418 Banana Cay Dr Unit E · South Daytona, FL 32119

$119,900

2 bd · 2.0 ba · 922 sqft · Condo · 35 Days on market

Built 1985 $398/mo HOA · 25% of rent

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Why this score? — see what drove the D+ 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 +14.4/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTOR ALERT!!! This condo is perfect for an investor, or first time home buyer! This unit has been well maintained and is turn-key! AC and water heater are new in 2024. Situated on the second floor, this unit is ready for new owners to make their own, or you can continue with the established tenants already in place. This is a safe, family friendly neighborhood. Centrally located to universities, hospitals, shopping, and yes. .. THE BEACH!!

Key facts

• Second floor
• Centrally located
• New water heater

Tags

• NEW WATER HEATER
• NEW AC
• SECOND FLOOR
• CENTRALLY LOCATED

Property features AI

Finance

• Other: Association name: TPSAMS; No lease restrictions indicated
• HOA & community: Monthly HOA fee of $398 (includes pool, insurance, building and grounds maintenance, pest control, trash); Community amenities: pool, playground; Pets allowed: cats and dogs

Exterior

• Utilities: Public water; Public sewer; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Condominium (residential); Two stories; Faces east; Second-floor unit
• Construction: Block and concrete construction; Shingle roof; Slab foundation; Building E
• Exterior features: Asphalt road access

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Sliding doors
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $-43 ($-514/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (5.2% below list).
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $114k (5.2% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 80/100 on livability (#114 in FL, #1,755 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D, commute F.
• 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: South Daytona Elementary School (math 43% / reading 44%, grade F, #1,345 of 2,144 statewide, top 64%, 779 students, 77% FRL); Campbell Middle School (math 28% / reading 30%, grade F, #479 of 571 statewide, top 84%, 855 students, 80% FRL); Atlantic High School (math 24% / reading 46%, grade F, #379 of 667 statewide, top 58%, 1,266 students, 52% FRL) — zoned schools average 70% FRL vs 51% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-2.0%/yr); 280 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• This rent runs 33% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $120k implies a 336% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 25% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,704 (5.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.32% ✓
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• GRM: 6.3

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: -24.0%
• Equity multiple: 0.21×
• Total profit: $-26,485
• Equity at exit: $17,877

10-year hold

• IRR: -44.3%
• Equity multiple: -0.29×
• Total profit: $-43,242
• Equity at exit: $10,367

Cash invested: $33,572 (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 32119

• Rents YoY: -2.0%
• Active inventory: 280
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,583 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$398
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-43

Break-even live

Break-even rent $1,637

Max offer price $113,704

Occupancy floor 98%

Sensitivity live

Price	-10% $40	-5% $-1	+0% $-43	+5% $-84	+10% $-126
Rent	-10% $-168	-5% $-105	+0% $-43	+5% $20	+10% $82
Rate	-1.0pp $18	-0.5pp $-12	base $-43	+0.5pp $-74	+1.0pp $-105

