2635 SW 35th Pl #705 · Gainesville, FL 32608

$145,000

2 bd · 3.0 ba · 1,088 sqft · Condo public records · 284 Days on market

Built 1983 $436/mo HOA · 27% 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 +11.5/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• DSCR +3.4/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic Opportunity in Desirable Casablanca East Condominium Complex. Move-in Ready 2 Bedroom, 2.5 Bathroom Unit in one of the Best Locations in the Community. Original Owner Has Kept this Beautiful Place in Immaculate Condition. Large Living Area on the Ground Floor Which Opens up to a Lovely Patio Area and Green Space. Spacious Laundry/Utility Room and Storage. Master Suite, 2nd Bedroom, and Bathroom on the 2nd Floor. Casablanca East Residents Enjoy the Pool Community, Green Spaces, and Convenient to Publix Supermarket, Restaurants, Entertainment, and Just Minutes to UF, Shands, and the Vet School. The Bus Stops at the Entrance of the Community. Motivated Seller Has Aggressively Priced this Un. 5+ Units.

Key facts

• Laminate flooring
• Quartz countertop
• Picturesque grounds

Tags

• VINYL PLANK FLOORING
• LAMINATE FLOORING
• QUARTZ COUNTERTOP
• UPDATED BATHROOMS
• PICTURESQUE GROUNDS
• POOL

Property features AI

Finance

• Other: Development: Casablanca
• Financial info: Total annual fees: $5,232; Lease restrictions apply
• HOA & community: Monthly condo fee: $436 (includes insurance, structure and grounds maintenance, pest control, recreational facilities, sewer, trash, water); Association: Vesta Property Services; Community clubhouse and pool; Community mailbox; Pets allowed (large maximum pet weight permitted)

Exterior

• Utilities: Public water; Public sewer; Cable available; Broadband/high-speed internet available; Underground utilities
• Home design: Condominium; 1 story; Faces west; Entry level: 1
• Construction: Stucco construction; Shingle roof; Slab foundation; Built as part of building number 700
• Exterior features: Covered rear porch; Sidewalk

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Garbage disposal
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Living room/dining room combo; Inside utility
• Laundry & utility: Washer; Dryer; Inside laundry room; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $-49 ($-584/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (5.9% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#97 in FL, #1,480 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Alachua (urban): math 49% / reading 54% proficiency, ranked #30 of 73 in FL (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Idylwild Elementary School (math 30% / reading 29%, grade F, #1,896 of 2,144 statewide, top 90%, 533 students, 78% FRL); Kanapaha Middle School (math 54% / reading 54%, grade B-, #196 of 571 statewide, top 36%, 1,094 students, 53% FRL); Eastside High School (math 29% / reading 56%, grade F, #264 of 667 statewide, top 41%, 1,220 students, 56% FRL).
• Market conditions: Rents rising (+2.9%/yr); 605 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,774 units permitted in Alachua County in 2024 (984 in 5+ unit buildings).
• This rent runs 31% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Alachua County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 284 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $145k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $127,600 (12.0% 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 284 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. 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. 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?
8. Crime grade is F 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.11% ✓
• Cap rate: 5.89%
• Cash-on-cash: -1.44%
• DSCR: 0.94
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.89% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.35×
• Total profit: $-26,554
• Equity at exit: $21,620

10-year hold

• IRR: -11.0%
• Equity multiple: 0.34×
• Total profit: $-26,943
• Equity at exit: $12,537

Cash invested: $40,600 (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 32608

• Rents YoY: 2.9%
• Active inventory: 605
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,616 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$68 /mo · $819/yr
• Insurance: −$60
• HOA: −$436
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $-49

Break-even live

Break-even rent $1,677

Max offer price $136,396

Occupancy floor 98%

Sensitivity live

Price	-10% $33	-5% $-8	+0% $-49	+5% $-90	+10% $-131
Rent	-10% $-176	-5% $-113	+0% $-49	+5% $15	+10% $79
Rate	-1.0pp $24	-0.5pp $-12	base $-49	+0.5pp $-86	+1.0pp $-125

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4455 SW 34th St Gainesville, FL	1.0–3.0	1.0–3.0	1033	$1,830	$1.77	16d	28	0.76mi

HOA detail condo

• Monthly dues: $436 · $5,232/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-05-23
   status Active
2. 2026-05-12
   status Pending
3. 2026-04-29
   price $145,000
4. 2026-01-16
   price $149,900
5. 2025-08-06
   listed $154,900 Active
6. 2016-07-14
   soldstatus $61,500
7. 2016-07-13
   soldstatus $61,500 717-char remark

