7770 Sandy Ridge Dr Unit 218 BLDG 28 - Elevator

Four Corners, FL 34747

$358,900D-

5 bd · 4.5 ba · 2,630 sqft · Built 2023 · Condo · Active · 191 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,881/mo
• Mortgage (P&I): −$1,882
• Tax + insurance: −$1,051
• HOA: −$930
• Vac / Maint / Mgmt: −$815
• Net cashflow: $-797/mo
• Annual: $-9,568/yr
• Cap rate: 3.63%
• Cash-on-cash: -9.52%
• DSCR: 0.58
• 1% rule: 1.08%
• Cash to close: $100,492

Investor read

• This is a 5-bed/4.5-bath condo listed at $359k. Condition is rated excellent.
• At list price, monthly cash flow is $-797 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (39.2% below list).
• Meets the 1% rule at list price ($4k rent vs $359k).
• It's been on market 191 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (39.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#453 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: amenities F, health & safety F.
• Osceola (suburban): math 39% / reading 45% proficiency, ranked #60 of 73 in FL (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Reedy Creek Elementary School (math 38% / reading 38%, grade F, #1,587 of 2,144 statewide, top 74%, 880 students, 55% FRL); Horizon Middle School (math 40% / reading 41%, grade F, #360 of 571 statewide, top 64%, 1,295 students, 75% FRL); Poinciana High School (math 24% / reading 31%, grade F, #470 of 667 statewide, top 71%, 2,455 students, 48% FRL) — zoned schools at 60% FRL track the district average.
• Watch-outs: property tax is 3.0% of price; HOA is 24% of rent.
• Market conditions: Rents falling (-4.0%/yr); 2296 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 52d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 8,813 units permitted in Osceola County in 2024 (3,072 in 5+ unit buildings).
• Osceola County population projected at +73% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $121k (25%) 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; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,881/mo this rent would consume 60% of the median local household income ($78k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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 191 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?