4344 Langley Ave Unit B202

Pensacola, FL 32504

$124,000D+

2 bd · 2.0 ba · 1,036 sqft · Built 1979 · Condo · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,570/mo
• Mortgage (P&I): −$650
• Tax + insurance: −$207
• HOA: −$410
• Vac / Maint / Mgmt: −$330
• Net cashflow: $-27/mo
• Annual: $-324/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.93%
• DSCR: 0.96
• 1% rule: 1.27%
• 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 $-27 ($-324/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (3.1% below list).
• Meets the 1% rule at list price ($2k rent vs $124k).
• It's been on market 66 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (6.0% below list) — sets the bar for market timing.
• 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 26% of rent.
• Market conditions: Rents rising (+3.6%/yr); 305 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 41d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 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 $106k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate 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 6.0% vs local median 3.4% 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?
• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• 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.

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