3940 Atrium Dr Unit L7 · Orlando, FL 32822

$155,000

2 bd · 2.0 ba · 820 sqft · Condo public records · 30 Days on market

Built 1985 $464/mo HOA · 27% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.0/30.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• DSCR +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Southpointe IN VENTURA COUNTRY CLUB! GATED GOLF COURSE COMMUNITY! This FIRST FLOOR 2-bedroom, 2-bath condo offers comfort, style, and convenience. The well-appointed kitchen features ample cabinetry, appliances, and updated granite countertops with a seamless flow into the dining and living areas. Additional upgrades include updated bathroom countertops and sinks, laminate flooring throughout, and NO CARPET! The primary suite offers a relaxing retreat with generous closet space and a private bath, while the additional bedroom provides flexibility for guests, a home office, or growing needs. Enjoy added privacy from the screened-in room overlooking a peaceful, private rear setting with no i

Key facts

• Private rear setting
• Screened-in room
• $464 HOA

Tags

• GATED GOLF COURSE COMMUNITY
• WELL-APPOINTED KITCHEN
• UPDATED GRANITE COUNTERTOPS
• UPDATED BATHROOM COUNTERTOPS
• SCREENED-IN ROOM
• PRIVATE REAR SETTING

Property features AI

Finance

• Other: Homestead exemption: yes; Property subtype: Residential - Condominium; Zoning: PD/AN; Community features: golf carts OK
• Financial info: Total monthly fees: $464; Total annual fees: $5,568; Lease restrictions apply
• HOA & community: Monthly HOA fee: $189; Monthly condo fee: $275; HOA required; Association amenities include clubhouse, fitness center, pool, spa/hot tub, tennis courts, basketball court, shuffleboard court, playground, park, trails, golf, racquetball, sidewalks, street lights, management, maintenance of grounds and structure, pest control, sewer, trash, water, insurance, reserves; Pets allowed (maximum 40 lbs)

Exterior

• Parking: Golf carts allowed (community); Vehicle restrictions (per association)
• Security: Gated community; Security gate; Smoke detectors
• Utilities: Public water; Public sewer; Electricity connected; Underground utilities; BB/HS internet available; Water connected; Boats allowed under 5 hp (lake access)
• Home design: Condominium; Two-story building; Faces northeast
• Construction: Other construction materials; Shingle roof; Slab foundation; Built as part of building number 35
• Exterior features: Covered patio; Patio; Rear porch; Screened porch; Sidewalk; Sliding doors; Mature landscaping; Trees/landscaped; Conservation area nearby; Near golf course; Paved roads

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air
• Interior features: Ceiling fans; Living room/dining room combo; Thermostat; Walk-in closet(s); Blinds
• Laundry & utility: Washer; Dryer; Inside laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $155k.

Deal economics

• At list price, monthly cash flow is $-10 ($-116/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (1.1% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 3.0% in Orlando — 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.

Location & tenants

• Location reads 86/100 on livability (#12 in FL, #360 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ventura Elementary (math 26% / reading 34%, grade F, #1,882 of 2,144 statewide, top 88%, 596 students, 66% FRL); Roberto Clemente Middle (math 31% / reading 36%, grade F, #428 of 571 statewide, top 76%, 951 students, 63% FRL); Colonial High (math 16% / reading 33%, grade F, #505 of 667 statewide, top 79%, 3,442 students, 62% FRL).
• Zoned-school proficiency averages 29% at this address vs 48% district-wide (-19 pts) — the specific schools serving this property underperform the Orange average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.7%/yr); 379 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• This rent runs 37% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $92k; list at $155k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $152,675 (1.5% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.0%
• Equity multiple: 0.29×
• Total profit: $-30,612
• Equity at exit: $23,111

10-year hold

• IRR: -27.5%
• Equity multiple: -0.07×
• Total profit: $-46,265
• Equity at exit: $13,402

Cash invested: $43,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32822

• Home prices YoY: -21.1%
• Rents YoY: -0.7%
• Active inventory: 379
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,740 high
• Mortgage (P&I): −$813
• Tax from tax record: −$43 /mo · $513/yr
• Insurance: −$65
• HOA: −$464
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $-10

Break-even live

Break-even rent $1,752

Max offer price $153,295

Occupancy floor 96%

Sensitivity live

Price	-10% $78	-5% $34	+0% $-10	+5% $-54	+10% $-97
Rent	-10% $-147	-5% $-78	+0% $-10	+5% $59	+10% $128
Rate	-1.0pp $68	-0.5pp $30	base $-10	+0.5pp $-50	+1.0pp $-91

