2243 Silver Pines Pl #405 · Pine Hills, FL 32808

$115,000

3 bd · 3.0 ba · 1,490 sqft · Condo public records · 233 Days on market

Built 1972 $569/mo HOA · 30% of rent

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Why this score? — see what drove the C- 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 +17.6/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

UNIT LOCATED IN THE SILVER PINES CONDOMINIMUM COMMUNITY. UNIT IS 3 BEDROOMS/2.5 BATHROOMS WITH 1,490SQFT. THIS IS A 2-STORY UNIT WITH ALL BEDROOM'S LOCATED UPSTAIRS. CALL WITH ANY QUESTIONS.

Key facts

• $569 HOA
• 2 parking spots
• Community pool

Property features AI

Finance

• Other: No lease restrictions reported
• Financial info: Total monthly fees reported as $569.79; Total annual fees reported as $6,837.48
• HOA & community: HOA managed by ODIN PROPERTY MANAGEMENT; Monthly HOA fee approximately $569.79; HOA covers pool, structure maintenance, and grounds maintenance; Pets allowed

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Public sewer; Cable available; Electricity connected
• Home design: Residential condominium; Planned development (P-D) zoning; Single-story unit (floor 1); Faces east
• Construction: Block and stucco construction; Membrane and shingle roof; Slab foundation; Built as part of building number 2243
• Exterior features: Covered patio/porch; Deck; Patio; Porch; Sidewalk; In-ground pool; Property located within city limits; Paved lot

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Laminate; Wood; Other
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open living room/dining room combo; Family room; Formal living room; Formal dining room; Inside utility
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 4.9% in Pine Hills — 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 73/100 on livability (#317 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D, amenities 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.
• Market conditions: Rents soft (-0.3%/yr); 246 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• At $1,888/mo this rent would consume 46% of the median local household income ($50k/yr) (locally 4039% 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 $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 233 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y 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 $85k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• 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 $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.64% ✓
• Cap rate: 7.23%
• Cash-on-cash: 3.36%
• DSCR: 1.15
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.44×
• Total profit: $-18,024
• Equity at exit: $17,147

10-year hold

• IRR: -22.6%
• Equity multiple: 0.13×
• Total profit: $-28,052
• Equity at exit: $9,943

Cash invested: $32,200 (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 32808

• Home prices YoY: -22.6%
• Rents YoY: -0.3%
• Active inventory: 246
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,888 high
• Mortgage (P&I): −$603
• Tax from tax record: −$181 /mo · $2,176/yr
• Insurance: −$48
• HOA: −$569
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $90

