2203 W CT Key W · Kissimmee, FL 34741

$192,000

2 bd · 2.0 ba · 1,026 sqft · Condo

Built 1999 Good condition

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.1/30.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Schools +3.6/10.0
• Rent growth +2.1/5.0
• DSCR +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This VACANT home is fully furnished except for the piano, which is located in a gated community of & quot; Villa Del Sol. & quot; It is located on the 1st floor, making it ideal for anyone who doesn& apos; t want to use the stairs to get to their apartment. It is very well maintained, it has updated stainless steel appliances, Ceiling fixtures, and all bathroom fixtures have been updated. Freshly painted throughout. Resort-style atmosphere with two pools, tennis courts, fitness center, playground, and a clubhouse. Great opportunity for investment or for primary. It is also located near the Loop Mall with tons of stores and restaurants, and only 8 to 9 miles from Disney, parks, a

Key facts

• Built 1999

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $192k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-361 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (13.4% below list).
• Recommended offer: $166k (13.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#181 in FL, #2,841 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, crime D-, employment D-.
• Osceola (suburban): math 39% / reading 45% proficiency, ranked #60 of 73 in FL (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.4%/yr); 378 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 8,813 units permitted in Osceola County in 2024 (3,072 in 5+ unit buildings).
• This rent runs 38% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Osceola County population projected at +73% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,337 (13.4% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.87% ✗
• Cap rate: 4.04%
• Cash-on-cash: -8.05%
• DSCR: 0.64
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -34.9%
• Equity multiple: -0.09×
• Total profit: $-58,728
• Equity at exit: $28,628

10-year hold

• IRR: -77.1%
• Equity multiple: -0.83×
• Total profit: $-98,598
• Equity at exit: $16,601

Cash invested: $53,760 (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 34741

• Home prices YoY: -28.3%
• Rents YoY: -1.4%
• Active inventory: 378
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,663 high
• Mortgage (P&I): −$1,007
• Tax est. 1.5%: −$240 /mo · $2,880/yr
• Insurance: −$80
• HOA est. from 3 same-building comps: −$348
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $-361

Break-even live

Break-even rent $2,120

Max offer price $139,791

Occupancy floor —

Sensitivity live

Price	-10% $-228	-5% $-294	+0% $-361	+5% $-427	+10% $-493
Rent	-10% $-492	-5% $-427	+0% $-361	+5% $-295	+10% $-229
Rate	-1.0pp $-264	-0.5pp $-312	base $-361	+0.5pp $-411	+1.0pp $-461

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: $48,000
• Closing costs: $5,760
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2201 Key West Ct #318 Kissimmee, FL	2.0	2.0	1026	$1,600	$1.56	25d	1	0.01mi
2202 Key West Ct #638 Kissimmee, FL	2.0	2.0	1026	$1,475	$1.44	25d	1	0.06mi
2209 Antigua Pl #827 Kissimmee, FL	2.0	2.0	1026	$1,525	$1.49	25d	1	0.08mi
2207 Antigua Pl Kissimmee, FL	1.0–2.0	1.0–2.0	778	$1,600	$2.06	9d	3	0.08mi
4105 Tropical Isle Blvd #217 Kissimmee, FL	2.0	2.0	1026	$1,600	$1.56	0d	1	0.11mi
2208 Antigua Pl #926 Kissimmee, FL	2.0	2.0	1026	$1,650	$1.61	16d	1	0.11mi
4007 Venetian Bay Dr #105 Kissimmee, FL	3.0	2.0	1296	$2,000	$1.54	0d	1	0.12mi
2213 Grand Cayman Ct Kissimmee, FL	1.0–2.0	1.0–2.0	778	$1,450	$1.86	0d	2	0.12mi
2217 Grand Cayman Ct Kissimmee, FL	2.0	2.0	1026	$1,625	$1.58	5d	1	0.13mi
4011 Venetian Bay Dr #104 Kissimmee, FL	3.0	2.0	1296	$1,800	$1.39	5d	1	0.14mi
2290 San Vital Dr #104 Kissimmee, FL	3.0	2.0	1296	$1,800	$1.39	25d	1	0.14mi
2210 Grand Cayman Ct #1721 Kissimmee, FL	2.0	2.0	1026	$1,750	$1.71	25d	1	0.15mi
4003 San Sabastian Dr #106 Kissimmee, FL	3.0	2.0	1296	$1,800	$1.39	25d	1	0.16mi
2212 Grand Cayman Ct Kissimmee, FL	2.0	2.0	1026	$1,588	$1.55	0d	1	0.17mi
2218 Grand Cayman Ct #1338 Kissimmee, FL	2.0	2.0	1026	$1,495	$1.46	12d	1	0.17mi
4013 Venetian Bay Dr #106 Kissimmee, FL	3.0	2.0	1296	$1,700	$1.31	9d	1	0.17mi
2218 Grand Cayman Ct Kissimmee, FL	1.0–2.0	1.0–2.0	778	$1,500	$1.93	25d	3	0.17mi
2218 Grand Cayman Ct Kissimmee, FL	2.0	2.0	1026	$1,492	$1.45	19d	2	0.17mi
4100 Arrow Ridge Pl Kissimmee, FL	1.0–4.0	1.0–3.0	1016	$1,455	$1.43	0d	29	0.18mi
4172 Corsair Ave Kissimmee, FL	2.0	2.0	975	$1,550	$1.59	25d	1	0.18mi
4174 Corsair Ave Unit 4174 Kissimmee, FL	2.0	2.0	930	$1,495	$1.61	25d	1	0.20mi
4006 San Gallo Dr #104 Kissimmee, FL	3.0	2.0	1296	$1,800	$1.39	25d	1	0.20mi
4153 Spitfire Ave Kissimmee, FL	2.0	2.0	930	$1,550	$1.67	14d	1	0.22mi
4153 Spitfire Ave Unit 1 Kissimmee, FL	2.0	2.0	930	$1,550	$1.67	25d	1	0.22mi
4008 San Gallo Dr #106 Kissimmee, FL	3.0	2.0	1296	$1,995	$1.54	25d	1	0.23mi
4114 Spitfire Ave Unit 1 Kissimmee, FL	2.0	2.0	930	$1,200	$1.29	16d	1	0.23mi
4174 Flying Fortress Ave Kissimmee, FL	2.0	2.0	930	$1,349	$1.45	25d	1	0.23mi
3835 Nautical Way Kissimmee, FL	2.0	2.0	910	$1,400	$1.54	25d	1	0.27mi
1831 Foxhall Cir Kissimmee, FL	2.0	2.0	938	$1,680	$1.79	25d	1	0.27mi
3831 Bowline Cir Kissimmee, FL	2.0	2.0	960	$1,690	$1.76	25d	1	0.32mi
3831 Bowline Cir #204 Kissimmee, FL	2.0	2.0	910	$1,450	$1.59	25d	1	0.32mi
1724 Foxhall Cir #1724 Kissimmee, FL	2.0	2.0	938	$1,600	$1.71	25d	1	0.34mi
4005 Bismark Dr Kissimmee, FL	1.0–3.0	1.0–2.0	986	$2,052	$2.08	0d	357	0.35mi
3811 Bowline Cir Kissimmee, FL	2.0	2.0	960	$1,690	$1.76	25d	1	0.36mi
2220 San Vittorino Cir #104 Kissimmee, FL	3.0	2.0	1296	$1,850	$1.43	25d	1	0.37mi
3802 Bay Club Cir #101 Kissimmee, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.39mi
2213 San Vittorino Cir #106 Kissimmee, FL	3.0	2.0	1296	$2,600	$2.01	25d	1	0.40mi
3503 Bonaire Blvd Kissimmee, FL	1.0–2.0	1.0–2.0	755	$1,801	$2.39	0d	15	0.44mi
2109 Polo Club Dr Kissimmee, FL	1.0–3.0	1.0–2.0	971	$1,592	$1.64	0d	9	0.57mi
4345 Floribunda Ct Kissimmee, FL	1.0–3.0	1.0–2.0	979	$1,608	$1.64	25d	1	0.60mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-26
   listed $192,000
2. 2025-01-27
   historical $1,595
3. 2025-01-16
   price $1,595
4. 2024-12-10
   price $1,645
5. 2024-09-21
   listed $1,695

