497 Oak Haven Dr #497

Altamonte Springs, FL 32701

$220,000D-

3 bd · 2.5 ba · 1,792 sqft · Built 1974 · Condo · Active · 185 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,068/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$367
• HOA: −$830
• Vac / Maint / Mgmt: −$434
• Net cashflow: $-716/mo
• Annual: $-8,598/yr
• Cap rate: 2.38%
• Cash-on-cash: -13.96%
• DSCR: 0.38
• 1% rule: 0.94%
• Cash to close: $61,600

Investor read

• This is a 3-bed/2.5-bath condo listed at $220k. Condition is rated good.
• At list price, monthly cash flow is $-716 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (47.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (6.0% below list).
• It's been on market 185 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (47.1% 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 $7k 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: Lake Orienta Elementary School (math 50% / reading 50%, grade D+, #1,070 of 2,144 statewide, top 51%, 620 students, 73% 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 63% FRL vs 38% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 40% of rent.
• Market conditions: Rents soft (-1.5%/yr); 287 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 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 2.4% vs local median 3.6% in Altamonte Springs — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 40% 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 185 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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?
• 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?