Break-even live

Break-even rent $1,774

Max offer price $115,000

Occupancy floor 90%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2222 Silver Pines Pl #902 Orlando, FL	3.0	2.5	1472	$1,500	$1.02	8d	1	0.07mi
2203 Silver Pines Pl #601 Orlando, FL	2.0	1.0	962	$1,500	$1.56	24d	1	0.10mi
5402 Pine Chase Dr Orlando, FL	2.0–3.0	2.0	1133	$1,695	$1.50	2d	4	0.11mi
5600 Silver Star Rd Orlando, FL	1.0–3.0	1.0–2.0	850	$1,545	$1.82	15d	6	0.21mi
1537 Ridge Pointe Dr Orlando, FL	3.0	2.0	1108	$2,200	$1.99	24d	1	0.28mi
1529 Ridge Pointe Dr Orlando, FL	3.0	2.0	1108	$1,995	$1.80	8d	1	0.29mi
5103 Cochita Dr Orlando, FL	4.0	2.0	1168	$1,995	$1.71	24d	1	0.60mi
4901 Hernandes Dr Orlando, FL	4.0	2.0	1124	$1,830	$1.63	24d	1	0.69mi
1214 N Pine Hills Rd Unit 1 Orlando, FL	4.0	2.0	1069	$3,900	$3.65	20d	1	0.81mi
5249 Champagne Cir Orlando, FL	2.0	2.0	980	$1,795	$1.83	24d	1	0.84mi
3043 Willow Bend Blvd Orlando, FL	2.0	2.0	900	$1,450	$1.61	24d	1	0.84mi
3071 Willow Bend Blvd Orlando, FL	2.0	2.0	900	$1,525	$1.69	24d	1	0.87mi
5717 Fernhill Dr Orlando, FL	3.0	1.0	1619	$1,700	$1.05	4d	1	0.89mi
4566 Chateau Rd Orlando, FL	3.0	1.5	1377	$1,800	$1.31	24d	1	0.91mi
2429 Sandy Ln Orlando, FL	3.0	2.0	1418	$2,490	$1.76	22d	1	0.92mi
1407 Sunridge Rd Orlando, FL	3.0	2.0	1124	$1,945	$1.73	8d	1	0.92mi
2637 Healy Dr Orlando, FL	3.0	1.5	1300	$1,900	$1.46	4d	1	0.94mi
1213 Roger Babson Rd Unit 1 Orlando, FL	4.0	2.0	1380	$2,499	$1.81	8d	1	0.94mi
4500 Silver Star Rd Orlando, FL	2.0	2.0	1000	$1,309	$1.31	24d	1	0.99mi
1020 barnett villas Dr Orlando, FL	1.0–3.0	1.0–2.0	934	$1,930	$2.07	24d	1	0.99mi
3024 N Powers Dr Orlando, FL	1.0–2.0	1.0–2.0	915	$1,470	$1.61	16d	80	1.01mi
6408 Sunshine St Orlando, FL	3.0	1.5	1000	$1,900	$1.90	4d	1	1.08mi
6033 Balboa Dr Orlando, FL	3.0	2.0	1269	$2,300	$1.81	22d	1	1.12mi
1737 Hinckley Rd Orlando, FL	4.0	2.0	1661	$2,481	$1.49	2d	1	1.13mi
6872 Alta Westgate Dr Orlando, FL	2.0–3.0	2.0	1190	$1,700	$1.43	8d	1	1.13mi
3903 Pine Ridge Rd Orlando, FL	4.0	1.5	1450	$1,949	$1.34	24d	1	1.15mi
4306 Silver Star Rd Orlando, FL	3.0	2.0	1080	$1,800	$1.67	24d	1	1.18mi
1303 Charles St Orlando, FL	3.0	2.0	1780	$2,200	$1.24	22d	1	1.33mi
3639 Shalimar Ct Orlando, FL	4.0	2.0	1136	$1,796	$1.58	22d	1	1.36mi
4751 Beacon St Orlando, FL	4.0	2.0	1624	$2,500	$1.54	8d	1	1.39mi
5009 Deauville Dr Orlando, FL	4.0	3.0	1224	$2,000	$1.63	24d	1	1.39mi
6623 Swyear Ct Orlando, FL	4.0	2.0	1842	$2,300	$1.25	22d	1	1.39mi
6521 Garden Spring Ct Orlando, FL	3.0	2.0	1131	$2,200	$1.95	11d	1	1.48mi
6508 Spring Glade Ct Orlando, FL	3.0	2.0	1032	$1,325	$1.28	22d	1	1.48mi

HOA detail condo

• Monthly dues: $569 · $6,828/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-18
   days on market $115,000 Active 233 DOM
2. 2026-06-17
   days on market $115,000 Active 232 DOM
3. 2026-06-16
   days on market $115,000 Active 231 DOM
4. 2026-06-15
   days on market $115,000 Active 230 DOM
5. 2026-06-13
   days on market $115,000 Active 228 DOM
6. 2026-06-13
   days on market $115,000 Active 227 DOM
7. 2026-06-09
   days on market $115,000 Active 224 DOM
8. 2026-06-08
   days on market $115,000 Active 223 DOM
9. 2026-06-07
   days on market $115,000 Active 222 DOM
10. 2026-06-04
    days on market $115,000 Active 219 DOM
11. 2026-06-03
    days on market $115,000 Active 218 DOM
12. 2026-06-02
    days on market $115,000 Active 217 DOM
13. 2026-06-02
    days on market $115,000 Active 216 DOM
14. 2026-05-31
    days on market $115,000 Active 215 DOM
15. 2025-10-28
    listed $115,000 Active
16. 2018-12-05
    soldstatus $85,000
17. 2018-11-06
    historical
18. 2018-10-09
    price $62,500
19. 2018-10-08
    status Active
20. 2018-10-03
    status Pending
21. 2018-09-13
    soldstatus $37,000
22. 2018-09-12
    listed $69,900 Active
23. 2017-11-14
    historical
24. 2017-09-07
    listed $78,900 Active
25. 2016-02-22
    soldstatus $28,000
26. 2016-02-09
    soldstatus $20,050 Sold
27. 2015-11-13
    status Pending
28. 2015-10-10
    listed $20,000 Active
29. 2014-07-24
    historical
30. 2014-06-14
    status Active
31. 2014-06-10
    historical
32. 2014-02-14
    listed $55,000 Active
33. 2012-10-14
    listed $24,500
34. 2003-10-28
    soldstatus $67,100
35. 2000-11-14
    soldstatus $48,000
36. 1997-08-07
    soldstatus $47,000
37. 1978-11-01
    soldstatus $34,500
38. 1972-06-01
    soldstatus $30,000

