506 Orange Dr #22 · Altamonte Springs, FL 32701

$110,000

1 bd · 1.0 ba · 732 sqft · Condo public records · 433 Days on market

Built 1972 $378/mo HOA · 28% 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 +9.9/30.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +5.1/10.0
• Livability +4.1/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This owner is ready to move! Schedule your appointment today to see this 1 bedroom 1 bath condo on the second story of this well kept lakefront condo community with access to Lake Orienta! The living is easy at Royal Arms Condos where you will be within a short distance to the grocery store, Altamonte Mall and beautiful Crane's Roost. Come see all that this community has to offer including 3 pools, a private boat ramp, tennis courts, 2 club houses and a fishing pier. The unit itself has been nicely updated and well kept. The upgrades include: newer a/c, newer appliances, unit completely replumbed, updated baths, pergo wood flooring, all appliances including stackable washer/dryer stay. You will not be disappointed!

Key facts

• Near hospital
• Near restaurants
• Near mall

Tags

• EASY ACCESS TO I4
• NEAR HOSPITAL
• NEAR MALL
• NEAR RETAIL
• NEAR RESTAURANTS
• NEAR BANKS

Property features AI

Finance

• Other: Total monthly fees listed as $328; total annual fees $3,936
• Financial info: Lease restrictions apply
• HOA & community: Association: Royal Arms; Monthly condo/HOA fee: $328 (includes water, sewer, trash); Community features: Pool, street lights; Cats allowed

Exterior

• Utilities: Public water; Public sewer; Cable available; Public utilities
• Home design: Condominium; One story; East-facing; Second-floor unit (floor 2); Entry level: One
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as part of building 506
• Exterior features: Sidewalk; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Range; Range hood; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Carpet; Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Thermostat
• Laundry & utility: Washer; Washer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $-69 ($-824/yr) — negative.
• To cash-flow at today's rent, offer at most $98k (11.0% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% 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 $761 of loan paydown is wiped out by about $3k 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 433 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $25k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $110k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• 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.

Recommended offer $96,800 (12.0% 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 433 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.24% ✓
• Cap rate: 5.54%
• Cash-on-cash: -2.68%
• DSCR: 0.88
• GRM: 6.7

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: -25.8%
• Equity multiple: 0.16×
• Total profit: $-25,932
• Equity at exit: $16,401

10-year hold

• IRR: -50.2%
• Equity multiple: -0.38×
• Total profit: $-42,585
• Equity at exit: $9,511

Cash invested: $30,800 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,361 high
• Mortgage (P&I): −$577
• Tax from tax record: −$143 /mo · $1,715/yr
• Insurance: −$46
• HOA: −$378
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $-69

