409 Fountainhead Cir · Kissimmee, FL 34741

$2,250,000

240 bd · 228.0 ba · 10,652 sqft · MultiFamily · 270 Days on market

Built 1988 7,496 sqft lot $26/mo HOA · 1% 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 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

Bella Vista Condos, is a stabilized 12-unit condominium portfolio located at 409 Fountainhead Circle, Kissimmee, Florida 34741. Units are located in separate buildings inside the apartment complex. Located just 10 miles from Walt Disney World Resort (about a 15 minute drive). This close proximity positions the property to attract a steady rental base from the region’s thriving workforce tied to the tourism, hospitality, and service industries. Additionally, residents benefit from easy access to world-class entertainment, shopping, and dining that make the Kissimmee/Disney corridor one of the most dynamic residential markets in Florida. Built in 1988, Bella Vista Condos consists of 12

Key facts

• 7,496 sq ft lot
• Pool
• Built 1988

Tags

• 12 UNIT CONDOMINIUM PORTFOLIO
• SIZABLE 16.6 ACRE COMMUNITY

Property features AI

Finance

• Other: Tenants pay association fees, electricity, sewer and water
• Financial info: Gross income: $241,053; Annual net income: $163,130; Annual expenses: $77,922; Total monthly fees: $26.67
• HOA & community: Bella Vista Lake Condominium Association, Inc.; HOA fees required — $320 annually (about $26.67 per month); Cats and dogs allowed

Exterior

• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Residential income property (Multi-Family 5+); Single building on site; Has additional parcels; Road access via asphalt
• Construction: Frame construction; Shingle roof; Slab foundation; Built on a lot of approximately 0.17 acres (multiple lots totaling 12)
• Exterior features: Outdoor grill; Tennis court(s); Lake view; Above-ground private pool

Interior

• Bedrooms: Total of 20 bedrooms across the property; Unit mix includes 1 three-bedroom unit, 6 two-bedroom units, and 5 one-bedroom units
• Bathrooms: Unit mix bathrooms include 2 baths for three-bedroom units, 2 baths for two-bedroom units, and 1 bath for one-bedroom units
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floorplan
• Laundry & utility: Laundry features: Other

What this means for you Summary

Snapshot

• This is a 12 × 20-bed/19.0-bath units multifamily listed at $2.25M.

Deal economics

• At list price, monthly cash flow is $6k ($70k/yr) — positive. Per door: $488/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $2.25M).
• Recommended offer: $1.98M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.5% in Kissimmee — 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 77/100 on livability (#181 in FL, #2,841 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, crime D-, employment D-.
• Osceola (suburban): math 39% / reading 45% proficiency, ranked #60 of 73 in FL (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.4%/yr); 378 active listings in the ZIP; 8,813 units permitted in Osceola County in 2024 (3,072 in 5+ unit buildings).
• At $27,134/mo this rent would consume 621% of the median local household income ($52k/yr) (locally 5248% 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 $16k of loan paydown is wiped out by about $68k of value loss. Plan a longer hold.
• Osceola County population projected at +73% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 270 days — a 12% lower offer ($1.98M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,980,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 270 days. Have you received any prior offers? Is the seller open to a 12% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
8. 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.
9. 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.
10. 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: 1.21% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 6.9

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: -3.1%
• Equity multiple: 0.89×
• Total profit: $-70,425
• Equity at exit: $335,482

10-year hold

• IRR: 2.9%
• Equity multiple: 1.18×
• Total profit: $113,733
• Equity at exit: $194,539

Cash invested: $630,000 (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 34741

• Home prices YoY: -28.3%
• Rents YoY: -1.4%
• Active inventory: 378
• Price-to-rent: 82.9×

Monthly cashflow live

• Estimated rent: $27,134 medium
• Mortgage (P&I): −$11,799
• Tax est. 1.5%: −$2,812 /mo · $33,750/yr
• Insurance: −$938
• HOA: −$26
• Vacancy / Maint / Mgmt: −$5,698
• Net cashflow: $5,861

Break-even live

Break-even rent $19,715

Max offer price $2,250,000

Occupancy floor 73%

Sensitivity live

Price	-10% $7,416	-5% $6,638	+0% $5,861	+5% $5,083	+10% $4,306
Rent	-10% $3,717	-5% $4,789	+0% $5,861	+5% $6,932	+10% $8,004
Rate	-1.0pp $6,994	-0.5pp $6,433	base $5,861	+0.5pp $5,278	+1.0pp $4,684