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
480 Reed Canal Rd #57 South Daytona, FL	2.0	1.5	1024	$1,550	$1.51	25d	1	0.09mi
580 Reed Canal Rd South Daytona, FL	1.0	1.0	718	$1,272	$1.77	16d	2	0.15mi
301 Ridge Blvd #1020 South Daytona, FL	2.0	1.0	810	$1,375	$1.70	25d	1	0.49mi
2275 Granada Dr Unit 1 South Daytona, FL	2.0	2.0	1000	$1,600	$1.60	25d	1	0.58mi
3131 S Ridgewood Ave #203 South Daytona, FL	2.0	2.0	1013	$1,795	$1.77	16d	1	0.69mi
3230 S Ridgewood Ave South Daytona, FL	1.0–3.0	1.0–2.0	1046	$1,881	$1.80	13d	27	0.73mi
2140 S Palmetto Ave South Daytona, FL	2.0	1.5	1100	$1,499	$1.36	25d	1	0.82mi
2050 S Ridgewood Ave South Daytona, FL	1.0–2.0	1.0–1.5	818	$1,450	$1.77	25d	1	0.83mi
2002 S Palmetto Ave Unit B South Daytona, FL	1.0	1.0	625	$975	$1.56	16d	1	1.01mi
535 Olive St South Daytona, FL	2.0	1.0	1024	$1,725	$1.68	13d	1	1.15mi
1910 S Palmetto Ave South Daytona, FL	1.0	1.0	750	$1,195	$1.59	25d	1	1.15mi
201 Kost Rd South Daytona, FL	2.0	1.0	850	$1,149	$1.35	13d	2	1.19mi
205 Kost Rd South Daytona, FL	2.0	1.0	850	$1,500	$1.76	25d	1	1.19mi
1888 S Palmetto Ave South Daytona, FL	2.0	1.0	850	$1,199	$1.41	25d	1	1.21mi
1830 S Palmetto Ave Unit 4 South Daytona, FL	2.0	1.0	900	$1,450	$1.61	25d	1	1.28mi
3023 S Atlantic Ave Unit 1531031P Daytona Beach Shores, FL	2.0	2.0	1097	$4,430	$4.04	16d	1	1.40mi
3043 S Atlantic Ave #1901 Daytona Beach Shores, FL	2.0	2.0	1062	$2,450	$2.31	25d	1	1.40mi
3043 S Atlantic Ave Apt 1602 Daytona Beach Shores, FL	2.0	2.0	1028	$2,550	$2.48	25d	1	1.40mi
3013 S Atlantic Ave Unit 907 Daytona Beach, FL	2.0	2.0	1088	$2,800	$2.57	25d	1	1.40mi
2987 S Atlantic Ave #205 Daytona Beach Shores, FL	2.0	2.0	1028	$2,600	$2.53	25d	1	1.41mi
3051 S Atlantic Ave #505 Daytona Beach, FL	2.0	2.0	1058	$2,450	$2.32	13d	1	1.41mi
3051 S Atlantic Ave Unit 1 Daytona Beach Shores, FL	2.0	2.0	1072	$2,500	$2.33	25d	1	1.42mi
1739 Eastern Rd South Daytona, FL	1.0	1.0	800	$1,099	$1.37	16d	1	1.44mi
3115 S Atlantic Ave Unit 201 Daytona Beach Shores, FL	2.0	2.0	986	$2,500	$2.54	25d	1	1.45mi
900 Boulder Dr South Daytona, FL	2.0	1.0	939	$1,850	$1.97	25d	1	1.46mi
3137 S Atlantic Ave Unit 3 Daytona Beach, FL	2.0	1.0	900	$2,300	$2.56	25d	1	1.48mi

HOA detail condo

• Monthly dues: $398 · $4,776/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-22
   days on market $119,900 Active 35 DOM
2. 2026-06-18
   days on market $119,900 Active 32 DOM
3. 2026-06-17
   days on market $119,900 Active 31 DOM
4. 2026-06-16
   days on market $119,900 Active 30 DOM
5. 2026-06-15
   days on market $119,900 Active 29 DOM
6. 2026-06-14
   pricedays on market $119,900 Active 27 DOM
7. 2026-06-10
   days on market $135,000 Active 24 DOM

   Show marketing remark (447 chars)

   INVESTOR ALERT!!! This condo is perfect for an investor, or first time home buyer! This unit has been well maintained and is turn-key! AC and water heater are new in 2024. Situated on the second floor, this unit is ready for new owners to make their own, or you can continue with the established tenants already in place. This is a safe, family friendly neighborhood. Centrally located to universities, hospitals, shopping, and yes. .. THE BEACH!!