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,960
• − Mortgage interest: −$10,755
• − Property taxes: −$2,880
• − Insurance: −$960
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − HOA: −$4,176
• − Depreciation: −$5,585
• Taxable loss: −$7,590
• Est. tax savings @ 24.0%: +$1,822
• After-tax cash flow: $-2,508/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.

Condition & rehab AI · 2 photos

Good 80/100 Cosmetic rehab

This fully furnished condo is in good condition with no visible repairs needed. It has been freshly painted and has updated appliances, making it an attractive investment opportunity.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Updating the flooring — Upgrading the flooring can improve the overall look and feel of the property, making it more appealing to both buyers and renters.
• Both Upgrading the appliances — Upgrading the appliances can make the property more attractive to potential buyers and renters, as it can be a significant selling point for a home.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Updating the flooring — Upgrading the flooring can improve the overall look and feel of the property, making it more appealing to both buyers and renters. ↑
• Both Upgrading the appliances — Upgrading the appliances can make the property more attractive to potential buyers and renters, as it can be a significant selling point for a home. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Osceola
• NCES district ID: 1201470
• Math proficiency: 39% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $45,528
• Composite: 35.7/100
• National rank: #4865
• State rank: #60 of 73 in FL

Livability — Kissimmee

• Score: 77/100
• State rank: #181
• US rank: #2841

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kissimmee, FL
• County: Osceola County · 410,217 people
• City population: 196,187
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 58,716
• Household income: $52,409
• Rent vs Own: 67.1% rent · 32.9% own
• Severe rent burden: 5248.0

Population outlook (Osceola County) Hauer SSP2

• Today (2025): 447,624 people
• By 2030: 511,823 · +14.3%
• By 2040: 642,986 · +43.6%
• By 2050: 774,552 · +73.0%
• By 2075: 1,078,144 · +140.9%
• By 2100: 1,269,660 · +183.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 20% White 16% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 26% Cuban 4% Dominican 6%
• Common ancestry: Estonian 1% Russian 1% Lithuanian 1%
• Foreign-born: 39% · Canada, Jamaica
• Languages at home: 27% English-only · Spanish 66% Other Indo-European 2% Arabic 2%

Political lean MEDSL · Osceola

• 2024 margin: Toss-up / Even · D 48.7% · R 50.2% · Other 1.1%
• 2008→2024 swing: -21.2pp toward R · 2008: 19.7pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: D+13.8 2016: D+25.0 2012: D+24.5 2008: D+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.96%
• Current HPI: 293.3914
• Rent YoY: ▼ -1.43%
• 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

+11227.4% since first listed

5 events — show timeline

• 2026-05-26 Listed $192,000 FSBO.com
• 2025-01-27 Rental Removed $1,595 APPFOLIO
• 2025-01-16 Price Changed $1,595 APPFOLIO
• 2024-12-10 Price Changed $1,645 APPFOLIO
• 2024-09-21 Listed for Rent $1,695 APPFOLIO