643 Belgrove St

DeBary, FL 32713

$324,000D-

3 bd · 2.5 ba · 1,548 sqft · Built 2022 · SingleFamily · Active · 282 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,613/mo
• Mortgage (P&I): −$1,699
• Tax + insurance: −$607
• HOA: −$114
• Vac / Maint / Mgmt: −$549
• Net cashflow: $-356/mo
• Annual: $-4,273/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.71%
• DSCR: 0.79
• 1% rule: 0.81%
• Cash to close: $90,720

Investor read

• This is a 3-bed/2.5-bath single-family listed at $324k.
• At list price, monthly cash flow is $-356 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (19.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (19.3% below list).
• It's been on market 282 days — a 12% lower offer ($285k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (19.4% 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 $10k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#312 in FL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety D-.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.9%/yr); 273 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 3.8% in DeBary — 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 35% of the median local income ($88k/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 282 days. Have you received any prior offers? Is the seller open to a 19% 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?
• 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 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?
• 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.