   Show marketing remark (717 chars)

   Fantastic Opportunity in Desirable Casablanca East Condominium Complex. Move-in Ready 2 Bedroom, 2.5 Bathroom Unit in one of the Best Locations in the Community. Original Owner Has Kept this Beautiful Place in Immaculate Condition. Large Living Area on the Ground Floor Which Opens up to a Lovely Patio Area and Green Space. Spacious Laundry/Utility Room and Storage. Master Suite, 2nd Bedroom, and Bathroom on the 2nd Floor. Casablanca East Residents Enjoy the Pool Community, Green Spaces, and Convenient to Publix Supermarket, Restaurants, Entertainment, and Just Minutes to UF, Shands, and the Vet School. The Bus Stops at the Entrance of the Community. Motivated Seller Has Aggressively Priced this Un. 5+ Units.

8. 2016-05-05
   listed $65,900 717-char remark

   Show marketing remark (717 chars)

   Fantastic Opportunity in Desirable Casablanca East Condominium Complex. Move-in Ready 2 Bedroom, 2.5 Bathroom Unit in one of the Best Locations in the Community. Original Owner Has Kept this Beautiful Place in Immaculate Condition. Large Living Area on the Ground Floor Which Opens up to a Lovely Patio Area and Green Space. Spacious Laundry/Utility Room and Storage. Master Suite, 2nd Bedroom, and Bathroom on the 2nd Floor. Casablanca East Residents Enjoy the Pool Community, Green Spaces, and Convenient to Publix Supermarket, Restaurants, Entertainment, and Just Minutes to UF, Shands, and the Vet School. The Bus Stops at the Entrance of the Community. Motivated Seller Has Aggressively Priced this Un. 5+ Units.

9. 1982-08-01
   soldstatus $42,800

ⓘ 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: $819 · $68/mo
• Projected year-2 tax: $1,204 · $100/mo
• Expected delta: +$385/yr (+$32/mo · 47.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $19,387
• − Mortgage interest: −$8,122
• − Property taxes: −$819
• − Insurance: −$725
• − Repairs & maintenance: −$1,551
• − Management: −$1,551
• − HOA: −$5,232
• − Depreciation: −$4,218
• Taxable loss: −$2,831
• Est. tax savings @ 24.0%: +$679
• After-tax cash flow: $95/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: Alachua
• NCES district ID: 1200030
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 54% ▼ -3.00%
• Median HH income: $42,683
• Composite: 43.31/100
• National rank: #3038
• State rank: #30 of 73 in FL

Livability — Gainesville

• Score: 81/100
• State rank: #97
• US rank: #1480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gainesville, FL
• County: Alachua County · 218,005 people
• City population: 188,348
• Metro: Gainesville, FL
• Population (ZIP): 54,566
• Household income: $61,588
• Rent vs Own: 58.7% rent · 41.3% own
• Severe rent burden: 4709.0

Population outlook (Alachua County) Hauer SSP2

• Today (2025): 289,834 people
• By 2030: 305,873 · +5.5%
• By 2040: 335,246 · +15.7%
• By 2050: 364,719 · +25.8%
• By 2075: 436,665 · +50.7%
• By 2100: 482,920 · +66.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 55% Hispanic / Latino 16% Black 13% Asian 12% Two or more races 11%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 4%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 19% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

Political lean MEDSL · Alachua

• 2024 margin: Strong D (+21.0) · D 59.7% · R 38.8% · Other 1.5%
• 2008→2024 swing: -0.6pp no change · 2008: 21.6pp · 2024: 21.0pp
• All cycles: 2024: D+21.0 2020: D+27.2 2016: D+22.5 2012: D+17.3 2008: D+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.91%
• Current HPI: 253.0629
• Rent YoY: ▲ 2.89%
• Metro: Gainesville, 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

+238.8% since first listed

9 events — show timeline

• 2026-05-23 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-05-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $145,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-16 Price Changed $149,900 Stellar MLS as Distributed by MLS Grid
• 2025-08-06 Listed $154,900 Stellar MLS as Distributed by MLS Grid
• 2016-07-14 Sold (Public Records) $61,500 Public Records
• 2016-07-13 Sold (MLS) $61,500 Stellar MLS as Distributed by MLS Grid
• 2016-05-05 Listed $65,900 Stellar MLS as Distributed by MLS Grid
• 1982-08-01 Sold (Public Records) $42,800 Public Records

Property tax history

+12.7%/yr

Latest (2025): $819 · +2.5% YoY. Source: county tax records.