1921 Bonneville Dr · University, FL 32826

$385,000

4 bd · 2.0 ba · 1,792 sqft · MultiFamily public records · 5 Days on market

Built 1981 0.33 ac lot Est $375k · at est.

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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 +13.2/30.0
• ARV discount +6.2/15.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• DSCR +3.9/10.0
• 1% rule +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +1.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Buy both sides & let one for both! Brand new kitchens w/ Microwaves!! Ceramic tile except bdrms! Vaulted ceilings! Big lot! Concrete block! No HOA! County water! Very good condition!! Good Schools! Walk to fire station!!!! Call today for preview!!!

Key facts

• Covered carport
• Newer roof
• Tile flooring

Tags

• DUPLEX
• COVERED CARPORT
• NEWER ROOF
• TILE FLOORING
• FENCED BACKYARD

Property features AI

Finance

• Other: Pets allowed; Zoned R-2; Has additional parcels; Number of lots: 2; Lot size approximately 0.33 acres (about 1/4 to less than 1/2 acre); Asphalt road access
• Financial info: Annual net income reported for the multi-family property
• HOA & community: No HOA/association

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Septic tank; High-speed internet available (BB/HS)
• Home design: Duplex (residential income property); Attached property; Single-story
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as a multi-unit building (1 building)
• Exterior features: Fence

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Electric water heater
• Bedrooms: Two 2-bedroom units (total 4 bedrooms)
• Flooring: Tile
• Bathrooms: Each unit has 1 bathroom (total 2 bathrooms)
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Living room/dining room combo; Sliding doors
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry in kitchen

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $-10 ($-124/yr) — negative. Per door: $-5/mo.
• To cash-flow at today's rent, offer at most $383k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $337k (12.4% below list).
• Recommended offer: $337k (12.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.8% in University — 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 85/100 on livability (#28 in FL, #603 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living 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: Bonneville Elementary (math 46% / reading 42%, grade F, #1,330 of 2,144 statewide, top 63%, 430 students, 66% FRL); East River High (math 27% / reading 47%, grade F, #340 of 667 statewide, top 52%, 2,050 students, 45% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: Rents falling (-4.0%/yr); 105 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $3,372/mo this rent would consume 62% of the median local household income ($65k/yr) (locally 1705% 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 $3k of loan paydown is wiped out by about $12k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 18y 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 $212k; list at $385k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $337,200 (12.4% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.88% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.12%
• DSCR: 0.99
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $374,528
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1921 Bonneville Dr	0.00mi	4/2.0	1,792 (0%)	1mo	$375,000	$209	100

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -19.9%
• Equity multiple: 0.32×
• Total profit: $-72,870
• Equity at exit: $57,405

10-year hold

• IRR: -21.2%
• Equity multiple: 0.05×
• Total profit: $-102,254
• Equity at exit: $33,288

Cash invested: $107,800 (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 32826

• Home prices YoY: -17.0%
• Rents YoY: -4.0%
• Active inventory: 105
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $3,372 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$495 /mo · $5,938/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$708
• Net cashflow: $-10

Break-even live

Break-even rent $3,385

Max offer price $383,168

Occupancy floor 95%

Sensitivity live

Price	-10% $208	-5% $99	+0% $-10	+5% $-119	+10% $-228
Rent	-10% $-277	-5% $-144	+0% $-10	+5% $123	+10% $256
Rate	-1.0pp $184	-0.5pp $88	base $-10	+0.5pp $-110	+1.0pp $-212

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,372
Total (2 units)			$3,372

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12912 Odyssey Lake Way Orlando, FL	4.0	2.0	1392	$2,399	$1.72	5d	1	0.30mi
12949 Odyssey Lake Way Orlando, FL	3.0	2.0	1303	$2,100	$1.61	8d	1	0.39mi
2612 Bonneville Dr Orlando, FL	3.0	2.0	1628	$2,100	$1.29	25d	1	0.71mi
12000 Bryonia Rd Alafaya, FL	1.0–3.0	1.0–2.0	979	$2,570	$2.62	3d	14	0.82mi
2645 Talladega Dr Orlando, FL	3.0	2.0	1236	$2,281	$1.85	15d	1	0.84mi
1700 Woodbury Rd Orlando, FL	1.0–3.0	1.0–2.0	999	$2,009	$2.01	4d	7	0.86mi
1911 Colonial Woods Blvd Orlando, FL	3.0	2.0	1480	$2,100	$1.42	25d	1	0.91mi
14050 Ithaca Way Orlando, FL	3.0	2.0	1228	$2,115	$1.72	8d	1	0.96mi
14535 Lake Underhill Rd Orlando, FL	5.0	3.0	2366	$2,850	$1.20	8d	1	1.08mi
862 Jade Forest Ave Orlando, FL	3.0	2.5	2410	$2,950	$1.22	8d	1	1.15mi
12235 Fox Hound Ln Orlando, FL	3.0	2.5	1231	$1,850	$1.50	25d	1	1.22mi
13099 Lexington Summit St Orlando, FL	3.0	2.5	1874	$2,300	$1.23	25d	1	1.25mi
12973 Lexington Summit St Orlando, FL	3.0	2.5	1476	$2,195	$1.49	23d	1	1.25mi
13521 Old Dock Rd Orlando, FL	4.0	3.0	2457	$2,799	$1.14	25d	1	1.29mi
13448 Old Dock Rd Orlando, FL	4.0	3.0	2444	$2,795	$1.14	25d	1	1.30mi
12612 Victoria Place Cir Orlando, FL	1.0–3.0	1.0–2.0	1149	$2,475	$2.15	3d	12	1.32mi
12640 Somerset Oaks St Orlando, FL	3.0	2.5	1483	$2,000	$1.35	15d	1	1.32mi
12846 Lexington Summit St Orlando, FL	3.0	2.5	1483	$2,350	$1.58	8d	1	1.33mi
3229 New Mexico Ct Orlando, FL	3.0	2.0	1303	$2,370	$1.82	25d	1	1.34mi
12623 Lexington Summit St Orlando, FL	3.0	2.5	1504	$2,300	$1.53	21d	1	1.35mi
12137 Ashton Manor Way Orlando, FL	1.0–3.0	1.0–2.0	1051	$2,003	$1.91	3d	8	1.36mi

