122 Water Front Way #240 · Altamonte Springs, FL 32701

$64,900

1 bd · 1.0 ba · 496 sqft · Condo public records · 2 Days on market

Built 1980 $443/mo HOA · 33% of rent ↓ 36% since listing

---

Why this score? — see what drove the C+ 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 +24.0/30.0
• 1% rule +10.0/10.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Under contract-accepting backup offers. Great opportunity to own a 2nd floor, POOL view, 1 bedroom / 1 bathroom condo in the heart of Altamonte Springs. Located in Waterside at Cranes Roost, the community offers two pools, tennis courts, a car wash area, laundry facilities, a secure bike room, shuffleboard, and a putting green all within walking distance of Cranes Roost Park, Uptown Altamonte, the Altamonte Mall, dining, and entertainment. The primary suite features a screened-in balcony, walk-in closet, and direct bathroom access. The community is well maintained, with recent updates including exterior repainting, new entry doors, updated lighting, and an ongoing landscaping plan. A comple

Key facts

• $443 HOA
• Community pool
• Built 1980

Property features AI

Finance

• Other: Directions: From SR 436 and I-4, head East and turn Left onto Cranes Roost Blvd. Turn Left onto Shorecrest Dr, then Left onto Oyster Bay Circle and Right onto Water Front Way. Building 122 will be on the left. Unit 240 faces the pool.
• Financial info: Total monthly HOA/condo fee: $443; Total annual fees: $5,316; Lease restrictions apply
• HOA & community: Monthly condo fee of $443 (includes pool, sewer, water, trash, gas, maintenance - grounds & structure, management, common area taxes, escrow reserves fund); Association: Sentry Management / Burgit Burton (association approval required); Community amenities: Pool, tennis courts, sidewalks, community mailbox; Laundry available through association; Pets allowed with restrictions (breed restrictions apply)

Exterior

• Parking: Open parking
• Utilities: Public water; Public sewer; Electricity connected; Natural gas available; Cable available; High-speed internet available; Sewer and water connected
• Home design: Condominium; Residential property; 3-story building; Unit located on 2nd floor; South-facing
• Construction: Block and stucco construction; Tile roof; Slab foundation; Building/Unit number 122/240
• Exterior features: Screened patio/porch; Balcony; Sliding doors; Mature landscaping; Asphalt road access

Interior

• Kitchen: Appliances: Other
• Bedrooms: 1 bedroom
• Flooring: Carpet; Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Other heating; Other cooling
• Interior features: Ceiling fans; Walk-in closet(s); Building has no elevator
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 8.6% 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; 1 comparable units currently listed for rent nearby; 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 $449 of loan paydown is wiped out by about $2k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y ago 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.
• Current owner paid $40k; list at $65k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% 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 $64,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.08% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.41%
• DSCR: 1.37
• GRM: 4.0

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: -9.6%
• Equity multiple: 0.67×
• Total profit: $-6,036
• Equity at exit: $9,677

10-year hold

• IRR: -10.8%
• Equity multiple: 0.52×
• Total profit: $-8,782
• Equity at exit: $5,611

Cash invested: $18,172 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,349 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$128 /mo · $1,535/yr
• Insurance: −$27
• HOA: −$443
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $127

Break-even live

Break-even rent $1,188

Max offer price $64,900

Occupancy floor 86%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
302 Northlake Blvd Altamonte Springs, FL	—	1.0	300	$1,799	$6.00	5d	1	0.40mi

HOA detail condo

• Monthly dues: $443 · $5,316/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-04-29
   status Pending
2. 2026-04-27
   listed $64,900 Active
3. 2015-08-31
   soldstatus $40,000
4. 2015-07-27
   historical
5. 2015-07-07
   price $44,950
6. 2015-07-01
   status Active
7. 2015-06-27
   historical
8. 2015-05-31
   price $49,950
9. 2015-05-28
   listed $54,950 Active
10. 2007-05-01
    historical
11. 2007-01-16
    listed $128,950
12. 2006-12-26
    soldstatus $101,500

ⓘ 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: $1,535 · $128/mo
• Projected year-2 tax: $1,535 · $128/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: $16,188
• − Mortgage interest: −$3,635
• − Property taxes: −$1,535
• − Insurance: −$324
• − Repairs & maintenance: −$1,295
• − Management: −$1,295
• − HOA: −$5,316
• − Depreciation: −$1,888
• Taxable income: $899
• Est. tax owed @ 24.0%: −$216
• After-tax cash flow: $1,313/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

-36.1% since first listed

12 events — show timeline

• 2026-04-29 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-27 Listed $64,900 Stellar MLS as Distributed by MLS Grid
• 2015-08-31 Sold (Public Records) $40,000 Public Records
• 2015-07-27 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2015-07-07 Price Changed $44,950 Stellar MLS as Distributed by MLS Grid
• 2015-07-01 Relisted — Stellar MLS as Distributed by MLS Grid
• 2015-06-27 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2015-05-31 Price Changed $49,950 Stellar MLS as Distributed by MLS Grid
• 2015-05-28 Listed $54,950 Stellar MLS as Distributed by MLS Grid
• 2007-05-01 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2007-01-16 Listed $128,950 Stellar MLS as Distributed by MLS Grid
• 2006-12-26 Sold (MLS) $101,500 Stellar MLS as Distributed by MLS Grid

Property tax history

+11.8%/yr

Latest (2025): $1,535 · +2.2% YoY. Source: county tax records.