1 Oceans West Blvd Unit 5B3

Daytona Beach Shores, FL 32118

$159,000D

1 bd · 1.0 ba · 1,010 sqft · Built 1983 · Condo · Pending · 188 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,153/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$232
• HOA: −$700
• Vac / Maint / Mgmt: −$452
• Net cashflow: $-65/mo
• Annual: $-777/yr
• Cap rate: 5.80%
• Cash-on-cash: -1.74%
• DSCR: 0.92
• 1% rule: 1.35%
• Cash to close: $44,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $159k.
• At list price, monthly cash flow is $-65 ($-777/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (7.2% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• It's been on market 188 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 77/100 on livability (#201 in FL, #3,146 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, health & safety A; Watch: cost of living C-, amenities 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.
• Zoned schools: R. J. Longstreet Elementary School (math 57% / reading 57%, grade C+, #781 of 2,144 statewide, top 38%, 359 students, 60% FRL); Silver Sands Middle School (math 50% / reading 52%, grade C, #237 of 571 statewide, top 43%, 1,165 students, 54% FRL); Atlantic High School (math 24% / reading 46%, grade F, #379 of 667 statewide, top 58%, 1,266 students, 52% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: HOA is 33% of rent.
• Market conditions: Rents soft (-0.2%/yr); 923 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 9 sale attempts since 12y ago; this cycle's ask has dropped $40k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 42% of the median local income ($61k/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 188 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.
• 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.