914 SW 8th Ave #26

Gainesville, FL 32601

$73,000B

4 bd · 2.0 ba · 972 sqft · Built 1969 · Condo · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,619/mo
• Mortgage (P&I): −$383
• Tax + insurance: −$147
• HOA: −$370
• Vac / Maint / Mgmt: −$340
• Net cashflow: $379/mo
• Annual: $4,552/yr
• Cap rate: 12.53%
• Cash-on-cash: 22.27%
• DSCR: 1.99
• 1% rule: 2.22%
• Cash to close: $20,440

Investor read

• This is a 4-bed/2.0-bath condo listed at $73k.
• At list price, monthly cash flow is $379 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $73k).
• It's been on market 53 days — a 3% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $505 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#97 in FL, #1,480 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Alachua (urban): math 49% / reading 54% proficiency, ranked #30 of 73 in FL (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carolyn Beatrice Parker Elementary (math 46% / reading 50%, grade D, #1,171 of 2,144 statewide, top 55%, 506 students, 41% FRL); Kanapaha Middle School (math 54% / reading 54%, grade B-, #196 of 571 statewide, top 36%, 1,094 students, 53% FRL); Gainesville High School (math 48% / reading 57%, grade C-, #154 of 667 statewide, top 24%, 1,873 students, 47% FRL) — zoned schools at 47% FRL track the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising fast (+5.2%/yr); 139 active listings in the ZIP; lower-income renter base — watch delinquency; 1,774 units permitted in Alachua County in 2024 (984 in 5+ unit buildings).
• Alachua County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 19y 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 $40k; list at $73k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.
• At $1,619/mo this rent would consume 64% of the median local household income ($30k/yr) (locally 3429% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?
• Crime grade is F 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?
• 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.