630 Cranes Way #203

Altamonte Springs, FL 32701

$147,900D

2 bd · 1.0 ba · 929 sqft · Built 1981 · Condo · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,767/mo
• Mortgage (P&I): −$776
• Tax + insurance: −$248
• HOA: −$443
• Vac / Maint / Mgmt: −$371
• Net cashflow: $-70/mo
• Annual: $-842/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.03%
• DSCR: 0.91
• 1% rule: 1.19%
• Cash to close: $41,412

Investor read

• This is a 2-bed/1.0-bath condo listed at $148k.
• At list price, monthly cash flow is $-70 ($-842/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (8.4% below list).
• Meets the 1% rule at list price ($2k rent vs $148k).
• It's been on market 116 days — a 9% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (9.0% 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 82/100 on livability (#62 in FL, #1,095 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D+, amenities D-.
• Seminole (suburban): math 57% / reading 61% proficiency, ranked #13 of 73 in FL (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Altamonte Elementary School (math 46% / reading 51%, grade D, #1,152 of 2,144 statewide, top 55%, 589 students, 78% FRL); Milwee Middle School (math 55% / reading 56%, grade B-, #178 of 571 statewide, top 31%, 1,426 students, 64% FRL); Lyman High School (math 36% / reading 50%, grade F, #255 of 667 statewide, top 39%, 2,084 students, 53% FRL) — zoned schools average 65% FRL vs 38% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents soft (-1.5%/yr); 203 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).
• Seminole County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $22k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $148k implies a 208% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 3.3% in Altamonte Springs — 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.
• This rent runs 34% of the median local income ($62k/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 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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?