4356 S Kirkman Rd #514 · Orlando, FL 32811

$165,000

2 bd · 2.0 ba · 1,042 sqft · Condo public records · 152 Days on market

Built 1997 $521/mo HOA · 25% of rent ↓ 17% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.1/30.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• DSCR +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious two-bedroom, two-bath walk-up condominium with a den and private balcony, featuring high ceilings and a one-car garage, in the Sunset Lake community of MetroWest. The open living room and den create a flexible, inviting layout filled with abundant natural light, while the kitchen features granite countertops for added style and functionality. The unit includes a new air conditioner installed Aug. 30, 2022, and offers low-maintenance condominium living ideal for everyday convenience and long-term ownership. Community amenities include a fitness center, swimming pool, clubhouse and outdoor grilling area overlooking a scenic 89-acre lake. Publix Super Market is within short distance,

Key facts

• Fitness center
• Clubhouse
• Private balcony

Tags

• PRIVATE BALCONY
• GRANITE COUNTERTOPS
• FITNESS CENTER
• SWIMMING POOL
• CLUBHOUSE
• OUTDOOR GRILLING AREA

Property features AI

Finance

• Other: Unit is unfurnished
• Financial info: Total annual HOA/fees $6,253.08; Lease restrictions apply
• HOA & community: Monthly HOA dues of $521.09 (includes building and grounds maintenance, management, and pool); Association approval required; Community clubhouse and pool; Pets allowed

Exterior

• Parking: 1-car garage
• Utilities: Public water; Public sewer; Public utilities
• Home design: Condominium; 2 total stories; South-facing
• Construction: Stucco and frame construction; Shingle roof; Slab foundation; Building identified as BLDG 5; Built as part of a multi-building condominium community
• Exterior features: Exterior lighting; Playground; Sidewalks; Asphalt road access

Interior

• Kitchen: Dishwasher; Microwave; Range hood; Refrigerator
• Bedrooms: 2 bedrooms (Unit on 2nd floor)
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $-37 ($-447/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (4.0% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 3.0% in Orlando — 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.

Location & tenants

• Location reads 86/100 on livability (#12 in FL, #360 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Windy Ridge K-8 (math 68% / reading 68%, grade B+, #425 of 2,144 statewide, top 20%, 1,173 students, 41% FRL); Chain of Lakes Middle (math 39% / reading 37%, grade F, #388 of 571 statewide, top 69%, 1,209 students, 46% FRL); Olympia High (math 24% / reading 52%, grade F, #328 of 667 statewide, top 50%, 2,969 students, 47% FRL).
• Market conditions: Rents flat; 241 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• At $2,123/mo this rent would consume 47% of the median local household income ($54k/yr) (locally 2728% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 6.02%
• Cash-on-cash: -0.97%
• DSCR: 0.96
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.15% rent growth · sell at horizon

5-year hold

• IRR: -22.6%
• Equity multiple: 0.25×
• Total profit: $-34,642
• Equity at exit: $24,602

10-year hold

• IRR: -34.9%
• Equity multiple: -0.18×
• Total profit: $-54,597
• Equity at exit: $14,266

Cash invested: $46,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32811

• Home prices YoY: -33.8%
• Rents YoY: 0.1%
• Active inventory: 241
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,123 high
• Mortgage (P&I): −$865
• Tax from tax record: −$259 /mo · $3,109/yr
• Insurance: −$69
• HOA: −$521
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $-37

Break-even live

Break-even rent $2,170

Max offer price $158,421

Occupancy floor 97%

Sensitivity live

Price	-10% $56	-5% $9	+0% $-37	+5% $-84	+10% $-131
Rent	-10% $-205	-5% $-121	+0% $-37	+5% $47	+10% $130
Rate	-1.0pp $46	-0.5pp $5	base $-37	+0.5pp $-80	+1.0pp $-123