ⓘ 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: $2,176 · $181/mo
• Projected year-2 tax: $2,176 · $181/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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,655
• − Mortgage interest: −$6,442
• − Property taxes: −$2,176
• − Insurance: −$575
• − Repairs & maintenance: −$1,812
• − Management: −$1,812
• − HOA: −$6,828
• − Depreciation: −$3,345
• Taxable loss: −$336
• Est. tax savings @ 24.0%: +$81
• After-tax cash flow: $1,163/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: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — Pine Hills

• Score: 73/100
• State rank: #317
• US rank: #5362

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pine Hills, FL
• County: Orange County · 1,471,359 people
• City population: 60,203
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 60,203
• Household income: $49,700
• Rent vs Own: 58.0% rent · 42.0% own
• Severe rent burden: 4039.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (71%)
• Race & ethnicity: Black 71% Hispanic / Latino 13% White 10% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 5% Dominican 2%
• Common ancestry: Hispanic 20% Lithuanian 1% Scandinavian 0%
• Foreign-born: 25% · Canada, Vietnam, Jamaica
• Languages at home: 69% English-only · French/Haitian/Cajun 18% Spanish 11% Other Indo-European 1%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.15%
• Current HPI: 376.3801
• Rent YoY: ▼ -0.27%
• 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

+283.3% since first listed

24 events — show timeline

• 2025-10-28 Listed $115,000 Stellar MLS as Distributed by MLS Grid
• 2018-12-05 Sold (Public Records) $85,000 Public Records
• 2018-11-06 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2018-10-09 Price Changed $62,500 Stellar MLS as Distributed by MLS Grid
• 2018-10-08 Relisted — Stellar MLS as Distributed by MLS Grid
• 2018-10-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-09-13 Sold (Public Records) $37,000 Public Records
• 2018-09-12 Listed $69,900 Stellar MLS as Distributed by MLS Grid
• 2017-11-14 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2017-09-07 Listed $78,900 Stellar MLS as Distributed by MLS Grid
• 2016-02-22 Sold (Public Records) $28,000 Public Records
• 2016-02-09 Sold (MLS) $20,050 Stellar MLS as Distributed by MLS Grid
• 2015-11-13 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-10-10 Listed $20,000 Stellar MLS as Distributed by MLS Grid
• 2014-07-24 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2014-06-14 Relisted — Stellar MLS as Distributed by MLS Grid
• 2014-06-10 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2014-02-14 Listed $55,000 Stellar MLS as Distributed by MLS Grid
• 2012-10-14 Listed $24,500 Stellar MLS as Distributed by MLS Grid
• 2003-10-28 Sold (Public Records) $67,100 Public Records
• 2000-11-14 Sold (Public Records) $48,000 Public Records
• 1997-08-07 Sold (Public Records) $47,000 Public Records
• 1978-11-01 Sold (Public Records) $34,500 Public Records
• 1972-06-01 Sold (Public Records) $30,000 Public Records

Property tax history

+16.7%/yr

Latest (2025): $2,176 · +15.0% YoY. Source: county tax records.