100 E Kentucky Ave Unit A6

DeLand, FL 32724

$117,900D

2 bd · 2.0 ba · 955 sqft · Built 1975 · Condo · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,462/mo
• Mortgage (P&I): −$618
• Tax + insurance: −$92
• HOA: −$524
• Vac / Maint / Mgmt: −$307
• Net cashflow: $-79/mo
• Annual: $-952/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.88%
• DSCR: 0.87
• 1% rule: 1.24%
• Cash to close: $33,012

Investor read

• This is a 2-bed/2.0-bath condo listed at $118k.
• At list price, monthly cash flow is $-79 ($-952/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (11.9% below list).
• Meets the 1% rule at list price ($1k rent vs $118k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $104k (11.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $815 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#498 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime B; Watch: schools D+, amenities F, commute F.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents rising (+2.8%/yr); 662 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 10y 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 $62k; list at $118k implies a 89% 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1975 — 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.
• 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?
• 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.