623 Midway Dr Unit B

Silver Springs Shores, FL 34472

$110,000C-

2 bd · 1.0 ba · 822 sqft · Built 1972 · Condo · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,376/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$356
• HOA: −$299
• Vac / Maint / Mgmt: −$289
• Net cashflow: $-146/mo
• Annual: $-1,746/yr
• Cap rate: 6.07%
• Cash-on-cash: -0.79%
• DSCR: 0.96
• 1% rule: 1.25%
• Cash to close: $30,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $110k.
• 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).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $84k (23.4% below list) — sets the bar for cash-flow.
• In year one you build about $7k of equity ($761 loan paydown + $7k appreciation (5.9% local appreciation)).
• 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.
• Watch-outs: flood insurance adds $125/mo; HOA is 22% of rent.
• 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).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• 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.

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?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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.