948 Lake Destiny Rd Unit H

Altamonte Springs, FL 32714

$89,000B+

1 bd · 1.0 ba · 462 sqft · Built 1973 · Condo · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,509/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$148
• HOA: −$262
• Vac / Maint / Mgmt: −$317
• Net cashflow: $315/mo
• Annual: $3,781/yr
• Cap rate: 10.54%
• Cash-on-cash: 15.17%
• DSCR: 1.68
• 1% rule: 1.70%
• Cash to close: $24,920

Investor read

• This is a 1-bed/1.0-bath condo listed at $89k. Condition is rated good.
• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• It's been on market 42 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#62 in FL, #1,095 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D+, amenities D-.
• Seminole (suburban): math 57% / reading 61% proficiency, ranked #13 of 73 in FL (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Spring Lake Elementary School (math 48% / reading 44%, grade D-, #1,234 of 2,144 statewide, top 58%, 561 students, 80% FRL); Milwee Middle School (math 55% / reading 56%, grade B-, #178 of 571 statewide, top 31%, 1,426 students, 64% FRL); Lyman High School (math 36% / reading 50%, grade F, #255 of 667 statewide, top 39%, 2,084 students, 53% FRL) — zoned schools average 66% FRL vs 38% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.8%/yr); 389 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 149d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).
• Seminole County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts; this cycle's ask is 8376% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $50k; list at $89k implies a 78% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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 10.5% vs local median 3.6% in Altamonte Springs — 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

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.