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4004 Atrium Dr Orlando, FL	2.0	2.0	820	$1,495	$1.82	25d	1	0.02mi
3841 Atrium Dr Unit 1564828P Orlando, FL	2.0	2.0	818	$2,505	$3.06	4d	1	0.04mi
3841 Atrium Dr Unit 1271266P Orlando, FL	2.0	2.0	818	$2,468	$3.02	14d	1	0.04mi
3766 Southpointe Dr Unit U5 Orlando, FL	2.0	2.0	820	$2,049	$2.50	9d	1	0.07mi
3524 Southpointe Dr Bldg 2 Orlando, FL	2.0	2.0	820	$1,575	$1.92	23d	1	0.11mi
3638 Southpointe Dr Unit 1 Orlando, FL	2.0	2.0	820	$1,600	$1.95	25d	1	0.12mi
3960 Southpointe Dr #533 Orlando, FL	2.0	2.0	1045	$1,800	$1.72	9d	1	0.12mi
3912 Atrium Dr Unit L7 Orlando, FL	2.0	2.0	820	$1,700	$2.07	22d	1	0.12mi
3642 Southpointe Dr Orlando, FL	2.0	2.0	840	$2,200	$2.62	0d	1	0.16mi
3655 Atrium Dr Unit 2 Orlando, FL	2.0	2.0	820	$1,695	$2.07	16d	1	0.16mi
6154 Burnside Cir Orlando, FL	2.0	2.0	914	$1,750	$1.91	0d	1	0.24mi
4124 Pershing Pointe Pl Orlando, FL	2.0	2.0	1006	$1,425	$1.42	4d	1	0.31mi
6084 Willowpointe Cir Unit 1501435P Orlando, FL	2.0	2.0	904	$3,413	$3.78	0d	1	0.32mi
4136 Pershing Pointe Pl #4 Orlando, FL	2.0	2.0	1006	$1,600	$1.59	0d	1	0.33mi
4148 Pershing Pointe Pl Unit PA4148-1 Orlando, FL	2.0	2.0	1006	$1,275	$1.27	25d	1	0.34mi
4148 Pershing Pointe Pl #1 Orlando, FL	2.0	2.0	1006	$1,275	$1.27	16d	1	0.34mi
4148 Pershing Pointe Pl #1 Orlando, FL	2.0	2.0	1006	$1,275	$1.27	16d	1	0.34mi
4155 S Semoran Blvd #3 Orlando, FL	1.0	1.5	765	$1,300	$1.70	23d	1	0.37mi
4240 Pershing Pointe Pl #2 Orlando, FL	2.0	2.0	1006	$1,500	$1.49	12d	1	0.38mi
4252 Pershing Pointe Pl #4 Orlando, FL	2.0	2.0	1006	$1,650	$1.64	25d	1	0.39mi
4269 S Semoran Blvd #2 Orlando, FL	2.0	2.0	1125	$1,595	$1.42	25d	1	0.40mi
4314 Pershing Pointe Pl #7 Orlando, FL	2.0	2.0	1006	$1,500	$1.49	23d	1	0.43mi
4113 S Semoran Blvd Orlando, FL	1.0	1.5	765	$1,245	$1.63	25d	1	0.45mi
4113 S Semoran Blvd Orlando, FL	1.0	1.5	765	$1,222	$1.60	9d	2	0.45mi
4151 S Semoran Blvd #11 Orlando, FL	1.0	1.0	838	$1,200	$1.43	22d	1	0.46mi
3239 Candle Ridge Dr Orlando, FL	2.0	2.0	914	$2,100	$2.30	25d	1	0.46mi
3233 Candle Ridge Dr #101 Orlando, FL	2.0	2.0	914	$1,600	$1.75	9d	1	0.46mi
4149 S Semoran Blvd Orlando, FL	1.0	1.5	772	$1,238	$1.60	22d	2	0.48mi
3217 Westridge Blvd Orlando, FL	2.0	2.0	914	$1,800	$1.97	16d	1	0.49mi
5757 5 Flags Blvd Orlando, FL	1.0–2.0	1.0–2.0	660	$1,499	$2.27	12d	9	0.49mi
4572 Commander Dr Orlando, FL	1.0	1.0	735	$1,212	$1.65	4d	1	0.53mi
5974 Lake Pointe Village Cir Orlando, FL	2.0	2.0	1058	$1,735	$1.64	23d	1	0.53mi
5975 Lake Pointe Village Cir Orlando, FL	2.0–3.0	2.0–2.5	1236	$1,735	$1.40	0d	13	0.55mi
4548 Commander Dr Orlando, FL	2.0	1.0	934	$1,500	$1.61	25d	1	0.56mi
4560 Commander Dr Orlando, FL	1.0	1.0	735	$1,250	$1.70	25d	1	0.56mi
4536 Commander Dr #1517 Orlando, FL	2.0	2.0	1054	$1,595	$1.51	16d	1	0.58mi
4630 Commander Dr Orlando, FL	1.0–2.0	1.0–2.0	894	$1,750	$1.96	12d	3	0.60mi
3049 Jon Jon Ct Orlando, FL	3.0	2.0	1050	$1,995	$1.90	25d	1	0.61mi
4512 Commander Dr #1736 Orlando, FL	2.0	1.0	934	$1,350	$1.45	23d	1	0.62mi
4532 Commander Dr #2131 Orlando, FL	2.0	2.0	1054	$1,450	$1.38	5d	1	0.63mi

