2960 Adelaide Rd

Asbury Lake, FL 32043

$299,994F

3 bd · 2.0 ba · 1,663 sqft · Built 2026 · Land · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,276/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$409
• HOA: −$10
• Vac / Maint / Mgmt: −$478
• Net cashflow: $-194/mo
• Annual: $-2,324/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.77%
• DSCR: 0.88
• 1% rule: 0.76%
• Cash to close: $83,998

Investor read

• This is a 3-bed/2.0-bath land listed at $300k. Condition is rated poor.
• At list price, monthly cash flow is $-194 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $266k (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (24.1% below list).
• It's been on market 45 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (24.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#776 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime A-; Watch: schools F, amenities F, commute F.
• Clay (suburban): math 58% / reading 59% proficiency, ranked #14 of 73 in FL (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 885 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,876 units permitted in Clay County in 2024 (14 in 5+ unit buildings).
• Clay County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 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.
• Cap rate 5.5% vs local median 4.4% in Asbury Lake — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 32% of the median local income ($84k/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 45 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinetry and appliances — The kitchen is unfinished and lacks any cabinetry or appliances.
• Major: Bathrooms — No bathrooms are visible in the provided images, indicating they are likely unfinished.
• Major: Flooring — The flooring appears unfinished and lacks any visible finish.
• Major: Interior walls/paint — The interior walls appear unfinished and lack any visible paint.
• Major: Systems — No systems are visible in the provided images, indicating they are likely unfinished.
• Major: Landscaping — The landscaping appears unfinished and lacks any visible curb appeal.