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4356 S Kirkman Rd Orlando, FL	2.0	2.0	996	$2,300	$2.31	25d	2	0.02mi
4332 S Kirkman Rd #1003 Orlando, FL	1.0	1.0	729	$1,350	$1.85	5d	1	0.07mi
4352 S Kirkman Rd #1203 Orlando, FL	2.0	2.0	1200	$3,000	$2.50	23d	1	0.08mi
4352 S Kirkman Rd Orlando, FL	1.0–2.0	1.0–2.0	964	$3,000	$3.11	4d	2	0.08mi
4352 S Kirkman Rd Orlando, FL	1.0–2.0	1.0–2.0	964	$3,000	$3.11	0d	2	0.08mi
4324 S Kirkman Rd Orlando, FL	1.0	1.0	730	$2,700	$3.70	25d	1	0.11mi
4312 S Kirkman Rd Orlando, FL	3.0	2.0	1200	$3,300	$2.75	25d	1	0.12mi
4312 S Kirkman Rd Orlando, FL	2.0	2.0	1000	$3,000	$3.00	12d	1	0.12mi
4368 S Kirkman Rd Orlando, FL	1.0	1.0	730	$2,700	$3.70	25d	1	0.12mi
4368 S Kirkman Rd Orlando, FL	1.0–2.0	1.0–2.0	863	$2,700	$3.13	16d	2	0.12mi
4320 S Kirkman Rd #1508 Orlando, FL	2.0	2.0	1042	$1,600	$1.54	23d	1	0.14mi
6025 Oakshadow St Orlando, FL	1.0–3.0	1.0–2.0	949	$1,786	$1.88	0d	48	0.19mi
4401 S Kirkman Rd Orlando, FL	1.0–3.0	1.0–2.0	950	$1,774	$1.87	6d	9	0.27mi
5628 Blue Shadows Ct Unit 2 Orlando, FL	2.0	2.0	1000	$1,550	$1.55	25d	1	0.28mi
5606 Blue Shadows Ct #10 Orlando, FL	2.0	2.0	963	$1,900	$1.97	25d	1	0.28mi
4323 Pinebark Ave Unit 77-1 Orlando, FL	2.0	2.0	963	$1,450	$1.51	19d	1	0.36mi
4448 Pinebark Ave Unit 56/1 Orlando, FL	2.0	2.0	965	$1,890	$1.96	25d	1	0.37mi
4448 Pinebark Ave Orlando, FL	2.0	2.0	965	$1,890	$1.96	18d	1	0.39mi
5501 Conroy Rd Orlando, FL	2.0	1.5	930	$1,399	$1.50	0d	3	0.43mi
4434 Middlebrook Rd Unit 4 Orlando, FL	3.0	3.0	1447	$2,300	$1.59	25d	1	0.48mi
4454 Middlebrook Rd #4454 Orlando, FL	1.0	1.5	848	$1,380	$1.63	25d	1	0.50mi
4618 Middlebrook Rd Orlando, FL	2.0	1.0–2.0	710	$1,999	$2.82	0d	28	0.51mi
4356 Middlebrook Rd Unit 3 Orlando, FL	1.0	1.5	994	$1,395	$1.40	3d	1	0.51mi
4354 Middlebrook Rd #4354 Orlando, FL	1.0	1.5	848	$1,449	$1.71	9d	1	0.51mi
6421 Conroy Rd Orlando, FL	1.0–2.0	1.0–2.0	847	$1,970	$2.32	0d	20	0.51mi
5055 Eaglesmere Dr Unit D-04 Orlando, FL	2.0	1.5	999	$1,800	$1.80	25d	1	0.55mi
5371 Bamboo Ct #401 Orlando, FL	2.0	2.5	1285	$1,000	$0.78	25d	1	0.56mi
5349 Bamboo Ct #416 Orlando, FL	2.0	2.5	1285	$2,150	$1.67	25d	1	0.60mi
5303 Indian Creek Dr Orlando, FL	2.0	2.0	1123	$1,500	$1.34	4d	1	0.61mi
5082 Ernst Ct Orlando, FL	2.0	2.5	1250	$2,250	$1.80	25d	1	0.61mi
4881 Cypress Woods Dr Orlando, FL	2.0–3.0	2.0	1268	$1,700	$1.34	25d	2	0.66mi
5269 Middle Ct #130 Orlando, FL	2.0	2.5	1285	$1,800	$1.40	19d	1	0.68mi
5755 Peregrine Ave Orlando, FL	2.0	2.0	1139	$1,600	$1.40	6d	1	0.68mi
3355 S Kirkman Rd #1315 Orlando, FL	2.0	1.0	890	$1,650	$1.85	0d	1	0.69mi
5932 Peregrine Ave Unit 22D Orlando, FL	2.0	1.5	999	$1,690	$1.69	4d	1	0.69mi
3361 S Kirkman Rd Orlando, FL	2.0–4.0	2.0	1411	$1,595	$1.13	25d	2	0.69mi
4849 Cypress Woods Dr #1102 Orlando, FL	2.0	2.0	1107	$1,925	$1.74	25d	1	0.70mi
5942 Peregrine Ave Unit 22C Orlando, FL	2.0	2.0	1139	$1,495	$1.31	16d	1	0.71mi
3397 S Kirkman Rd #1418 Orlando, FL	3.0	2.0	1431	$1,995	$1.39	25d	1	0.71mi
3301 S Kirkman Rd Orlando, FL	1.0–4.0	1.0–2.0	1288	$1,825	$1.42	0d	20	0.71mi

