1000 E Caroline St · Tavares, FL 32778

$3,600,000

1600 bd · 5.0 ba · 3,708 sqft · MultiFamily public records · 33 Days on market

Built 1979 3.56 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 40 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Under contract-accepting backup offers. Exceptional opportunity to acquire Caroline Court, a 40-unit multifamily community in the heart of Tavares, offering immediate scale, stable occupancy, and the security of HUD-backed rental income. Situated on approximately 3.56 acres, this well-established apartment community consists of 8 residential buildings totaling approximately 32,000 square feet, with a desirable mix of 1-bedroom, 2-bedroom, and 3-bedroom floor plans. Built in 1979, the property has maintained strong performance with historically high occupancy and minimal vacancy, supported by consistent demand for affordable housing in the Tavares market. A major investment advantage is that

Key facts

• 3.56 acre lot
• Built 1979
• Listed 33 days

Property features AI

Finance

• Other: Total living area reported: 35,262 square feet; Lot size reported: 3.56 acres (approx. 14,400 sq meters); Zoning: RMF-3
• Financial info: Annual net income reported: $499,296; Pro forma income for Unit Type 1: 41,608; Calculated list price per square foot reported
• HOA & community: No association reported

Exterior

• Utilities: Public water; Other sewer; Other utilities
• Home design: Residential income property; Quadruplex sub-type; Completed condition; 8 buildings on site; Facing and entry details not provided
• Construction: Other construction materials; Other roof type; Other foundation details; Built as part of multiple buildings (8 total)
• Exterior features: Other exterior features; Road surfaces other than typical pavement

Interior

• Bedrooms: 40 total bedrooms
• Bathrooms: 5 total bathrooms (in Unit Type 1 group)
• Heating & cooling: Other heating; Other cooling
• Interior features: Other interior features
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 40 × 40-bed/40.0-bath units multifamily listed at $3.60M.

Deal economics

• At list price, monthly cash flow is $42k ($500k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($82k rent vs $3.60M).
• Recommended offer: $3.49M (3.0% below list) — sets the bar for market timing.
• Cap rate 20.2% vs local median 4.5% in Tavares — 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 76/100 on livability (#220 in FL, #3,464 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Lake (suburban): math 49% / reading 50% proficiency, ranked #37 of 73 in FL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tavares Elementary School (math 49% / reading 45%, grade D-, #1,191 of 2,144 statewide, top 57%, 875 students, 61% FRL); Tavares Middle School (math 43% / reading 40%, grade F, #348 of 571 statewide, top 62%, 1,070 students, 58% FRL); Tavares High School (math 32% / reading 40%, grade F, #359 of 667 statewide, top 55%, 1,507 students, 45% FRL).
• Market conditions: Rents rising fast (+4.0%/yr); 507 active listings in the ZIP; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• At $82,289/mo this rent would consume 1556% of the median local household income ($63k/yr) (locally 586% 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 $25k of loan paydown is wiped out by about $108k of value loss. Plan a longer hold.
• Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $1.01M cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($3.49M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $2.31M; list at $3.60M implies a 56% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,492,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.29% ✓
• Cap rate: 20.19%
• Cash-on-cash: 49.65%
• DSCR: 3.21
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.05% rent growth · sell at horizon

5-year hold

• IRR: 48.5%
• Equity multiple: 3.14×
• Total profit: $2,160,877
• Equity at exit: $536,772

10-year hold

• IRR: 54.5%
• Equity multiple: 6.63×
• Total profit: $5,671,190
• Equity at exit: $311,262

Cash invested: $1,008,000 (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 32778

• Home prices YoY: -23.4%
• Rents YoY: 4.0%
• Active inventory: 507
• Price-to-rent: 145.8×

Monthly cashflow live

• Estimated rent: $82,289 medium
• Mortgage (P&I): −$18,879
• Tax from tax record: −$2,926 /mo · $35,112/yr
• Insurance: −$1,500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$17,281
• Net cashflow: $41,703

Break-even live

Break-even rent $29,500

Max offer price $3,600,000

Occupancy floor 44%

Sensitivity live

Price	-10% $43,741	-5% $42,722	+0% $41,703	+5% $40,685	+10% $39,666
Rent	-10% $35,203	-5% $38,453	+0% $41,703	+5% $44,954	+10% $48,204
Rate	-1.0pp $43,516	-0.5pp $42,619	base $41,703	+0.5pp $40,771	+1.0pp $39,822

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

Units	Beds	Baths	Est. rent
▸ 40× units	40	40	$82,280
Total (40 units)			$82,289

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: $900,000
• Closing costs: $108,000
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-09
   status Pending
2. 2026-04-06
   listed $3,600,000 Active
3. 2008-02-25
   soldstatus $2,310,000
4. 2001-09-18
   soldstatus $925,000

ⓘ 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: $35,112 · $2,926/mo
• Projected year-2 tax: $35,112 · $2,926/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 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $987,468
• − Mortgage interest: −$201,656
• − Property taxes: −$35,112
• − Insurance: −$18,000
• − Repairs & maintenance: −$78,997
• − Management: −$78,997
• − Depreciation: −$104,727
• Taxable income: $469,977
• Est. tax owed @ 24.0%: −$112,795
• After-tax cash flow: $387,647/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: Lake
• NCES district ID: 1201050
• Math proficiency: 49% ▼ -7.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $46,632
• Composite: 42.05/100
• National rank: #3327
• State rank: #37 of 73 in FL

Livability — Tavares

• Score: 76/100
• State rank: #220
• US rank: #3464

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tavares, FL
• County: Lake County · 364,602 people
• City population: 25,042
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 25,042
• Household income: $63,472
• Rent vs Own: 21.4% rent · 78.6% own
• Severe rent burden: 586.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 386,640 people
• By 2030: 417,107 · +7.9%
• By 2040: 476,676 · +23.3%
• By 2050: 531,296 · +37.4%
• By 2075: 648,303 · +67.7%
• By 2100: 698,530 · +80.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 14% Two or more races 8% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 7% Cuban 2% Dominican 1%
• Common ancestry: Romanian 4% Italian 3% Slovak 2%
• Foreign-born: 9% · Canada, Dominican Republic, Jamaica
• Languages at home: 85% English-only · Spanish 11% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Lake

• 2024 margin: Strong R (+24.7) · D 37.3% · R 62.0%
• 2008→2024 swing: -11.2pp toward R · 2008: -13.5pp · 2024: -24.7pp
• All cycles: 2024: R+24.7 2020: R+20.0 2016: R+23.1 2012: R+17.1 2008: R+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.07%
• Current HPI: 288.7123
• 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

+289.2% since first listed

4 events — show timeline

• 2026-05-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-06 Listed $3,600,000 Stellar MLS as Distributed by MLS Grid
• 2008-02-25 Sold (Public Records) $2,310,000 Public Records
• 2001-09-18 Sold (Public Records) $925,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $35,112 · +8.2% YoY. Source: county tax records.