6118 Topher Trl #6118

Fuller Heights, FL 33860

$112,900D+

2 bd · 1.0 ba · 662 sqft · Built 1984 · Condo · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,529/mo
• Mortgage (P&I): −$592
• Tax + insurance: −$313
• HOA: −$390
• Vac / Maint / Mgmt: −$321
• Net cashflow: $-88/mo
• Annual: $-1,052/yr
• Cap rate: 6.69%
• Cash-on-cash: 1.43%
• DSCR: 1.06
• 1% rule: 1.35%
• Cash to close: $31,612

Investor read

• This is a 2-bed/1.0-bath condo listed at $113k.
• At list price, monthly cash flow is $-88 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (11.2% below list).
• Meets the 1% rule at list price ($2k rent vs $113k).
• It's been on market 30 days — a 2% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (11.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $781 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#720 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, crime B; Watch: amenities F, commute F, health & safety D-.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mulberry Senior High School (math 21% / reading 36%, grade F, #458 of 667 statewide, top 69%, 1,315 students, 57% FRL) — zoned schools at 57% FRL track the district average.
• Zoned-school proficiency averages 28% at this address vs 41% district-wide (-12 pts) — the specific schools serving this property underperform the Polk average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $125/mo; HOA is 26% of rent.
• Market conditions: Rents rising (+1.6%/yr); 180 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 10y ago; this cycle's ask is 842% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $50k; list at $113k implies a 126% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.