HOA detail condo

• Monthly dues: $521 · $6,252/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $165,000 Active 152 DOM
2. 2026-06-18
   days on market $165,000 Active 149 DOM
3. 2026-06-17
   days on market $165,000 Active 148 DOM
4. 2026-06-16
   days on market $165,000 Active 147 DOM
5. 2026-06-15
   days on market $165,000 Active 146 DOM
6. 2026-06-13
   days on market $165,000 Active 144 DOM
7. 2026-06-13
   days on market $165,000 Active 143 DOM
8. 2026-06-09
   days on market $165,000 Active 140 DOM
9. 2026-06-08
   days on market $165,000 Active 139 DOM
10. 2026-06-07
    days on market $165,000 Active 138 DOM
11. 2026-06-04
    days on market $165,000 Active 135 DOM
12. 2026-06-03
    days on market $165,000 Active 134 DOM
13. 2026-06-02
    days on market $165,000 Active 133 DOM
14. 2026-06-02
    days on market $165,000 Active 132 DOM
15. 2026-05-31
    days on market $165,000 Active 131 DOM
16. 2026-05-08
    price $165,000
17. 2026-04-08
    price $175,000
18. 2026-01-20
    listed $185,000 Active
19. 2022-12-15
    soldstatus $199,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $3,109 · $259/mo
• Projected year-2 tax: $3,109 · $259/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $25,471
• − Mortgage interest: −$9,243
• − Property taxes: −$3,109
• − Insurance: −$825
• − Repairs & maintenance: −$2,038
• − Management: −$2,038
• − HOA: −$6,252
• − Depreciation: −$4,800
• Taxable loss: −$2,833
• Est. tax savings @ 24.0%: +$680
• After-tax cash flow: $233/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — Orlando

• Score: 86/100
• State rank: #12
• US rank: #360

Category grades

Amenities A+ Commute A+ Cost of living B- Crime B+ Employment C+ Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orlando, FL
• County: Orange County · 1,471,359 people
• City population: 964,969
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 41,475
• Household income: $54,082
• Rent vs Own: 69.9% rent · 30.1% own
• Severe rent burden: 2728.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 50% Hispanic / Latino 27% Two or more races 17% White 12% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Dominican 2%
• Common ancestry: Hispanic 7% Estonian 4% Russian 1%
• Foreign-born: 31% · Canada, Jamaica, China
• Languages at home: 62% English-only · Spanish 21% French/Haitian/Cajun 8% Other Indo-European 6%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.37%
• Current HPI: 284.9191
• Rent YoY: ▲ 0.15%
• Metro: Orlando-Kissimmee-Sanford, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-17.1% since first listed

4 events — show timeline

• 2026-05-08 Price Changed $165,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $175,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-20 Listed $185,000 Stellar MLS as Distributed by MLS Grid
• 2022-12-15 Sold (Public Records) $199,000 Public Records

Property tax history

+19.1%/yr

Latest (2025): $3,109 · +0.7% YoY. Source: county tax records.