851 Miles Ave #13

Winter Park, FL 32789

$209,999D

2 bd · 1.0 ba · 808 sqft · Built 1984 · Condo · Pending · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,145/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$312
• HOA: −$355
• Vac / Maint / Mgmt: −$450
• Net cashflow: $-74/mo
• Annual: $-883/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• 1% rule: 1.02%
• Cash to close: $58,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $210k.
• At list price, monthly cash flow is $-74 ($-883/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (6.2% below list).
• Meets the 1% rule at list price ($2k rent vs $210k).
• It's been on market 128 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 83/100 on livability (#44 in FL, #852 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: cost of living F.
• 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: Audubon Park School (math 74% / reading 77%, grade A, #211 of 2,144 statewide, top 10%, 1,123 students, 22% FRL); Winter Park High (math 42% / reading 64%, grade C-, #148 of 667 statewide, top 23%, 3,369 students, 37% FRL) — zoned schools average 30% FRL vs 56% district-wide (27 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 64% at this address vs 48% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Orange average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.2%/yr); 337 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 3y 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.
• Cap rate 5.9% vs local median 1.8% in Winter Park — 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.

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?
• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?