230 LA Casa #230

Highland Park, FL 33898

$89,900D

2 bd · 2.0 ba · 954 sqft · Built 1975 · Condo · Active · 503 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,440/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$552
• Vac / Maint / Mgmt: −$302
• Net cashflow: $-36/mo
• Annual: $-431/yr
• Cap rate: 5.81%
• Cash-on-cash: -1.71%
• DSCR: 0.92
• 1% rule: 1.60%
• Cash to close: $25,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $90k.
• At list price, monthly cash flow is $-36 ($-431/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (5.8% below list).
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 503 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#513 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; 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: Bartow Elementary Academy (math 55% / reading 72%, grade B, #564 of 2,144 statewide, top 27%, 518 students, 31% FRL); Mclaughlin Academy of Excellence (math 34% / reading 32%, grade F, #437 of 571 statewide, top 77%, 542 students, 68% FRL); Frostproof Middle/Senior High (math 34% / reading 34%, grade F, #394 of 667 statewide, top 60%, 1,150 students, 60% FRL).
• Watch-outs: HOA is 38% of rent.
• Market conditions: 501 active listings in the ZIP; 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 30% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 503 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.
• 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?