12538 Floridays Resort Dr Unit 109C

Williamsburg, FL 32821

$190,000D

3 bd · 2.0 ba · 1,200 sqft · Built 2006 · Condo · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,619/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$397
• HOA: −$1,001
• Vac / Maint / Mgmt: −$550
• Net cashflow: $-325/mo
• Annual: $-3,901/yr
• Cap rate: 4.24%
• Cash-on-cash: -7.33%
• DSCR: 0.67
• 1% rule: 1.38%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath condo listed at $190k.
• At list price, monthly cash flow is $-325 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (30.2% below list).
• Meets the 1% rule at list price ($3k rent vs $190k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $133k (30.2% below list) — sets the bar for cash-flow.
• In year one you build about $2k of equity ($1k loan paydown + $564 appreciation (0.3% local appreciation)).
• Location reads 85/100 on livability (#29 in FL, #608 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D, schools 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.
• Watch-outs: HOA is 38% of rent.
• Market conditions: Rents falling (-3.2%/yr); 279 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• At $2,619/mo this rent would consume 45% of the median local household income ($69k/yr) (locally 1840% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.