Listing history 13 events

1. 2026-05-12
   status Pending
2. 2026-05-07
   listed $385,000 Active
3. 2024-04-23
   historical $1,500
4. 2024-04-03
   price $1,500
5. 2024-01-29
   listed $1,600
6. 2024-01-29
   historical $1,600
7. 2024-01-20
   listed $1,600
8. 2008-07-21
   soldstatus $212,357
9. 2008-07-11
   soldstatus $215,000 262-char remark

   Show marketing remark (262 chars)

   Buy both sides & let one for both! Brand new kitchens w/ Microwaves!! Ceramic tile except bdrms! Vaulted ceilings! Big lot! Concrete block! No HOA! County water! Very good condition!! Good Schools! Walk to fire station!!!! Call today for preview!!!

10. 2008-06-20
    historical
11. 2008-04-08
    listed $229,900

    Show marketing remark (262 chars)

    Buy both sides & let one for both! Brand new kitchens w/ Microwaves!! Ceramic tile except bdrms! Vaulted ceilings! Big lot! Concrete block! No HOA! County water! Very good condition!! Good Schools! Walk to fire station!!!! Call today for preview!!!

12. 2008-04-08
    listed $229,900 262-char remark

    Show marketing remark (262 chars)

    Buy both sides & let one for both! Brand new kitchens w/ Microwaves!! Ceramic tile except bdrms! Vaulted ceilings! Big lot! Concrete block! No HOA! County water! Very good condition!! Good Schools! Walk to fire station!!!! Call today for preview!!!

13. 1975-06-01
    soldstatus $25,000

ⓘ 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: $5,938 · $495/mo
• Projected year-2 tax: $5,938 · $495/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 3/10 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,464
• − Mortgage interest: −$21,566
• − Property taxes: −$5,938
• − Insurance: −$1,925
• − Repairs & maintenance: −$3,237
• − Management: −$3,237
• − Depreciation: −$11,200
• Taxable loss: −$6,639
• Est. tax savings @ 24.0%: +$1,593
• After-tax cash flow: $1,469/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 — University

• Score: 85/100
• State rank: #28
• US rank: #603

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: University, FL
• County: Orange County · 1,471,359 people
• City population: 41,570
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 29,006
• Household income: $64,755
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1705.0

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 0.64)
• Race & ethnicity: White 48% Hispanic / Latino 34% Two or more races 19% Black 9% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 16% Cuban 6% Dominican 1%
• Common ancestry: Romanian 2% Slovak 1% Serbian 1%
• Foreign-born: 15% · Canada
• Languages at home: 70% English-only · Spanish 22% Other Indo-European 3% Other Asian/Pacific 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: ▼ -65.30%
• Current HPI: 318.563
• Rent YoY: ▼ -4.05%
• 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

+1440.0% since first listed

13 events — show timeline

• 2026-05-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-07 Listed $385,000 Stellar MLS as Distributed by MLS Grid
• 2024-04-23 Rental Removed $1,500 STELLARMLS
• 2024-04-03 Price Changed $1,500 STELLARMLS
• 2024-01-29 Listed for Rent $1,600 STELLARMLS
• 2024-01-29 Rental Removed $1,600 APPFOLIO
• 2024-01-20 Listed for Rent $1,600 APPFOLIO
• 2008-07-21 Sold (Public Records) $212,357 Public Records
• 2008-07-11 Sold (MLS) $215,000 Stellar MLS as Distributed by MLS Grid
• 2008-06-20 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-04-08 Listed $229,900 Stellar MLS as Distributed by MLS Grid
• 2008-04-08 Listed $229,900 Stellar MLS as Distributed by MLS Grid
• 1975-06-01 Sold (Public Records) $25,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $5,938 · +13.1% YoY. Source: county tax records.