3013 N Halifax Ave Unit B3

Daytona Beach, FL 32118

$140,000D-

1 bd · 1.0 ba · 612 sqft · Built 1964 · Condo · Active · 226 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,372/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$415
• Vac / Maint / Mgmt: −$288
• Net cashflow: $-298/mo
• Annual: $-3,580/yr
• Cap rate: 3.74%
• Cash-on-cash: -9.13%
• DSCR: 0.59
• 1% rule: 0.98%
• Cash to close: $39,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $140k. Condition is rated good.
• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (30.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (2.0% below list).
• It's been on market 226 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (30.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#46 in FL, #867 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D-.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ormond Beach Middle School (math 57% / reading 55%, grade B-, #175 of 571 statewide, top 31%, 990 students, 48% FRL); Seabreeze High School (math 31% / reading 56%, grade F, #248 of 667 statewide, top 38%, 1,654 students, 41% FRL).
• Watch-outs: HOA is 30% of rent.
• Market conditions: Rents soft (-0.2%/yr); 1084 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 6y 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 $118k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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?
• It's been on market 226 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1964 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?