14501 Grove Resort Ave #1110

Four Corners, FL 34787

$185,000D+

2 bd · 2.0 ba · 1,265 sqft · Built 2016 · Condo · Active · 221 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,365/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$805
• Vac / Maint / Mgmt: −$497
• Net cashflow: $-215/mo
• Annual: $-2,582/yr
• Cap rate: 4.90%
• Cash-on-cash: -4.98%
• DSCR: 0.78
• 1% rule: 1.28%
• Cash to close: $51,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $185k. Condition is rated excellent.
• At list price, monthly cash flow is $-215 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (16.8% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 221 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (16.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.
• 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: Keenes Crossing Elementary (math 79% / reading 82%, grade A+, #104 of 2,144 statewide, top 5%, 1,000 students, 22% FRL); Bridgewater Middle (math 68% / reading 70%, grade A, #68 of 571 statewide, top 12%, 1,210 students, 18% FRL); West Orange High (math 30% / reading 60%, grade D-, #228 of 667 statewide, top 35%, 2,816 students, 34% FRL) — zoned schools average 25% FRL vs 56% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 65% at this address vs 48% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Orange average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 34% of rent.
• Market conditions: Rents rising (+1.1%/yr); 2340 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 55d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 4.9% vs local median 3.2% in Four Corners — 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.

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 221 days. Have you received any prior offers? Is the seller open to a 17% 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.
• 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?
• 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?