4368 S Lake Orlando Pkwy #203 · Orlando, FL 32808

$179,970

2 bd · 2.0 ba · 1,089 sqft · Condo · 167 Days on market

Built 1983 $385/mo HOA · 19% of rent ↓ 5% since listing

---

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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• DSCR +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 4368 South Lake Orlando Parkway #203 – MOVE-IN READY! Beautifully renovated condo located in the heart of Orlando, just minutes from Winter Park. This inviting residence features a refreshed interior and a modern kitchen equipped with brand-new appliances, offering both style and functionality for everyday living. Situated in a well-maintained community, this condo provides a comfortable and convenient lifestyle with easy access to major roadways, including I-4, making commuting effortless. The property is ideally located just minutes from Downtown Orlando, College Park, and Maitland, and is close to shopping centers, dining, parks, and entertainment options. Residents wil

Key facts

• Modernized kitchen
• Brand-new appliances
• $385 HOA

Tags

• NEWLY RENOVATED CONDO
• MODERNIZED KITCHEN
• BRAND-NEW APPLIANCES
• WELL-MAINTAINED COMMUNITY
• EASY ACCESS TO MAJOR ROADWAYS
• PROXIMITY TO LOCAL LAKES

Property features AI

Finance

• Other: No lease restrictions reported
• Financial info: Total monthly fees $385; total annual fees $4,620
• HOA & community: Monthly HOA $385 (Manchester Club HOA/Sentry); Association fees required; Community sidewalks; Pets allowed (max 100 lbs)

Exterior

• Parking: No parking details provided
• Utilities: Public water; Public sewer; Electricity available and connected
• Home design: Condominium; Residential property; Two-story building; Unit on 1st floor; Faces northeast; Condo land included
• Construction: Block construction; Membrane roof; Slab foundation; Built as part of Building 2
• Exterior features: Asphalt road access; Outdoor lighting; Sliding glass doors

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Sliding doors; Interior lighting
• Laundry & utility: Laundry room; Washer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-29 ($-348/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (2.3% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.1% 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: Lake Silver Elementary (math 35% / reading 38%, grade F, #1,656 of 2,144 statewide, top 78%, 412 students, 68% FRL); College Park Middle (math 33% / reading 34%, grade F, #428 of 571 statewide, top 76%, 760 students, 74% FRL); Edgewater High (math 14% / reading 46%, grade F, #441 of 667 statewide, top 67%, 2,059 students, 52% FRL).
• Zoned-school proficiency averages 33% at this address vs 48% district-wide (-15 pts) — the specific schools serving this property underperform the Orange average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.3%/yr); 251 active listings in the ZIP; 34 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 $2,025/mo this rent would consume 49% of the median local household income ($50k/yr) (locally 4039% 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 167 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Recommended offer $158,373 (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 167 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: 1.13% ✓
• Cap rate: 6.10%
• Cash-on-cash: -0.69%
• DSCR: 0.97
• GRM: 7.4

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: -21.8%
• Equity multiple: 0.27×
• Total profit: $-36,676
• Equity at exit: $26,834

10-year hold

• IRR: -30.0%
• Equity multiple: -0.11×
• Total profit: $-56,163
• Equity at exit: $15,561

Cash invested: $50,392 (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 32808

• Home prices YoY: -22.6%
• Rents YoY: -0.3%
• Active inventory: 251
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,025 high
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$385
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $-29

