608 Dundee Rd

Dundee, FL 33838

$724,900B+

30 bd · 36.0 ba · 3,515 sqft · Built 1986 · MultiFamily · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,491/mo
• Mortgage (P&I): −$3,801
• Tax + insurance: −$1,208
• HOA: −$0
• Vac / Maint / Mgmt: −$2,203
• Net cashflow: $3,278/mo
• Annual: $39,339/yr
• Cap rate: 11.72%
• Cash-on-cash: 19.38%
• DSCR: 1.86
• 1% rule: 1.45%
• Cash to close: $202,972

Investor read

• This is a 6 × 5-bed/6.0-bath units multifamily listed at $725k.
• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $546/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $725k).
• It's been on market 136 days — a 12% lower offer ($638k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $638k (12.0% below list) — sets the bar for market timing.
• In year one you build about $78k of equity ($5k loan paydown + $72k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#638 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, schools D, amenities F.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 149 active listings in the ZIP; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $203k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$125k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.