900 Sykes Ct #108 · Alafaya, FL 32828

$209,900

2 bd · 2.0 ba · 833 sqft · Condo public records · 228 Days on market

Built 1996 $388/mo HOA · 20% of rent

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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 +7.7/30.0
• ARV discount +7.5/15.0
• Appreciation +4.8/10.0
• 1% rule +4.4/10.0
• Schools +4.1/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0

Listing remarks

Step inside this charming villa-style condo perfectly situated just minutes from UCF, offering a blend of comfort, convenience, and low-maintenance living. The open layout creates a seamless flow between the spacious living and dining areas, with natural light pouring through large windows and glass doors that open to a private patio, ideal for morning coffee or evening relaxation. The kitchen is thoughtfully designed with ample cabinet space and a breakfast bar that makes entertaining easy. Each of the two bedrooms is generously sized, with the primary suite featuring its own en-suite bath and walk-in closet for added privacy. The second bedroom and full bath provide the perfect setup for

Key facts

• Private patio
• Ample cabinet space
• En suite bath

Tags

• VILLA STYLE CONDO
• PRIVATE PATIO
• AMPLE CABINET SPACE
• BREAKFAST BAR
• EN SUITE BATH
• WALK IN CLOSET

Property features AI

Finance

• Other: Total monthly fees reported $388; Total annual fees reported $4,656
• Financial info: Lease restrictions apply
• HOA & community: HOA managed by Empire Management; Monthly HOA fee approximately $83; Quarterly association fee ($249); Condo fee $90 per month; Association fee includes pool; Additional monthly maintenance amount $215; Community amenities: clubhouse, dog park, fitness center, park, pool, sidewalks, tennis courts; Pets allowed with breed restrictions

Exterior

• Parking: Attached garage
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Broadband/High-speed internet available; Water connected; Sewer available
• Home design: Condominium; Single-story; Faces northwest; Unit on floor 1
• Construction: Frame construction; Shingle roof; Built on slab
• Exterior features: Covered patio; Screened patio; Patio; Rain gutters; Sliding doors; Outdoor storage; Corner lot; Landscaped; Asphalt road access

Interior

• Kitchen: Cooktop; Microwave; Disposal; Electric water heater
• Bedrooms: 2 bedrooms (first floor)
• Flooring: Tile; Slab foundation
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Living room / dining room combo; Programmable thermostat; Walk-in closet(s); Window treatments
• Laundry & utility: Washer and dryer included; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $210k.

Deal economics

• At list price, monthly cash flow is $-238 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (20.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (6.3% below list).
• Recommended offer: $168k (20.1% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 3.5% in Alafaya — 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 82/100 on livability (#60 in FL, #1,076 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: cost of living C-, schools D+.
• 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.
• Market conditions: Rents flat; 320 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).

Forward outlook

• In year one you build about $681 of equity ($1k loan paydown + $-770 appreciation (-0.4% local appreciation)).
• 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 228 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $165k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,807 (20.1% 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 228 days. Have you received any prior offers? Is the seller open to a 20% 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 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?
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: 0.94% ✗
• Cap rate: 4.93%
• Cash-on-cash: -4.87%
• DSCR: 0.78
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.37% appreciation · 0.82% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.51×
• Total profit: $-28,893
• Equity at exit: $57,125

10-year hold

• IRR: -6.6%
• Equity multiple: 0.37×
• Total profit: $-36,767
• Equity at exit: $65,686

Cash invested: $58,772 (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 32828

• Home prices YoY: -0.1%
• Rents YoY: 0.8%
• Active inventory: 320
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,966 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$216 /mo · $2,587/yr
• Insurance: −$87
• HOA: −$388
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-238

Break-even live

Break-even rent $2,268

Max offer price $167,807

Occupancy floor —

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11701 Heritage Estates Ave Orlando, FL	1.0–3.0	1.0–2.0	1059	$1,990	$1.88	1d	10	0.51mi
12101 Fountainbrook Blvd Orlando, FL	1.0–3.0	1.0–2.0	968	$1,996	$2.06	2d	17	0.89mi
713 Crest Pines Dr #217 Orlando, FL	2.0	2.0	1013	$1,850	$1.83	21d	1	0.95mi
725 Crest Pines Dr Orlando, FL	2.0–3.0	2.0	1100	$1,895	$1.72	23d	2	0.99mi
725 Crest Pines Dr Unit 1 Orlando, FL	2.0	2.0	1013	$1,895	$1.87	7d	1	0.99mi
12602 Crest Springs Ln #1318 Orlando, FL	2.0	2.0	1013	$1,975	$1.95	14d	1	1.03mi
12500 Crest Springs Ln #1023 Orlando, FL	2.0	2.0	1013	$1,599	$1.58	21d	1	1.12mi
12500 Crest Springs Ln #1014 Orlando, FL	2.0	2.0	1013	$1,700	$1.68	10d	1	1.12mi
12932 Mallory Cir Orlando, FL	1.0–3.0	1.0–2.0	1096	$2,099	$1.91	1d	39	1.15mi
12932 Mallory Cir Orlando, FL	1.0–3.0	1.0–3.0	1173	$2,180	$1.86	16d	49	1.15mi
834 Oberry Hoover Rd Orlando, FL	2.0	1.0	1061	$1,750	$1.65	23d	1	1.31mi

HOA detail condo

• Monthly dues: $388 · $4,656/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-04-30
   status Pending
2. 2026-04-28
   price $209,900
3. 2026-04-01
   price $219,900
4. 2026-02-24
   status Active
5. 2026-02-09
   status Pending
6. 2025-12-31
   price $229,900
7. 2025-10-15
   price $239,900
8. 2025-09-18
   price $249,900
9. 2025-08-29
   listed $259,900 Active
10. 2005-06-20
    soldstatus $165,000
11. 2004-07-13
    soldstatus $118,000

ⓘ 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: $2,587 · $216/mo
• Projected year-2 tax: $2,587 · $216/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,597
• − Mortgage interest: −$11,758
• − Property taxes: −$2,587
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,888
• − Management: −$1,888
• − HOA: −$4,656
• − Depreciation: −$6,106
• Taxable loss: −$6,334
• Est. tax savings @ 24.0%: +$1,520
• After-tax cash flow: $-1,339/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 — Alafaya

• Score: 82/100
• State rank: #60
• US rank: #1076

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alafaya, FL
• County: Orange County · 1,471,359 people
• City population: 131,972
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 69,202
• Household income: $101,767
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 2213.0

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 0.67)
• Race & ethnicity: White 42% Hispanic / Latino 37% Two or more races 23% Black 9% Asian 7%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Cuban 4% Dominican 3%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 20% · Canada, Jamaica, Vietnam
• Languages at home: 63% English-only · Spanish 27% Other Indo-European 3% Arabic 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: ▼ -0.37%
• Current HPI: 284.5182
• Rent YoY: ▲ 0.82%
• 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

+77.9% since first listed

11 events — show timeline

• 2026-04-30 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-28 Price Changed $209,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $219,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-02-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-12-31 Price Changed $229,900 Stellar MLS as Distributed by MLS Grid
• 2025-10-15 Price Changed $239,900 Stellar MLS as Distributed by MLS Grid
• 2025-09-18 Price Changed $249,900 Stellar MLS as Distributed by MLS Grid
• 2025-08-29 Listed $259,900 Stellar MLS as Distributed by MLS Grid
• 2005-06-20 Sold (Public Records) $165,000 Public Records
• 2004-07-13 Sold (Public Records) $118,000 Public Records

Property tax history

+10.2%/yr

Latest (2025): $2,587 · +11.1% YoY. Source: county tax records.