623 Midway Dr Unit B · Silver Springs Shores, FL 34472

$110,000

2 bd · 1.0 ba · 822 sqft · Condo public records · 3 Days on market

Built 1972 $299/mo HOA · 22% of rent

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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 +12.3/30.0
• Appreciation +8.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• DSCR +3.6/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome Home to this completely updated condominium, located in the highly sought after 55+ community of Lake Village West. This partially furnished, 1/1 plus a Flex room features luxury plank vinyl flooring throughout, spacious bath, beautiful electric Fireplace. The flex room can be used as an office, bedroom (murphy bed included) or a dining room. The kitchen counter is conditioned butcher block. Plenty of storage and a NEW HAVC. Enjoy your morning coffee or an evening beverage while you admire your beautiful view of Lake Sparkle from your private enclosed Lanai. You will enjoy the Oak lined streets, the community pool and several lakes nestled between the Silver Springs Country Club Gol

Key facts

• Community pool
• Electric fireplace
• Updated condominium

Tags

• UPDATED CONDOMINIUM
• LUXURY PLANK VINYL FLOORING
• ELECTRIC FIREPLACE
• BUTCHER BLOCK COUNTER
• PRIVATE ENCLOSED LANAI
• COMMUNITY POOL

Property features AI

Finance

• Other: Property type: Residential condominium; Irrigation equipment included; Furnished
• Financial info: Total annual fees: $3,588; Lease restrictions apply
• HOA & community: HOA: Lakes Village West; Monthly association fee of $299 covering common area taxes, pool, insurance, structure and grounds maintenance, general maintenance and trash; Association approval required; Buyer approval required; Community mailbox; Senior community; Pets not allowed

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Cable available; High-speed internet / broadband available; Sewer connected; Water available
• Home design: Condominium; One story; Unit located on 2nd floor; South-facing
• Construction: Stucco and frame construction; Shingle roof; Slab foundation; Built as part of building M
• Exterior features: Front porch; Rear porch; Exterior lighting; Sidewalk

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric, heat pump); Central air conditioning
• Interior features: Ceiling fans; Walk-in closet; Window treatments; Decorative electric fireplace (ventless, circulating)
• Laundry & utility: Washer and dryer inside

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $-146 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (23.4% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $84k (23.4% below list) — sets the bar for cash-flow.
• Cap rate 6.1% vs local median 4.7% in Silver Springs Shores — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 68/100 on livability (#527 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime C-, employment D, schools 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: Rents flat; 674 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($761 loan paydown + $7k appreciation (5.9% local appreciation)).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 4y ago; this cycle's ask is 9900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $82k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; HOA is 22% of rent.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); 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.

Recommended offer $84,297 (23.4% 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. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.25% ✓
• Cap rate: 6.07%
• Cash-on-cash: -0.79%
• DSCR: 0.96
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.93% appreciation · 0.17% rent growth · sell at horizon

5-year hold

• IRR: 9.0%
• Equity multiple: 1.60×
• Total profit: $18,554
• Equity at exit: $68,682

10-year hold

• IRR: 9.3%
• Equity multiple: 2.81×
• Total profit: $55,683
• Equity at exit: $124,149

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 34472

• Home prices YoY: 2.4%
• Rents YoY: 0.2%
• Active inventory: 674
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,376 high
• Mortgage (P&I): −$577
• Tax from tax record: −$185 /mo · $2,223/yr
• Insurance: −$46
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$299
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $-146

Break-even live

Break-even rent $1,560

Max offer price $84,297

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 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 Midway Dr Unit A Ocala, FL	2.0	1.5	1054	$1,500	$1.42	14d	1	0.07mi
681 Midway Dr Unit A Ocala, FL	2.0	2.0	1000	$1,250	$1.25	21d	1	0.14mi
681 Midway Dr Unit A Ocala, FL	2.0	2.0	1000	$1,250	$1.25	14d	1	0.14mi
520 Fairways Cir Unit A Ocala, FL	2.0	1.5	1027	$1,100	$1.07	21d	1	0.27mi
561 Fairways Cir Unit A Ocala, FL	2.0	1.5	1031	$1,250	$1.21	21d	1	0.28mi
548 Fairways Cir Unit C102 Ocala, FL	2.0	2.0	850	$1,400	$1.65	21d	1	0.29mi
510 Fairways Cir Unit A Ocala, FL	2.0	2.0	1000	$1,299	$1.30	21d	1	0.29mi
454 Fairways Cir Ocala, FL	2.0	2.0	837	$1,200	$1.43	21d	1	0.29mi
454 Fairways Cir Unit B204 Ocala, FL	2.0	2.0	837	$1,289	$1.54	21d	1	0.30mi
454 Fairways Cir Unit B203 Ocala, FL	2.0	2.0	850	$1,375	$1.62	21d	1	0.30mi
549 Fairways Dr Unit A Ocala, FL	2.0	2.0	1072	$1,200	$1.12	21d	1	0.31mi
593 Fairways Cir Unit A Ocala, FL	2.0	1.5	1031	$1,200	$1.16	21d	1	0.32mi
633 Silver Pass Unit B Ocala, FL	2.0	2.0	1072	$1,500	$1.40	21d	1	0.32mi
532 Bahia Cir Unit A Ocala, FL	2.0	1.5	1027	$1,300	$1.27	21d	1	0.34mi
567 Midway Trak Unit H201 Ocala, FL	3.0	2.0	1029	$1,350	$1.31	14d	1	0.34mi
576 Fairways Ln Unit M104 Ocala, FL	2.0	2.0	837	$1,250	$1.49	21d	1	0.37mi
7817 Midway Drive Ter Unit A103 Ocala, FL	1.0	1.0	729	$1,300	$1.78	21d	1	0.38mi
544 Silver Crse Ocala, FL	2.0	1.0	904	$1,395	$1.54	14d	1	0.56mi
54 Pine Trak Unit 104F Ocala, FL	2.0	2.0	832	$1,300	$1.56	21d	1	0.84mi
58 Pine Trak Unit 104D Ocala, FL	2.0	2.0	832	$1,050	$1.26	21d	1	0.85mi
62 Pine Trak Ocala, FL	2.0	2.0	832	$1,250	$1.50	21d	1	0.88mi
162 Bahia Terrace Dr Ocala, FL	2.0	2.0	984	$1,375	$1.40	21d	1	1.20mi
12 Spring Loop Ocala, FL	2.0	1.0	900	$1,350	$1.50	14d	1	1.29mi

