34 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 1.20% ✓
• Cap rate: 6.36%
• Cash-on-cash: 0.25%
• DSCR: 1.01
• 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: -24.3%
• Equity multiple: 0.20×
• Total profit: $-29,092
• Equity at exit: $19,369

10-year hold

• IRR: -41.7%
• Equity multiple: -0.28×
• Total profit: $-46,705
• Equity at exit: $11,231

Cash invested: $36,372 (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 32119

• Rents YoY: -2.0%
• Active inventory: 280
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,555 high
• Mortgage (P&I): −$681
• Tax from tax record: −$88 /mo · $1,052/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$398
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-59

Break-even live

Break-even rent $1,630

Max offer price $119,505

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
580 Reed Canal Rd South Daytona, FL	1.0	1.0	718	$1,272	$1.77	14d	2	0.12mi
480 Reed Canal Rd #57 South Daytona, FL	2.0	1.5	1024	$1,550	$1.51	23d	1	0.15mi
301 Ridge Blvd #1020 South Daytona, FL	2.0	1.0	810	$1,375	$1.70	23d	1	0.41mi
2275 Granada Dr Unit 1 South Daytona, FL	2.0	2.0	1000	$1,600	$1.60	23d	1	0.50mi
2050 S Ridgewood Ave South Daytona, FL	1.0–2.0	1.0–1.5	818	$1,450	$1.77	23d	1	0.75mi
2140 S Palmetto Ave South Daytona, FL	2.0	1.5	1100	$1,499	$1.36	23d	1	0.75mi
3131 S Ridgewood Ave #203 South Daytona, FL	2.0	2.0	1013	$1,795	$1.77	14d	1	0.78mi
3230 S Ridgewood Ave South Daytona, FL	1.0–3.0	1.0–2.0	1046	$1,881	$1.80	11d	27	0.82mi
2002 S Palmetto Ave Unit B South Daytona, FL	1.0	1.0	625	$975	$1.56	14d	1	0.93mi
535 Olive St South Daytona, FL	2.0	1.0	1024	$1,725	$1.68	11d	1	1.06mi
1910 S Palmetto Ave South Daytona, FL	1.0	1.0	750	$1,195	$1.59	23d	1	1.07mi
201 Kost Rd South Daytona, FL	2.0	1.0	850	$1,149	$1.35	11d	2	1.11mi
205 Kost Rd South Daytona, FL	2.0	1.0	850	$1,500	$1.76	23d	1	1.11mi
1888 S Palmetto Ave South Daytona, FL	2.0	1.0	850	$1,199	$1.41	23d	1	1.13mi
1830 S Palmetto Ave Unit 4 South Daytona, FL	2.0	1.0	900	$1,450	$1.61	23d	1	1.20mi
1739 Eastern Rd South Daytona, FL	1.0	1.0	800	$1,099	$1.37	14d	1	1.35mi
900 Boulder Dr South Daytona, FL	2.0	1.0	939	$1,850	$1.97	23d	1	1.37mi
3023 S Atlantic Ave Unit 1531031P Daytona Beach Shores, FL	2.0	2.0	1097	$4,430	$4.04	14d	1	1.43mi
2987 S Atlantic Ave #205 Daytona Beach Shores, FL	2.0	2.0	1028	$2,600	$2.53	23d	1	1.43mi
3013 S Atlantic Ave Unit 907 Daytona Beach, FL	2.0	2.0	1088	$2,800	$2.57	23d	1	1.43mi
3043 S Atlantic Ave Apt 1602 Daytona Beach Shores, FL	2.0	2.0	1028	$2,550	$2.48	23d	1	1.44mi
3043 S Atlantic Ave #1901 Daytona Beach Shores, FL	2.0	2.0	1062	$2,450	$2.31	23d	1	1.44mi
3051 S Atlantic Ave #505 Daytona Beach, FL	2.0	2.0	1058	$2,450	$2.32	11d	1	1.45mi
3051 S Atlantic Ave Unit 1 Daytona Beach Shores, FL	2.0	2.0	1072	$2,500	$2.33	23d	1	1.46mi
3115 S Atlantic Ave Unit 201 Daytona Beach Shores, FL	2.0	2.0	986	$2,500	$2.54	23d	1	1.50mi

HOA detail condo

• Monthly dues: $398 · $4,776/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-04-21
   listed $129,900 Active 1002-char remark

   Show marketing remark (1002 chars)

   Priced to Sell | Updated 2BR/2BA Ground-Floor Condo | Pool | Screened Lanai | Prime Location Seller is motivated and ready to make a deal -- don't let this one slip by! Move-in ready ground-floor condo offering 2 bedrooms, 2 upgraded baths, and stylish finishes throughout. The renovated kitchen features white shaker-style cabinetry, granite countertops, and a breakfast bar -- perfect for entertaining -- plus a separate dining area for added space. Step out to your private screened lanai and enjoy Florida's weather year-round. Single-level living. .. no stairs and easy access to a beautiful pool and meticulously maintained community grounds. Location highlights: • Minutes to the beach • Close to area universities and colleges • Quick access to the airport • Direct shot to I-95 and I-4 An incredible opportunity for owner-occupants, seasonal buyers, or investors. Motivated seller means this is priced to move -- bring your offers and schedule your showing today!

