4344 Langley Ave Unit B202

Pensacola, FL 32504

$124,000D

2 bd · 2.0 ba · 1,036 sqft · Built 1979 · Condo · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,482/mo
• Mortgage (P&I): −$650
• Tax + insurance: −$207
• HOA: −$410
• Vac / Maint / Mgmt: −$311
• Net cashflow: $-96/mo
• Annual: $-1,156/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.33%
• DSCR: 0.85
• 1% rule: 1.20%
• Cash to close: $34,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $124k. Condition is rated fair.
• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (11.2% below list).
• Meets the 1% rule at list price ($1k rent vs $124k).
• It's been on market 21 days — a 2% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (11.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#53 in FL, #924 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• Escambia (suburban): math 40% / reading 45% proficiency, ranked #56 of 73 in FL (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Scenic Heights Elementary School (math 66% / reading 63%, grade B, #525 of 2,144 statewide, top 26%, 809 students, 51% FRL); Ferry Pass Middle School (math 34% / reading 33%, grade F, #428 of 571 statewide, top 76%, 1,014 students, 64% FRL); Washington Senior High School (math 25% / reading 40%, grade F, #411 of 667 statewide, top 62%, 1,733 students, 51% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising (+3.6%/yr); 285 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $26k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $106k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk; 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.
• Cap rate 5.4% vs local median 3.3% in Pensacola — 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint touch-ups — Some areas of paint show minor scuffing
• Minor: Sealant touch-ups — Tile flooring may need a fresh coat of sealant