HOA detail condo

• Monthly dues: $299 · $3,588/yr
• Likely covers: electricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-18
   days on market $110,000 Active 3 DOM
2. 2026-06-17
   days on market $110,000 Active 2 DOM
3. 2026-06-15
   remarks 699-char remark
4. 2026-06-15
   listed $110,000 Active 1 DOM

ⓘ 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: $2,223 · $185/mo
• Projected year-2 tax: $2,223 · $185/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 A · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,506
• − Mortgage interest: −$6,162
• − Property taxes: −$2,223
• − Insurance: −$2,052
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − HOA: −$3,588
• − Depreciation: −$3,200
• Taxable loss: −$3,360
• Est. tax savings @ 24.0%: +$806
• After-tax cash flow: $-940/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: Marion
• NCES district ID: 1201260
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $40,015
• Composite: 35.61/100
• National rank: #4890
• State rank: #61 of 73 in FL

Livability — Silver Springs Shores

• Score: 68/100
• State rank: #527
• US rank: #9854

Category grades

Amenities F Commute F Cost of living A+ Crime C- Employment D Housing A+ Health & safety A- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Springs Shores, FL
• County: Marion County · 315,796 people
• City population: 34,665
• Metro: Ocala, FL
• Population (ZIP): 35,851
• Household income: $64,208
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 655.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 365,905 people
• By 2030: 376,768 · +3.0%
• By 2040: 396,555 · +8.4%
• By 2050: 412,723 · +12.8%
• By 2075: 446,090 · +21.9%
• By 2100: 436,193 · +19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 50% Hispanic / Latino 25% Black 21% Two or more races 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 14% Cuban 3%
• Common ancestry: Romanian 2% Iranian 1% Lithuanian 1%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 78% English-only · Spanish 19% Other Indo-European 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+31.6) · D 33.8% · R 65.5%
• 2008→2024 swing: -20.0pp toward R · 2008: -11.6pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+25.9 2016: R+26.2 2012: R+16.2 2008: R+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.93%
• Current HPI: 255.0714
• Rent YoY: ▲ 0.17%
• Metro: Ocala, 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

-94.8% since first listed

23 events — show timeline

• 2026-06-15 Listed for Rent $1,100 STELLARMLS
• 2026-06-15 Listed $110,000 Stellar MLS as Distributed by MLS Grid
• 2025-03-07 Rental Removed $1,100 STELLARMLS
• 2025-03-06 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-02-04 Listed for Rent $1,100 STELLARMLS
• 2025-02-03 Listed $130,000 Stellar MLS as Distributed by MLS Grid
• 2024-10-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-10-07 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-09-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-06-17 Listed $130,000 Stellar MLS as Distributed by MLS Grid
• 2024-06-12 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-03-20 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-02-16 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-11-07 Price Changed $123,200 Stellar MLS as Distributed by MLS Grid
• 2023-07-26 Price Changed $126,500 Stellar MLS as Distributed by MLS Grid
• 2023-03-10 Price Changed $129,700 Stellar MLS as Distributed by MLS Grid
• 2023-02-18 Price Changed $131,400 Stellar MLS as Distributed by MLS Grid
• 2023-01-12 Listed $133,400 Stellar MLS as Distributed by MLS Grid
• 2022-08-24 Sold (MLS) $82,500 Stellar MLS as Distributed by MLS Grid
• 2022-08-04 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-07-10 Listed $89,900 Stellar MLS as Distributed by MLS Grid
• 1991-10-01 Sold (Public Records) $22,600 Public Records
• 1973-06-01 Sold (Public Records) $21,000 Public Records

Property tax history

+11.3%/yr

Latest (2025): $2,223 · +11.2% YoY. Source: county tax records.