177 Springwood Cir Unit C

Wekiwa Springs, FL 32750

$150,000D

2 bd · 2.0 ba · 1,000 sqft · Built 1973 · Condo · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,663/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$224
• HOA: −$370
• Vac / Maint / Mgmt: −$349
• Net cashflow: $-67/mo
• Annual: $-800/yr
• Cap rate: 5.76%
• Cash-on-cash: -1.90%
• DSCR: 0.92
• 1% rule: 1.11%
• Cash to close: $42,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $150k.
• At list price, monthly cash flow is $-67 ($-800/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (7.8% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 40 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (7.8% below list) — sets the bar for cash-flow.
• 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 75/100 on livability (#264 in FL, #4,232 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F, commute F.
• 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); Rock Lake Middle School (math 72% / reading 63%, grade A-, #77 of 571 statewide, top 14%, 933 students, 33% FRL); Lyman High School (math 36% / reading 50%, grade F, #255 of 667 statewide, top 39%, 2,084 students, 53% FRL) — zoned schools average 55% FRL vs 38% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents rising (+3.9%/yr); 152 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 4 sale attempts since 15y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $150k implies a 150% 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 2.9% in Wekiwa 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.

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 40 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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.
• 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.