Break-even live

Break-even rent $1,448

Max offer price $97,864

Occupancy floor —

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
596 Orange Dr #150 Altamonte Springs, FL	1.0	1.0	581	$1,395	$2.40	24d	1	0.12mi
592 Orange Dr #142 Altamonte Springs, FL	1.0	1.0	633	$1,530	$2.42	24d	1	0.12mi
614 Orange Dr #200 Altamonte Springs, FL	1.0	1.0	633	$1,550	$2.45	5d	1	0.19mi
618 Orange Dr #212 Altamonte Springs, FL	1.0	1.0	607	$1,350	$2.22	2d	1	0.21mi
390 Lake Placid Ct #303 Altamonte Springs, FL	1.0	1.0	644	$1,350	$2.10	18d	1	0.32mi
385 Woodside Dr #201 Altamonte Springs, FL	1.0	1.0	708	$1,500	$2.12	24d	1	0.33mi
300 Lakepointe Dr #204 Altamonte Springs, FL	1.0	1.0	712	$1,225	$1.72	24d	1	0.35mi
365 Forestway Cir #306 Altamonte Springs, FL	1.0	1.0	644	$1,350	$2.10	15d	1	0.38mi
365 Forestway Cir Altamonte Springs, FL	1.0	1.0	644	$1,325	$2.06	24d	2	0.38mi
370 Lake Tahoe Ct Altamonte Springs, FL	1.0	1.0	712	$1,295	$1.82	18d	2	0.38mi
351 Lone Hill Dr #306 Altamonte Springs, FL	1.0	1.0	644	$1,350	$2.10	5d	1	0.38mi
380 Lakepointe Dr #204 Altamonte Springs, FL	1.0	1.0	712	$1,345	$1.89	5d	1	0.44mi
375 Lake Ontario Ct Altamonte Springs, FL	1.0	1.0	678	$1,322	$1.95	4d	2	0.45mi
320 Black Oak Ct #207 Altamonte Springs, FL	1.0	1.0	712	$1,350	$1.90	24d	1	0.46mi
465 Forestway Cir #302 Altamonte Springs, FL	1.0	1.0	664	$1,249	$1.88	2d	1	0.48mi
375 Palm Springs Dr Altamonte Springs, FL	3.0	1.0–2.0	828	$1,363	$1.65	2d	19	0.48mi
505 One Center Blvd Altamonte Springs, FL	3.0	1.0–2.0	963	$2,285	$2.37	2d	39	0.65mi
828 Orienta Ave Altamonte Springs, FL	1.0–2.0	1.0–2.0	845	$1,182	$1.40	22d	30	0.69mi
525 One Center Blvd Altamonte Springs, FL	1.0–3.0	1.0–2.0	1082	$1,288	$1.19	2d	17	0.71mi
136 Blue Point Way #310 Altamonte Springs, FL	1.0	1.0	496	$1,095	$2.21	3d	1	0.79mi
128 Water Front Way Altamonte Springs, FL	1.0	1.0	496	$1,095	$2.21	13d	1	0.80mi
131 Water Front Way #150 Altamonte Springs, FL	1.0	1.0	496	$1,200	$2.42	3d	1	0.80mi
129 Blue Point Way #150 Altamonte Springs, FL	1.0	1.0	496	$1,175	$2.37	18d	1	0.81mi
122 Water Front Way #170 Altamonte Springs, FL	1.0	1.0	496	$1,300	$2.62	18d	1	0.83mi
120 Blue Point Way Altamonte Springs, FL	1.0	1.0	496	$1,170	$2.36	20d	2	0.84mi
123 Blue Point Way #100 Altamonte Springs, FL	1.0	1.0	496	$1,300	$2.62	24d	1	0.84mi
351 Northlake Blvd Altamonte Springs, FL	1.0–2.0	1.0–2.0	837	$1,388	$1.66	2d	26	0.85mi
700 Altamira Cir Altamonte Springs, FL	1.0–2.0	1.0–2.0	825	$1,226	$1.49	2d	33	0.87mi
230 Country Walk Pl Altamonte Springs, FL	1.0–3.0	1.0–2.5	1068	$1,297	$1.21	2d	52	0.89mi
425 Centerpointe Cir Altamonte Springs, FL	2.0	1.0–2.0	779	$2,450	$3.14	2d	130	0.95mi
486 Centerpointe Cir Altamonte Springs, FL	1.0–3.0	1.0–2.0	1037	$1,816	$1.75	3d	15	0.98mi
325 Wymore Rd Unit 325-106 Altamonte Springs, FL	1.0	1.0	651	$1,000	$1.54	24d	1	0.99mi
285 Wymore Rd Unit 285-104 Altamonte Springs, FL	1.0	1.0	651	$1,100	$1.69	24d	1	0.99mi
315 Wymore Rd Altamonte Springs, FL	1.0	1.0	650	$1,150	$1.77	18d	1	1.00mi
315 Wymore Rd Altamonte Springs, FL	1.0	1.0	650	$1,172	$1.80	24d	2	1.00mi
435 Wymore Rd #207 Altamonte Springs, FL	1.0	1.0	650	$1,300	$2.00	18d	1	1.03mi
1010 Merritt St Altamonte Springs, FL	1.0–2.0	1.0	862	$1,143	$1.33	24d	1	1.10mi
334 Wymore Rd Altamonte Springs, FL	1.0	1.0	663	$995	$1.50	22d	1	1.11mi
264 Springs Colony Cir Altamonte Springs, FL	1.0–3.0	1.0–2.0	1000	$1,362	$1.36	2d	9	1.13mi
360 Wymore Rd Altamonte Springs, FL	1.0–3.0	1.0–2.0	1108	$995	$0.90	2d	6	1.14mi

