270 E Glassboro Ct Unit 2B

Citrus Hills, FL 34442

$165,000D

2 bd · 2.5 ba · 1,320 sqft · Built 1984 · Condo · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,960/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$266
• HOA: −$485
• Vac / Maint / Mgmt: −$412
• Net cashflow: $-67/mo
• Annual: $-810/yr
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• 1% rule: 1.19%
• Cash to close: $46,200

Investor read

• This is a 2-bed/2.5-bath condo listed at $165k.
• At list price, monthly cash flow is $-67 ($-810/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (7.2% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 42 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (7.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#744 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Citrus (rural): math 49% / reading 50% proficiency, ranked #44 of 73 in FL (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Forest Ridge Elementary School (math 55% / reading 59%, grade C+, #781 of 2,144 statewide, top 38%, 708 students, 67% FRL); Lecanto Middle School (math 49% / reading 49%, grade C-, #265 of 571 statewide, top 48%, 809 students, 55% FRL); Lecanto High School (math 46% / reading 53%, grade D, #179 of 667 statewide, top 29%, 1,630 students, 46% FRL) — zoned schools at 56% FRL track the district average.
• Watch-outs: HOA is 25% of rent.
• Market conditions: 444 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• Citrus County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $102k; list at $165k implies a 63% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 2.9% in Citrus Hills — 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.
• This rent runs 41% of the median local income ($57k/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?
• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.