1024 W Fairbanks Ave

Fairview Shores, FL 32804

$213,000C-

2 bd · 1.0 ba · 1,313 sqft · Built 1952 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,103/mo
• Mortgage (P&I): −$1,117
• Tax + insurance: −$476
• HOA: −$0
• Vac / Maint / Mgmt: −$442
• Net cashflow: $69/mo
• Annual: $824/yr
• Cap rate: 6.68%
• Cash-on-cash: 1.38%
• DSCR: 1.06
• 1% rule: 0.99%
• Cash to close: $59,640

Investor read

• This is a 2-bed/1.0-bath single-family listed at $213k.
• At list price, monthly cash flow is $69 ($824/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (1.3% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $210k (1.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#36 in FL, #715 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities 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: Killarney Elementary (math 37% / reading 32%, grade F, #1,709 of 2,144 statewide, top 81%, 330 students, 66% FRL); Edgewater High (math 14% / reading 46%, grade F, #441 of 667 statewide, top 67%, 2,059 students, 52% FRL) — zoned schools at 59% FRL track the district average.
• Zoned-school proficiency averages 32% at this address vs 48% district-wide (-16 pts) — the specific schools serving this property underperform the Orange average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 207 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 2 sale attempts 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 3.6% in Fairview Shores — 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

• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.