HOA detail condo

• Monthly dues: $378 · $4,536/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $110,000 Active 433 DOM
2. 2026-06-17
   days on market $110,000 Active 432 DOM
3. 2026-06-16
   days on market $110,000 Active 431 DOM
4. 2026-06-15
   days on market $110,000 Active 430 DOM
5. 2026-06-13
   days on market $110,000 Active 428 DOM
6. 2026-06-09
   days on market $110,000 Active 424 DOM
7. 2026-06-08
   days on market $110,000 Active 423 DOM
8. 2026-06-07
   days on market $110,000 Active 422 DOM
9. 2026-06-04
   days on market $110,000 Active 419 DOM
10. 2026-06-03
    days on market $110,000 Active 418 DOM
11. 2026-06-02
    days on market $110,000 Active 417 DOM
12. 2026-06-02
    days on market $110,000 Active 416 DOM
13. 2026-05-31
    days on market $110,000 Active 415 DOM
14. 2026-03-20
    status Active
15. 2026-02-15
    status Pending
16. 2025-12-06
    status Active
17. 2025-12-06
    price $110,000
18. 2025-11-30
    historical
19. 2025-11-11
    price $115,000
20. 2025-08-30
    status Active
21. 2025-08-30
    price $120,000
22. 2025-08-19
    historical
23. 2025-02-20
    listed $135,000 Active
24. 2016-08-31
    soldstatus $67,000
25. 2016-08-26
    soldstatus $67,000 Sold 724-char remark

    Show marketing remark (724 chars)

    This owner is ready to move! Schedule your appointment today to see this 1 bedroom 1 bath condo on the second story of this well kept lakefront condo community with access to Lake Orienta! The living is easy at Royal Arms Condos where you will be within a short distance to the grocery store, Altamonte Mall and beautiful Crane's Roost. Come see all that this community has to offer including 3 pools, a private boat ramp, tennis courts, 2 club houses and a fishing pier. The unit itself has been nicely updated and well kept. The upgrades include: newer a/c, newer appliances, unit completely replumbed, updated baths, pergo wood flooring, all appliances including stackable washer/dryer stay. You will not be disappointed!

26. 2016-08-14
    status Pending 724-char remark

    Show marketing remark (724 chars)

    This owner is ready to move! Schedule your appointment today to see this 1 bedroom 1 bath condo on the second story of this well kept lakefront condo community with access to Lake Orienta! The living is easy at Royal Arms Condos where you will be within a short distance to the grocery store, Altamonte Mall and beautiful Crane's Roost. Come see all that this community has to offer including 3 pools, a private boat ramp, tennis courts, 2 club houses and a fishing pier. The unit itself has been nicely updated and well kept. The upgrades include: newer a/c, newer appliances, unit completely replumbed, updated baths, pergo wood flooring, all appliances including stackable washer/dryer stay. You will not be disappointed!

27. 2016-07-27
    listed $69,000 Active 724-char remark

    Show marketing remark (724 chars)

    This owner is ready to move! Schedule your appointment today to see this 1 bedroom 1 bath condo on the second story of this well kept lakefront condo community with access to Lake Orienta! The living is easy at Royal Arms Condos where you will be within a short distance to the grocery store, Altamonte Mall and beautiful Crane's Roost. Come see all that this community has to offer including 3 pools, a private boat ramp, tennis courts, 2 club houses and a fishing pier. The unit itself has been nicely updated and well kept. The upgrades include: newer a/c, newer appliances, unit completely replumbed, updated baths, pergo wood flooring, all appliances including stackable washer/dryer stay. You will not be disappointed!

28. 1996-03-28
    soldstatus $36,000
29. 1990-10-01
    soldstatus $30,500
30. 1983-06-01
    soldstatus $33,900

ⓘ 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: $1,715 · $143/mo
• Projected year-2 tax: $1,715 · $143/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 · 23 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: $16,328
• − Mortgage interest: −$6,162
• − Property taxes: −$1,715
• − Insurance: −$550
• − Repairs & maintenance: −$1,306
• − Management: −$1,306
• − HOA: −$4,536
• − Depreciation: −$3,200
• Taxable loss: −$2,447
• Est. tax savings @ 24.0%: +$587
• After-tax cash flow: $-237/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

+224.5% since first listed

17 events — show timeline

• 2026-03-20 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-02-15 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-12-06 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-12-06 Price Changed $110,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-11-11 Price Changed $115,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-30 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-08-30 Price Changed $120,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-19 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-02-20 Listed $135,000 Stellar MLS as Distributed by MLS Grid
• 2016-08-31 Sold (Public Records) $67,000 Public Records
• 2016-08-26 Sold (MLS) $67,000 Stellar MLS as Distributed by MLS Grid
• 2016-08-14 Pending — Stellar MLS as Distributed by MLS Grid
• 2016-07-27 Listed $69,000 Stellar MLS as Distributed by MLS Grid
• 1996-03-28 Sold (Public Records) $36,000 Public Records
• 1990-10-01 Sold (Public Records) $30,500 Public Records
• 1983-06-01 Sold (Public Records) $33,900 Public Records

Property tax history

+11.2%/yr

Latest (2025): $1,715 · +8.7% YoY. Source: county tax records.