133 LA Casa #133

Highland Park, FL 33898

$94,900D

2 bd · 2.0 ba · 1,260 sqft · Built 1975 · Condo · Active · 239 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,545/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$640
• Vac / Maint / Mgmt: −$324
• Net cashflow: $-75/mo
• Annual: $-905/yr
• Cap rate: 5.34%
• Cash-on-cash: -3.41%
• DSCR: 0.85
• 1% rule: 1.63%
• Cash to close: $26,572

Investor read

• This is a 2-bed/2.0-bath condo listed at $95k.
• At list price, monthly cash flow is $-75 ($-905/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (11.5% below list).
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 239 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $656 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.
• Watch-outs: HOA is 41% of rent.
• Market conditions: 500 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.
• 5 sale attempts since 6y ago; this cycle's ask has dropped $25k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 32% 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 239 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?