24514 Bonnett Rd

Astor, FL 32102

$269,000D

3 bd · 3.0 ba · 1,489 sqft · Built 1989 · SingleFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,354/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$698
• HOA: −$0
• Vac / Maint / Mgmt: −$494
• Net cashflow: $-250/mo
• Annual: $-2,995/yr
• Cap rate: 7.08%
• Cash-on-cash: 2.82%
• DSCR: 1.13
• 1% rule: 0.87%
• Cash to close: $75,320

Investor read

• This is a 3-bed/3.0-bath single-family listed at $269k.
• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (16.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (12.5% below list).
• It's been on market 32 days — a 3% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $225k (16.4% below list) — sets the bar for cash-flow.
• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (1.9% local appreciation)).
• Location reads 66/100 on livability (#613 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Lake (suburban): math 49% / reading 50% proficiency, ranked #37 of 73 in FL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Umatilla Elementary School (math 59% / reading 56%, grade C+, #764 of 2,144 statewide, top 36%, 660 students, 55% FRL); Umatilla High School (math 24% / reading 29%, grade F, #489 of 667 statewide, top 74%, 861 students, 51% FRL) — zoned schools at 53% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 77 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $98k; list at $269k implies a 173% gain — meaningful room to come down on a strong offer.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 32 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.