2. 2020-02-14
   soldstatus $90,400
3. 2020-02-13
   soldstatus $90,400 Closed 269-char remark

   Show marketing remark (269 chars)

   This is the perfect condo for a first time home buyer. Or an investor that wants a turn key rental! Or even a person or family that wants to down size! This unit has been fully remodeled. New AC, hot water heater, tile, carpet, fully remodeled kitchen and bathrooms!

4. 2020-01-08
   historical Contingent 269-char remark

   Show marketing remark (269 chars)

   This is the perfect condo for a first time home buyer. Or an investor that wants a turn key rental! Or even a person or family that wants to down size! This unit has been fully remodeled. New AC, hot water heater, tile, carpet, fully remodeled kitchen and bathrooms!

5. 2019-11-28
   status Active 269-char remark

   Show marketing remark (269 chars)

   This is the perfect condo for a first time home buyer. Or an investor that wants a turn key rental! Or even a person or family that wants to down size! This unit has been fully remodeled. New AC, hot water heater, tile, carpet, fully remodeled kitchen and bathrooms!

6. 2019-11-18
   historical Contingent 269-char remark

   Show marketing remark (269 chars)

   This is the perfect condo for a first time home buyer. Or an investor that wants a turn key rental! Or even a person or family that wants to down size! This unit has been fully remodeled. New AC, hot water heater, tile, carpet, fully remodeled kitchen and bathrooms!

7. 2019-10-30
   listed $94,900 Active 269-char remark

   Show marketing remark (269 chars)

   This is the perfect condo for a first time home buyer. Or an investor that wants a turn key rental! Or even a person or family that wants to down size! This unit has been fully remodeled. New AC, hot water heater, tile, carpet, fully remodeled kitchen and bathrooms!

8. 2019-08-21
   soldstatus $50,000

ⓘ 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: $1,052 · $88/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$26/yr (+$2/mo · 2.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,663
• − Mortgage interest: −$7,276
• − Property taxes: −$1,052
• − Insurance: −$1,447
• − Repairs & maintenance: −$1,493
• − Management: −$1,493
• − HOA: −$4,776
• − Depreciation: −$3,779
• Taxable loss: −$2,654
• Est. tax savings @ 24.0%: +$637
• After-tax cash flow: $-69/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: Volusia
• NCES district ID: 1201920
• Math proficiency: 44% ▼ -9.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $42,946
• Composite: 39.2/100
• National rank: #4019
• State rank: #47 of 73 in FL

Livability — South Daytona

• Score: 80/100
• State rank: #114
• US rank: #1755

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Daytona, FL
• County: Volusia County · 556,871 people
• City population: 22,348
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 22,348
• Household income: $56,862
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1158.0

Population outlook (Volusia County) Hauer SSP2

• Today (2025): 572,749 people
• By 2030: 598,695 · +4.5%
• By 2040: 644,880 · +12.6%
• By 2050: 681,451 · +19.0%
• By 2075: 759,957 · +32.7%
• By 2100: 778,902 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 10% Hispanic / Latino 9% Two or more races 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, South Korea, Jamaica
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Volusia

• 2024 margin: Strong R (+21.8) · D 38.7% · R 60.5%
• 2008→2024 swing: -27.4pp toward R · 2008: 5.7pp · 2024: -21.8pp
• All cycles: 2024: R+21.8 2020: R+14.1 2016: R+13.1 2012: R+1.2 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -247.99%
• Current HPI: 309.304
• Rent YoY: ▼ -2.01%
• Metro: Deltona-Daytona Beach-Ormond Beach, 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

+159.8% since first listed

8 events — show timeline

• 2026-04-21 Listed $129,900 Daytona MLS
• 2020-02-14 Sold (Public Records) $90,400 Public Records
• 2020-02-13 Sold (MLS) $90,400 Daytona MLS
• 2020-01-08 Contingent — Daytona MLS
• 2019-11-28 Relisted — Daytona MLS
• 2019-11-18 Contingent — Daytona MLS
• 2019-10-30 Listed $94,900 Daytona MLS
• 2019-08-21 Sold (Public Records) $50,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,052 · -18.1% YoY. Source: county tax records.