8. 2026-06-09
   days on market $135,000 Active 23 DOM
9. 2026-06-08
   days on market $135,000 Active 22 DOM
10. 2026-06-07
    days on market $135,000 Active 21 DOM
11. 2026-06-05
    days on market $135,000 Active 18 DOM
12. 2026-06-03
    days on market $135,000 Active 17 DOM
13. 2026-06-03
    days on market $135,000 Active 16 DOM
14. 2026-06-01
    days on market $135,000 Active 15 DOM
15. 2026-05-31
    days on market $135,000 Active 14 DOM
16. 2026-05-31
    days on market $135,000 Active 13 DOM
17. 2026-05-17
    listed $135,000 Active 447-char remark
18. 2026-05-11
    listed $135,000 Active 447-char remark

    Show marketing remark (447 chars)

    INVESTOR ALERT!!! This condo is perfect for an investor, or first time home buyer! This unit has been well maintained and is turn-key! AC and water heater are new in 2024. Situated on the second floor, this unit is ready for new owners to make their own, or you can continue with the established tenants already in place. This is a safe, family friendly neighborhood. Centrally located to universities, hospitals, shopping, and yes. .. THE BEACH!!

19. 2011-12-20
    soldstatus $27,500

    Show marketing remark (371 chars)

    Not a bank owned or a short sale. New paint. Short walk to the community pool. Move in ready. Great rental or first time home buyer. 2 bedrooms, 2 bath condo centrally located in South Daytona. Relax on the screened porch. Close to everything and the beach. Community pool, sand volleyball court, children's playground and basketball courts are available in the community

20. 2011-09-26
    listed $32,500

    Show marketing remark (371 chars)

    Not a bank owned or a short sale. New paint. Short walk to the community pool. Move in ready. Great rental or first time home buyer. 2 bedrooms, 2 bath condo centrally located in South Daytona. Relax on the screened porch. Close to everything and the beach. Community pool, sand volleyball court, children's playground and basketball courts are available in the community

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,991
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$1,397
• − Repairs & maintenance: −$1,519
• − Management: −$1,519
• − HOA: −$4,776
• − Depreciation: −$3,488
• Taxable loss: −$2,223
• Est. tax savings @ 24.0%: +$534
• After-tax cash flow: $20/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: Volusia
• NCES district ID: 1201920
• Math proficiency: 44% ▼ -9.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $42,946
• Composite: 39.2/100
• National rank: #4019
• State rank: #47 of 73 in FL

Livability — South Daytona

• Score: 80/100
• State rank: #114
• US rank: #1755

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Daytona, FL
• County: Volusia County · 556,871 people
• City population: 22,348
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 22,348
• Household income: $56,862
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1158.0

Population outlook (Volusia County) Hauer SSP2

• Today (2025): 572,749 people
• By 2030: 598,695 · +4.5%
• By 2040: 644,880 · +12.6%
• By 2050: 681,451 · +19.0%
• By 2075: 759,957 · +32.7%
• By 2100: 778,902 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 10% Hispanic / Latino 9% Two or more races 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, South Korea, Jamaica
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Volusia

• 2024 margin: Strong R (+21.8) · D 38.7% · R 60.5%
• 2008→2024 swing: -27.4pp toward R · 2008: 5.7pp · 2024: -21.8pp
• All cycles: 2024: R+21.8 2020: R+14.1 2016: R+13.1 2012: R+1.2 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -247.99%
• Current HPI: 309.304
• Rent YoY: ▼ -2.01%
• Metro: Deltona-Daytona Beach-Ormond Beach, 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

+268.9% since first listed

6 events — show timeline

• 2026-06-10 Price Changed $119,900 Daytona MLS
• 2026-06-10 Price Changed $119,900 Stellar MLS as Distributed by MLS Grid
• 2026-05-17 Listed $135,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-11 Listed $135,000 Daytona MLS
• 2011-12-20 Sold (MLS) $27,500 Daytona MLS
• 2011-09-26 Listed $32,500 Daytona MLS