211 S Ulysses Dr

Apopka, FL 32703

$5,000F

3 bd · 1.0 ba · 1,194 sqft · Built 1959 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,241/mo
• Mortgage (P&I): −$1,672
• Tax + insurance: −$531
• HOA: −$0
• Vac / Maint / Mgmt: −$471
• Net cashflow: $-433/mo
• Annual: $-5,195/yr
• Cap rate: 4.66%
• Cash-on-cash: -5.82%
• DSCR: 0.74
• 1% rule: 0.70%
• Cash to close: $89,263

Investor read

• This is a 3-bed/1.0-bath single-family listed at $5k.
• At list price, monthly cash flow is $-433 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $5k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#594 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+, employment B; Watch: crime D-, amenities F, commute F.
• 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: Clay Springs Elementary (math 53% / reading 46%, grade D, #1,088 of 2,144 statewide, top 53%, 714 students, 58% FRL); Piedmont Lakes Middle (math 41% / reading 34%, grade F, #395 of 571 statewide, top 70%, 967 students, 67% FRL); Wekiva High (math 17% / reading 37%, grade F, #478 of 667 statewide, top 73%, 2,207 students, 62% FRL).
• Watch-outs: property tax is 95.6% of price; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-2.8%/yr); 573 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.7% vs local median 3.8% in Apopka — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 37% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.