108 Madrid Dr · Casselberry, FL 32707

$264,900

2 bd · 2.5 ba · 1,492 sqft · Condo public records · 1 Days on market

Built 1973

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +3.7/5.0
• Cash flow +3.5/30.0
• Rent growth +3.0/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated 2/2.5 condo in a serene neighborhood with access to Lake Howell. Quaint kitchen with stainless steel appliances, tile in common areas and a large living area overlooking generous sized yard. A must see to appreciate!! This is a FannieMae HomePath property. Purchase this property for as little as 5% down! This property is approved for HomePath Mortgage Financing. This property is approved for HomePath Renovation Mortgage Financing.

Key facts

• Oversized carport
• Updated kitchen
• Attic upgrade

Tags

• PRIVATE OUTDOOR COURTYARD
• ENERGY STAR CERTIFIED WINDOWS
• ATTIC UPGRADE
• UPDATED KITCHEN
• INDOOR OUTDOOR LAUNDRY ROOM
• OVERSIZED CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $-798 ($-10k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (20.9% below list).
• Recommended offer: $210k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 2.7% vs local median 4.1% in Casselberry — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 73/100 on livability (#314 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime C-, employment C-, amenities F.
• Seminole (suburban): math 57% / reading 61% proficiency, ranked #13 of 73 in FL (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sterling Park Elementary School (math 58% / reading 59%, grade B-, #735 of 2,144 statewide, top 35%, 780 students, 54% FRL); South Seminole Middle School (math 53% / reading 50%, grade C, #232 of 571 statewide, top 41%, 995 students, 69% FRL); Lake Howell High School (math 36% / reading 49%, grade F, #264 of 667 statewide, top 41%, 2,205 students, 51% FRL) — zoned schools average 58% FRL vs 38% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.1%/yr); 189 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).
• This rent runs 36% of the median local income ($69k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Seminole County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 21y 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 $95k; list at $265k implies a 179% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 41% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,606 (20.9% 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. Built in 1973 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.79% ✗
• Cap rate: 2.68%
• Cash-on-cash: -12.92%
• DSCR: 0.43
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.09% rent growth · sell at horizon

5-year hold

• IRR: -41.6%
• Equity multiple: -0.28×
• Total profit: $-95,269
• Equity at exit: $39,497

10-year hold

• IRR: -78.0%
• Equity multiple: -1.08×
• Total profit: $-154,422
• Equity at exit: $22,904

Cash invested: $74,172 (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 32707

• Rents YoY: 2.1%
• Active inventory: 189
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,096 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$101 /mo · $1,210/yr
• Insurance: −$110
• HOA est. from 1 same-building comp: −$854
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $-798

Break-even live

Break-even rent $3,107

Max offer price $123,842

Occupancy floor —

Sensitivity live

Price	-10% $-649	-5% $-724	+0% $-798	+5% $-873	+10% $-948
Rent	-10% $-964	-5% $-881	+0% $-798	+5% $-716	+10% $-633
Rate	-1.0pp $-665	-0.5pp $-731	base $-798	+0.5pp $-867	+1.0pp $-937

