5433 SE 113th St

Belleview, FL 34420

$465,000C+

2 bd · 1.0 ba · 672 sqft · Built 1983 · MultiFamily · Active · 684 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,185/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$520
• HOA: −$0
• Vac / Maint / Mgmt: −$1,929
• Net cashflow: $4,297/mo
• Annual: $51,569/yr
• Cap rate: 17.38%
• Cash-on-cash: 39.61%
• DSCR: 2.76
• 1% rule: 1.98%
• Cash to close: $130,200

Investor read

• This is a 7 × 12-bed/7.0-bath units multifamily listed at $465k.
• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $614/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $465k).
• It's been on market 684 days — a 12% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $409k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#458 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime F, amenities F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 362 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $60k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $220k; list at $465k implies a 111% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $130k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 17.4% vs local median 4.5% in Belleview — 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.

Questions for listing agent

• It's been on market 684 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 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 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?
• 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.