385 Lime St

Eatonville, FL 32751

$419,900D

4 bd · 2.0 ba · 1,680 sqft · Built 1989 · MultiFamily · Active · 221 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,474/mo
• Mortgage (P&I): −$2,202
• Tax + insurance: −$440
• HOA: −$0
• Vac / Maint / Mgmt: −$730
• Net cashflow: $102/mo
• Annual: $1,224/yr
• Cap rate: 6.58%
• Cash-on-cash: 1.04%
• DSCR: 1.05
• 1% rule: 0.83%
• Cash to close: $117,572

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $420k.
• At list price, monthly cash flow is $102 ($1k/yr) — positive. Per door: $51/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $347k (17.3% below list).
• It's been on market 221 days — a 12% lower offer ($370k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $347k (17.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#721 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A-; Watch: crime F, amenities F, employment 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: Hungerford Elementary (math 27% / reading 27%, grade F, #1,969 of 2,144 statewide, top 94%, 271 students, 74% FRL); Maitland Middle (math 62% / reading 61%, grade B+, #124 of 571 statewide, top 22%, 800 students, 47% FRL); Edgewater High (math 14% / reading 46%, grade F, #441 of 667 statewide, top 67%, 2,059 students, 52% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: Rents rising (+1.9%/yr); 200 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 4 sale attempts since 10y ago 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.
• Current owner paid $80k; list at $420k implies a 425% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 44% of the median local income ($95k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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?
• 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?