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
602 Desoto Dr Casselberry, FL	3.0	2.0	1405	$2,475	$1.76	0d	1	0.03mi
602 Desoto Dr Casselberry, FL	3.0	2.0	1405	$2,500	$1.78	6d	1	0.03mi
117 Georgetown Dr Unit C Casselberry, FL	2.0	2.0	1095	$1,550	$1.42	25d	1	0.09mi
1160 Calle del Norte Unit C Casselberry, FL	2.0	2.0	1040	$1,650	$1.59	25d	1	0.31mi
1177 Paseo del Mar Unit C Casselberry, FL	2.0	2.0	1040	$1,950	$1.88	19d	1	0.33mi
1166 Pointe Newport Ter Casselberry, FL	1.0–3.0	1.0–2.0	961	$1,768	$1.84	6d	16	0.40mi
1124 Shoreview Cir Casselberry, FL	1.0–3.0	1.0–2.0	1068	$2,288	$2.14	0d	21	0.45mi
1166 Carmel Cir #100 Casselberry, FL	3.0	2.0	1443	$2,200	$1.52	25d	1	0.49mi
2111 Kewannee Trl Casselberry, FL	3.0	2.0	1836	$3,200	$1.74	25d	1	0.53mi
2401 Harleyford Pl Casselberry, FL	3.0	2.5	1333	$1,995	$1.50	23d	1	0.59mi
102 Lago Vista Blvd Unit 1 Casselberry, FL	3.0	3.0	1532	$3,200	$2.09	25d	1	0.62mi
1141 Exceller Ct #103 Casselberry, FL	3.0	2.0	1151	$1,800	$1.56	25d	1	0.64mi
660 Jasmine Rd Casselberry, FL	2.0	1.0	953	$1,725	$1.81	6d	1	0.69mi
512 El Dorado Way Casselberry, FL	3.0	1.0	1094	$1,895	$1.73	6d	1	0.78mi
2982 Embassy Ct Casselberry, FL	2.0	2.5	1238	$1,895	$1.53	3d	1	0.87mi
2982 Embassy Ct Casselberry, FL	2.0	2.5	1238	$1,895	$1.53	19d	1	0.87mi
310 Kentia Rd Casselberry, FL	3.0	1.0	1034	$1,800	$1.74	16d	1	0.88mi
986 Rollingwood Loop Casselberry, FL	2.0	1.0–2.0	669	$1,880	$2.81	25d	15	0.89mi
617 E Helm Way Casselberry, FL	3.0	1.0	1000	$1,995	$2.00	6d	1	0.93mi
1345 Bridlebrook Dr Casselberry, FL	2.0	2.0	1445	$2,290	$1.58	0d	1	1.15mi
210 Welcome Way Fern Park, FL	2.0	1.0–2.0	880	$1,469	$1.67	0d	13	1.19mi
2890 Red Lion Sq Winter Park, FL	1.0–2.0	1.0–2.0	765	$1,839	$2.40	0d	12	1.24mi
2075 Howell Branch Rd Unit 101 Maitland, FL	2.0	1.0	875	$1,450	$1.66	6d	1	1.27mi
2075 Howell Branch Rd Unit 1UNIT 101 Maitland, FL	2.0	1.0	875	$1,450	$1.66	5d	1	1.27mi
120 Waverly Dr Fern Park, FL	3.0	2.0	1233	$2,159	$1.75	6d	1	1.28mi
408 Banyon Tree Cir #100 Maitland, FL	2.0	2.0	1206	$1,765	$1.46	0d	1	1.28mi
1508 Florentino Ln Winter Park, FL	2.0	2.5	1550	$2,350	$1.52	25d	1	1.32mi
644 Kenwick Cir Casselberry, FL	2.0	2.0	1126	$1,575	$1.40	18d	1	1.33mi
610 Kenwick Cir #103 Casselberry, FL	2.0	2.0	1126	$1,600	$1.42	18d	1	1.39mi
2500 Howell Branch Rd Winter Park, FL	1.0–3.0	1.0–2.0	1005	$1,580	$1.57	0d	30	1.39mi
1699 Semoran North Cir Winter Park, FL	1.0–3.0	1.0–2.0	1064	$1,819	$1.71	0d	22	1.40mi
2458 Grand Teton Cir Unit 1 Winter Park, FL	3.0	2.0	1457	$2,250	$1.54	25d	1	1.40mi
1000 Lake of the Woods Blvd Fern Park, FL	1.0–2.0	1.0–2.0	886	$1,600	$1.80	6d	3	1.45mi
1000 Lake of the Woods Blvd Fern Park, FL	2.0	1.0–2.0	945	$1,525	$1.61	25d	2	1.45mi
442 Meadowood Blvd Fern Park, FL	3.0	3.0	1793	$2,250	$1.25	23d	1	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-26
   listed $264,900 Active
2. 2014-02-03
   soldstatus $95,000 455-char remark

   Show marketing remark (455 chars)

   Beautifully updated 2/2.5 condo in a serene neighborhood with access to Lake Howell. Quaint kitchen with stainless steel appliances, tile in common areas and a large living area overlooking generous sized yard. A must see to appreciate!! This is a FannieMae HomePath property. Purchase this property for as little as 5% down! This property is approved for HomePath Mortgage Financing. This property is approved for HomePath Renovation Mortgage Financing.

