5208 Greenshade Grove Ave

Apopka, FL 32712

$341,990D-

4 bd · 2.5 ba · 1,678 sqft · Built 2026 · Land · Pending · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,645/mo
• Mortgage (P&I): −$1,793
• Tax + insurance: −$258
• HOA: −$245
• Vac / Maint / Mgmt: −$556
• Net cashflow: $-206/mo
• Annual: $-2,476/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• 1% rule: 0.77%
• Cash to close: $95,757

Investor read

• This is a 4-bed/2.5-bath land listed at $342k.
• At list price, monthly cash flow is $-206 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (22.6% below list).
• It's been on market 87 days — a 6% lower offer ($321k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $265k (22.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#594 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+, employment B; Watch: crime D-, amenities F, commute 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: Zellwood Elementary (math 38% / reading 40%, grade F, #1,560 of 2,144 statewide, top 73%, 493 students, 55% FRL); Wolf Lake Middle (math 57% / reading 52%, grade B-, #183 of 571 statewide, top 34%, 1,194 students, 45% FRL); Wekiva High (math 17% / reading 37%, grade F, #478 of 667 statewide, top 73%, 2,207 students, 62% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents soft (-2.1%/yr); 668 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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.
• Cap rate 5.6% vs local median 3.7% in Apopka — 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 87 days. Have you received any prior offers? Is the seller open to a 23% 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?
• 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 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?
• 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?
• 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?