HOA detail condo

• Monthly dues: $464 · $5,568/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $155,000 Active 30 DOM
2. 2026-06-18
   days on market $155,000 Active 27 DOM
3. 2026-06-17
   days on market $155,000 Active 26 DOM
4. 2026-06-16
   days on market $155,000 Active 25 DOM
5. 2026-06-15
   days on market $155,000 Active 24 DOM
6. 2026-06-13
   days on market $155,000 Active 22 DOM
7. 2026-06-13
   days on market $155,000 Active 21 DOM
8. 2026-06-09
   days on market $155,000 Active 18 DOM
9. 2026-06-08
   days on market $155,000 Active 17 DOM
10. 2026-06-07
    days on market $155,000 Active 16 DOM
11. 2026-06-04
    days on market $155,000 Active 13 DOM
12. 2026-06-03
    days on market $155,000 Active 12 DOM
13. 2026-06-02
    days on market $155,000 Active 11 DOM
14. 2026-06-01
    days on market $155,000 Active 10 DOM
15. 2026-05-31
    days on market $155,000 Active 9 DOM
16. 2026-05-22
    listed $155,000 Active
17. 2026-01-11
    listed $159,900 Active
18. 2018-01-08
    soldstatus $92,000
19. 2005-10-31
    soldstatus $145,000
20. 2004-05-28
    soldstatus $75,000
21. 1999-12-02
    soldstatus $44,500
22. 1991-01-01
    soldstatus $53,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $513 · $43/mo
• Projected year-2 tax: $1,286 · $107/mo
• Expected delta: +$773/yr (+$64/mo · 150.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $20,879
• − Mortgage interest: −$8,682
• − Property taxes: −$513
• − Insurance: −$775
• − Repairs & maintenance: −$1,670
• − Management: −$1,670
• − HOA: −$5,568
• − Depreciation: −$4,509
• Taxable loss: −$2,509
• Est. tax savings @ 24.0%: +$602
• After-tax cash flow: $486/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — Orlando

• Score: 86/100
• State rank: #12
• US rank: #360

Category grades

Amenities A+ Commute A+ Cost of living B- Crime B+ Employment C+ Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orlando, FL
• County: Orange County · 1,471,359 people
• City population: 964,969
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 67,081
• Household income: $56,540
• Rent vs Own: 58.0% rent · 42.0% own
• Severe rent burden: 4246.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 36% White 17% Black 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 38% Cuban 5% Dominican 5%
• Common ancestry: Lithuanian 1% Romanian 1% Slovak 1%
• Foreign-born: 27% · Canada, Jamaica, China
• Languages at home: 36% English-only · Spanish 60% French/Haitian/Cajun 1% Arabic 1%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.17%
• Current HPI: 355.5775
• Rent YoY: ▼ -0.68%
• Metro: Orlando-Kissimmee-Sanford, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+192.5% since first listed

7 events — show timeline

• 2026-05-22 Listed $155,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-11 Listed $159,900 Stellar MLS as Distributed by MLS Grid
• 2018-01-08 Sold (Public Records) $92,000 Public Records
• 2005-10-31 Sold (Public Records) $145,000 Public Records
• 2004-05-28 Sold (Public Records) $75,000 Public Records
• 1999-12-02 Sold (Public Records) $44,500 Public Records
• 1991-01-01 Sold (Public Records) $53,000 Public Records

Property tax history

-3.1%/yr

Latest (2025): $513 · +7.4% YoY. Source: county tax records.