3430 NW 21st Dr Unit D-2

Gainesville, FL 32605

$139,900D

2 bd · 2.0 ba · 962 sqft · Built 1981 · Condo · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,655/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$307
• HOA: −$377
• Vac / Maint / Mgmt: −$348
• Net cashflow: $-110/mo
• Annual: $-1,324/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• 1% rule: 1.18%
• Cash to close: $39,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $140k.
• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (13.9% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 138 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (13.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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: Glen Springs Elementary School (math 37% / reading 52%, grade F, #1,288 of 2,144 statewide, top 62%, 426 students, 47% FRL); Westwood Middle School (math 47% / reading 51%, grade C-, #265 of 571 statewide, top 48%, 847 students, 56% FRL); Gainesville High School (math 48% / reading 57%, grade C-, #154 of 667 statewide, top 24%, 1,873 students, 47% FRL) — zoned schools at 50% FRL track the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising fast (+4.4%/yr); 265 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,774 units permitted in Alachua County in 2024 (984 in 5+ unit buildings).
• Alachua County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts 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.

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 138 days. Have you received any prior offers? Is the seller open to a 14% 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?
• 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?
• 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.
• 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?
• 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?