451 C St

Casselberry, FL 32707

$145,000D-

1 bd · 1.0 ba · 690 sqft · Built 1966 · Condo · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,520/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$253
• HOA: −$310
• Vac / Maint / Mgmt: −$319
• Net cashflow: $-122/mo
• Annual: $-1,468/yr
• Cap rate: 5.28%
• Cash-on-cash: -3.62%
• DSCR: 0.84
• 1% rule: 1.05%
• Cash to close: $40,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $145k.
• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#314 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime C-, employment C-, amenities F.
• Seminole (suburban): math 57% / reading 61% proficiency, ranked #13 of 73 in FL (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents rising (+2.1%/yr); 186 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).
• Seminole County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $125k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.3% vs local median 4.1% in Casselberry — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.