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

Units	Beds	Baths	Est. rent
▸ 12× units	20	19	$27,132
Total (12 units)			$27,134

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: $562,500
• Closing costs: $67,500
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $26 · $312/yr

Listing history 24 events

1. 2026-06-21
   days on market $2,250,000 Active 270 DOM
2. 2026-06-18
   days on market $2,250,000 Active 267 DOM
3. 2026-06-17
   days on market $2,250,000 Active 266 DOM
4. 2026-06-16
   days on market $2,250,000 Active 265 DOM
5. 2026-06-15
   days on market $2,250,000 Active 264 DOM
6. 2026-06-13
   days on market $2,250,000 Active 262 DOM
7. 2026-06-13
   days on market $2,250,000 Active 261 DOM
8. 2026-06-10
   days on market $2,250,000 Active 258 DOM
9. 2026-06-08
   days on market $2,250,000 Active 257 DOM
10. 2026-06-07
    days on market $2,250,000 Active 256 DOM
11. 2026-06-04
    days on market $2,250,000 Active 253 DOM
12. 2026-06-03
    days on market $2,250,000 Active 252 DOM
13. 2026-06-02
    days on market $2,250,000 Active 251 DOM
14. 2026-06-02
    days on market $2,250,000 Active 250 DOM
15. 2026-05-31
    days on market $2,250,000 Active 249 DOM
16. 2026-04-06
    price $2,250,000
17. 2025-09-24
    listed $2,300,000 Active
18. 2025-02-27
    historical $1,500
19. 2025-02-16
    price $1,500
20. 2025-01-21
    price $1,550
21. 2024-12-17
    price $1,600
22. 2024-12-06
    listed $1,650
23. 2008-12-17
    historical
24. 2008-10-24
    listed $79,900

ⓘ 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 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 · 24 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: $325,608
• − Mortgage interest: −$126,035
• − Property taxes: −$33,750
• − Insurance: −$11,250
• − Repairs & maintenance: −$26,049
• − Management: −$26,049
• − HOA: −$312
• − Depreciation: −$65,455
• Taxable income: $36,709
• Est. tax owed @ 24.0%: −$8,810
• After-tax cash flow: $61,517/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: Osceola
• NCES district ID: 1201470
• Math proficiency: 39% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $45,528
• Composite: 35.7/100
• National rank: #4865
• State rank: #60 of 73 in FL

Livability — Kissimmee

• Score: 77/100
• State rank: #181
• US rank: #2841

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kissimmee, FL
• County: Osceola County · 410,217 people
• City population: 196,187
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 58,716
• Household income: $52,409
• Rent vs Own: 67.1% rent · 32.9% own
• Severe rent burden: 5248.0

Population outlook (Osceola County) Hauer SSP2

• Today (2025): 447,624 people
• By 2030: 511,823 · +14.3%
• By 2040: 642,986 · +43.6%
• By 2050: 774,552 · +73.0%
• By 2075: 1,078,144 · +140.9%
• By 2100: 1,269,660 · +183.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 20% White 16% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 26% Cuban 4% Dominican 6%
• Common ancestry: Estonian 1% Russian 1% Lithuanian 1%
• Foreign-born: 39% · Canada, Jamaica
• Languages at home: 27% English-only · Spanish 66% Other Indo-European 2% Arabic 2%

Political lean MEDSL · Osceola

• 2024 margin: Toss-up / Even · D 48.7% · R 50.2% · Other 1.1%
• 2008→2024 swing: -21.2pp toward R · 2008: 19.7pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: D+13.8 2016: D+25.0 2012: D+24.5 2008: D+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.96%
• Current HPI: 293.3914
• Rent YoY: ▼ -1.43%
• 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

+2716.0% since first listed

9 events — show timeline

• 2026-04-06 Price Changed $2,250,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-24 Listed $2,300,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-27 Rental Removed $1,500 BUILDIUM
• 2025-02-16 Price Changed $1,500 BUILDIUM
• 2025-01-21 Price Changed $1,550 BUILDIUM
• 2024-12-17 Price Changed $1,600 BUILDIUM
• 2024-12-06 Listed for Rent $1,650 BUILDIUM
• 2008-12-17 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-10-24 Listed $79,900 Stellar MLS as Distributed by MLS Grid