1412 Oak Pl Unit B

Apopka, FL 32712

$150,000C-

3 bd · 3.0 ba · 1,231 sqft · Built 1975 · Condo · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,068/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$108
• HOA: −$602
• Vac / Maint / Mgmt: −$434
• Net cashflow: $138/mo
• Annual: $1,651/yr
• Cap rate: 7.39%
• Cash-on-cash: 3.93%
• DSCR: 1.17
• 1% rule: 1.38%
• Cash to close: $42,000

Investor read

• This is a 3-bed/3.0-bath condo listed at $150k.
• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 39 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 66/100 on livability (#594 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+, employment B; Watch: crime D-, amenities F, commute F.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Apopka Elementary (math 51% / reading 53%, grade C-, #990 of 2,144 statewide, top 48%, 883 students, 52% FRL); Wolf Lake Middle (math 57% / reading 52%, grade B-, #183 of 571 statewide, top 34%, 1,194 students, 45% FRL); Apopka High (math 19% / reading 47%, grade F, #406 of 667 statewide, top 61%, 3,507 students, 42% FRL).
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents soft (-2.1%/yr); 668 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $95k; list at $150k implies a 58% gain — meaningful room to come down on a strong offer.
• Cap rate 7.4% vs local median 3.7% in Apopka — 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

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?
• 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.