Break-even live

Break-even rent $2,062

Max offer price $175,776

Occupancy floor 96%

Sensitivity live

Price	-10% $95	-5% $33	+0% $-29	+5% $-91	+10% $-153
Rent	-10% $-189	-5% $-109	+0% $-29	+5% $51	+10% $131
Rate	-1.0pp $62	-0.5pp $17	base $-29	+0.5pp $-76	+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: $44,992
• Closing costs: $5,399
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3323 N Westmoreland Dr Unit 33237 Orlando, FL	1.0	1.0	750	$1,350	$1.80	12d	1	0.67mi
3323 N Westmoreland Dr Unit 9318 Orlando, FL	2.0	1.0	850	$1,550	$1.82	25d	1	0.67mi
3000 Knollwood Cir Orlando, FL	2.0	1.0	928	$2,295	$2.47	0d	1	0.69mi
1600 Roosevelt Ave Orlando, FL	3.0	1.0	1364	$2,210	$1.62	19d	1	0.75mi
1028 Canovia Ave Orlando, FL	2.0	1.0	1163	$1,925	$1.66	25d	1	0.81mi
3200 Fairway Ln Unit 2 Orlando, FL	1.0	1.0	700	$1,340	$1.91	6d	1	0.96mi
735 Alton Ave Orlando, FL	3.0	2.0	1174	$1,800	$1.53	9d	1	0.96mi
4418 Eli St Orlando, FL	2.0	1.0	825	$1,600	$1.94	25d	1	0.97mi
1709 Fairview Shores Dr Orlando, FL	1.0	1.0	720	$1,550	$2.15	16d	1	0.98mi
4713 Thorpe Ave Orlando, FL	2.0	2.0	1000	$1,950	$1.95	25d	1	1.00mi
2501 N Orange Blossom Trl Orlando, FL	3.0	1.0–2.0	955	$2,782	$2.91	0d	23	1.00mi
5003 Adanson St Orlando, FL	2.0	2.0	875	$2,500	$2.86	25d	1	1.11mi
912 Neuse Ave Orlando, FL	3.0	2.0	1388	$2,079	$1.50	9d	1	1.12mi
1821 Courtland St Orlando, FL	3.0	2.0	1428	$2,299	$1.61	16d	1	1.13mi
401 Niblick Way Orlando, FL	2.0	1.0	930	$1,675	$1.80	25d	1	1.18mi
3104 Harrison Ave Unit E32 Orlando, FL	2.0	1.5	1200	$1,995	$1.66	19d	1	1.19mi
3104 Harrison Ave Orlando, FL	2.0	2.0	1200	$1,995	$1.66	19d	1	1.19mi
2210 N Orange Blossom Trl Orlando, FL	1.0–2.0	1.0–2.0	866	$2,365	$2.73	0d	25	1.19mi
3308 Azolla St Orlando, FL	3.0	2.0	1438	$2,200	$1.53	25d	1	1.24mi
2918 Elizabeth Ave Orlando, FL	3.0	2.0	1207	$3,100	$2.57	0d	1	1.24mi
2918 Elizabeth Ave Orlando, FL	3.0	2.0	1207	$3,100	$2.57	9d	1	1.24mi
555 W Winter Park St Orlando, FL	3.0	2.0	958	$2,395	$2.50	25d	1	1.25mi
5205 Eggleston Ave Unit 102 Orlando, FL	3.0	2.0	1219	$1,895	$1.55	16d	1	1.28mi
3520 Seneca Club Loop Unit 51-102 Orlando, FL	3.0	2.5	1461	$2,295	$1.57	3d	1	1.30mi
3520 Seneca Club Loop Unit B Orlando, FL	3.0	2.5	1461	$2,295	$1.57	0d	1	1.30mi
1051 Lee Rd Orlando, FL	1.0–3.0	1.0–2.0	934	$1,284	$1.38	22d	1	1.32mi
3219 Oberlin Ave Orlando, FL	3.0	2.0	1184	$2,840	$2.40	9d	1	1.33mi
2305 Edgewater Dr #1704 Orlando, FL	1.0	1.0	914	$2,300	$2.52	19d	1	1.33mi
1700 Van Ness St Orlando, FL	2.0	1.0	920	$1,699	$1.85	14d	1	1.35mi
1700 Van Ness St Unit 5 Orlando, FL	2.0	1.0	920	$1,899	$2.06	21d	1	1.35mi
2326 Wellington Blvd Winter Park, FL	1.0	1.0	755	$1,024	$1.36	25d	1	1.38mi
29 W Preston St Orlando, FL	3.0	2.0	1056	$2,999	$2.84	25d	1	1.39mi
5315 Davisson Ave Orlando, FL	2.0	1.0	831	$1,350	$1.62	25d	1	1.39mi
225 W King St Orlando, FL	3.0	2.0	1276	$2,429	$1.90	25d	1	1.42mi

HOA detail condo

• Monthly dues: $385 · $4,620/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $179,970 Active 167 DOM
2. 2026-06-18
   days on market $179,970 Active 164 DOM
3. 2026-06-17
   days on market $179,970 Active 163 DOM
4. 2026-06-16
   days on market $179,970 Active 162 DOM
5. 2026-06-15
   days on market $179,970 Active 161 DOM
6. 2026-06-13
   days on market $179,970 Active 159 DOM
7. 2026-06-13
   days on market $179,970 Active 158 DOM
8. 2026-06-09
   days on market $179,970 Active 155 DOM
9. 2026-06-08
   days on market $179,970 Active 154 DOM
10. 2026-06-07
    days on market $179,970 Active 153 DOM
11. 2026-06-04
    days on market $179,970 Active 150 DOM
12. 2026-06-03
    days on market $179,970 Active 149 DOM
13. 2026-06-02
    days on market $179,970 Active 148 DOM
14. 2026-06-02
    days on market $179,970 Active 147 DOM
15. 2026-05-31
    days on market $179,970 Active 146 DOM
16. 2026-03-26
    price $184,990
17. 2026-03-03
    price $189,000
18. 2026-01-05
    listed $195,000 Active

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

Taxation est. · year 1

• Rental income: $24,300
• − Mortgage interest: −$10,081
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$1,944
• − Management: −$1,944
• − HOA: −$4,620
• − Depreciation: −$5,235
• Taxable loss: −$3,124
• Est. tax savings @ 24.0%: +$750
• After-tax cash flow: $402/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): 60,203
• Household income: $49,700
• Rent vs Own: 58.0% rent · 42.0% own
• Severe rent burden: 4039.0

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: Predominantly Black (71%)
• Race & ethnicity: Black 71% Hispanic / Latino 13% White 10% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 5% Dominican 2%
• Common ancestry: Hispanic 20% Lithuanian 1% Scandinavian 0%
• Foreign-born: 25% · Canada, Vietnam, Jamaica
• Languages at home: 69% English-only · French/Haitian/Cajun 18% Spanish 11% Other Indo-European 1%

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: ▼ -110.15%
• Current HPI: 376.3801
• Rent YoY: ▼ -0.27%
• 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

-5.1% since first listed

3 events — show timeline

• 2026-03-26 Price Changed $184,990 Stellar MLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $189,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-05 Listed $195,000 Stellar MLS as Distributed by MLS Grid