3. 2013-11-25
   listed $84,900 455-char remark

   Show marketing remark (455 chars)

   Beautifully updated 2/2.5 condo in a serene neighborhood with access to Lake Howell. Quaint kitchen with stainless steel appliances, tile in common areas and a large living area overlooking generous sized yard. A must see to appreciate!! This is a FannieMae HomePath property. Purchase this property for as little as 5% down! This property is approved for HomePath Mortgage Financing. This property is approved for HomePath Renovation Mortgage Financing.

4. 2005-07-28
   soldstatus $203,000 247-char remark

   Show marketing remark (247 chars)

   Beautifully and Totally Remodeled Condominium with Deeded Lake Access to Lake Howell. Why pay more for less in yet-to-be-built condos? New tile, carpet, paint, luxury master shower, kitchen w/ brushed nickel appliances, 2 courtyards and 3 patios.

5. 2005-07-08
   listed $215,000 247-char remark

   Show marketing remark (247 chars)

   Beautifully and Totally Remodeled Condominium with Deeded Lake Access to Lake Howell. Why pay more for less in yet-to-be-built condos? New tile, carpet, paint, luxury master shower, kitchen w/ brushed nickel appliances, 2 courtyards and 3 patios.

6. 2005-03-14
   soldstatus $115,000
7. 1978-10-01
   soldstatus $45,500
8. 1975-01-01
   soldstatus $43,200

ⓘ 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: $1,210 · $101/mo
• Projected year-2 tax: $2,199 · $183/mo
• Expected delta: +$988/yr (+$82/mo · 81.7%)

ⓘ 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 8/10 Severe 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,153
• − Mortgage interest: −$14,839
• − Property taxes: −$1,210
• − Insurance: −$1,324
• − Repairs & maintenance: −$2,012
• − Management: −$2,012
• − HOA: −$10,248
• − Depreciation: −$7,706
• Taxable loss: −$14,199
• Est. tax savings @ 24.0%: +$3,408
• After-tax cash flow: $-6,174/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: Seminole
• NCES district ID: 1201710
• Math proficiency: 57% ▼ -7.00%
• Reading proficiency: 61% ▼ -1.00%
• Median HH income: $58,478
• Composite: 51.05/100
• National rank: #1769
• State rank: #13 of 73 in FL

Livability — Casselberry

• Score: 73/100
• State rank: #314
• US rank: #5320

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Casselberry, FL
• County: Seminole County · 436,154 people
• City population: 45,584
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 39,493
• Household income: $69,113
• Rent vs Own: 34.2% rent · 65.8% own
• Severe rent burden: 1482.0

Population outlook (Seminole County) Hauer SSP2

• Today (2025): 515,494 people
• By 2030: 545,713 · +5.9%
• By 2040: 598,068 · +16.0%
• By 2050: 640,663 · +24.3%
• By 2075: 724,461 · +40.5%
• By 2100: 755,530 · +46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 56% Hispanic / Latino 27% Two or more races 14% Black 10% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 12% Cuban 4% Dominican 2%
• Common ancestry: Hispanic 3% Romanian 2% Lithuanian 2%
• Foreign-born: 15% · Canada, Jamaica, China
• Languages at home: 76% English-only · Spanish 18% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Seminole

• 2024 margin: Toss-up / Even · D 47.6% · R 51.1% · Other 1.3%
• 2008→2024 swing: -0.8pp no change · 2008: -2.8pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.8 2016: R+1.6 2012: R+6.5 2008: R+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -251.90%
• Current HPI: 342.1006
• Rent YoY: ▲ 2.09%
• 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

+513.2% since first listed

8 events — show timeline

• 2026-05-26 Listed $264,900 FSBO.com
• 2014-02-03 Sold (MLS) $95,000 Stellar MLS as Distributed by MLS Grid
• 2013-11-25 Listed $84,900 Stellar MLS as Distributed by MLS Grid
• 2005-07-28 Sold (MLS) $203,000 Stellar MLS as Distributed by MLS Grid
• 2005-07-08 Listed $215,000 Stellar MLS as Distributed by MLS Grid
• 2005-03-14 Sold (Public Records) $115,000 Public Records
• 1978-10-01 Sold (Public Records) $45,500 Public Records
• 1975-01-01 Sold (Public Records) $43,200 Public Records

Property tax history

+0.9%/yr

Latest (2025): $1,210 · +6.8% YoY. Source: county tax records.