3646 Luxor Way

Oakleaf Plantation, FL 32068

$236,990D+

3 bd · 2.5 ba · 1,406 sqft · Built 2026 · Townhouse · Active · 187 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,093/mo
• Mortgage (P&I): −$1,243
• Tax + insurance: −$395
• HOA: −$150
• Vac / Maint / Mgmt: −$439
• Net cashflow: $-135/mo
• Annual: $-1,616/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.44%
• DSCR: 0.89
• 1% rule: 0.88%
• Cash to close: $66,357

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $237k. Condition is rated excellent.
• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (11.7% below list).
• It's been on market 187 days — a 12% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#446 in FL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F, health & safety F.
• Clay (suburban): math 58% / reading 59% proficiency, ranked #14 of 73 in FL (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tynes Elementary School (math 65% / reading 63%, grade B, #552 of 2,144 statewide, top 26%, 1,021 students, 43% FRL); Oakleaf Junior High (math 50% / reading 54%, grade C+, #217 of 571 statewide, top 40%, 1,118 students, 46% FRL); Ridgeview High School (math 41% / reading 53%, grade D-, #207 of 667 statewide, top 32%, 1,828 students, 46% FRL).
• Market conditions: Rents rising (+3.4%/yr); 962 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 29d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,876 units permitted in Clay County in 2024 (14 in 5+ unit buildings).
• Clay County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask has dropped $13k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.6% vs local median 4.0% in Oakleaf Plantation — 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.

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 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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.
• 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.