508 Banyon Tree Cir #202 · Casselberry, FL 32751

$107,000

2 bd · 2.0 ba · 1,206 sqft · Condo public records · 1 Days on market

Built 1973 $470/mo HOA · 27% of rent

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Schools +5.1/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful condo located in the desirable Carrington Park community! This well-maintained unit offers a spacious layout, comfortable living spaces, and a great location close to shopping, restaurants, major highways, and UCF. Community amenities include multiple swimming pools, fitness center, playground, and more. Great opportunity for homeowners or investors alike!

Key facts

• Fitness center
• Playground
• $470 HOA

Tags

• MULTIPLE SWIMMING POOLS
• FITNESS CENTER
• PLAYGROUND

Property features AI

Finance

• Other: Unfurnished unit
• Financial info: Total monthly HOA fees approx. $470.13; total annual fees approx. $5,641.56; Lease restrictions apply
• HOA & community: HOA required; monthly association fee approximately $470.13; Association fee includes pest control, water and sewer; Association approval required; Community amenities include fitness center and pool; Pets allowed (cats and dogs) with limits

Exterior

• Utilities: Public water; Public sewer; Cable connected; High-speed internet available; Electricity connected; Water connected; Sewer connected
• Home design: Residential condominium; Second-floor unit (Unit 202 in Building 18); Unit faces west; One living level; 2 total stories in building
• Construction: Block, brick and concrete construction; Shingle roof; Slab/other foundation; Built on a 0.02-acre (approx.) lot
• Exterior features: Balcony; Asphalt road access

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heat; Central air
• Interior features: Ceiling fans; Living room / dining room combo; Five total rooms
• Laundry & utility: Washer; Dryer; Laundry located in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $107k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• Cap rate 7.8% vs local median 4.1% in Casselberry — 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.

Location & tenants

• Location reads 73/100 on livability (#314 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime C-, employment C-, amenities F.
• 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.
• Market conditions: Rents rising (+1.9%/yr); 197 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $740 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Seminole County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y 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 $53k; list at $107k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• 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.

Recommended offer $107,000

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -9.7%
• Equity multiple: 0.65×
• Total profit: $-10,435
• Equity at exit: $15,954

10-year hold

• IRR: -2.5%
• Equity multiple: 0.84×
• Total profit: $-4,699
• Equity at exit: $9,251

Cash invested: $29,960 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32751

• Rents YoY: 1.9%
• Active inventory: 197
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,773 high
• Mortgage (P&I): −$561
• Tax from tax record: −$191 /mo · $2,287/yr
• Insurance: −$45
• HOA: −$470
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $134

Break-even live

Break-even rent $1,603

Max offer price $107,000

Occupancy floor 87%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $26,750
• Closing costs: $3,210
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2075 Howell Branch Rd Unit 1UNIT 101 Maitland, FL	2.0	1.0	875	$1,450	$1.66	3d	1	0.03mi
2075 Howell Branch Rd Unit 101 Maitland, FL	2.0	1.0	875	$1,450	$1.66	4d	1	0.03mi
2458 Grand Teton Cir Unit 1 Winter Park, FL	3.0	2.0	1457	$2,250	$1.54	24d	1	0.19mi
472 Banyon Tree Cir Maitland, FL	1.0	1.0	759	$1,150	$1.52	20d	1	0.20mi
2890 Red Lion Sq Winter Park, FL	1.0–2.0	1.0–2.0	765	$1,819	$2.38	2d	12	0.21mi
2500 Howell Branch Rd Winter Park, FL	1.0–3.0	1.0–2.0	920	$1,530	$1.66	1d	35	0.32mi
1699 Semoran North Cir Winter Park, FL	1.0–3.0	1.0–2.0	1064	$1,844	$1.73	5d	21	0.60mi
1166 Carmel Cir #100 Casselberry, FL	3.0	2.0	1443	$2,200	$1.52	24d	1	0.76mi
2242 King Johns Ct Winter Park, FL	3.0	2.0	1470	$2,395	$1.63	16d	1	0.81mi
2304 Inagua Way Unit 2304 Winter Park, FL	2.0	1.0	854	$1,750	$2.05	5d	1	0.82mi
2304 Inagua Way Winter Park, FL	2.0	1.0	854	$1,750	$2.05	15d	1	0.82mi
1167 Calle del Rey Unit A Casselberry, FL	1.0	1.0	781	$1,250	$1.60	24d	1	0.90mi
3254 Howell Branch Rd Winter Park, FL	2.0	2.0	964	$1,749	$1.81	24d	1	0.91mi
3254 Howell Branch Rd Winter Park, FL	2.0	2.0	964	$1,600	$1.66	5d	1	0.91mi
1177 Paseo del Mar Unit C Casselberry, FL	2.0	2.0	1040	$1,950	$1.88	17d	1	0.92mi
1157 Calle del Norte Unit B Casselberry, FL	1.0	1.0	751	$1,175	$1.56	5d	1	0.93mi
1160 Calle del Norte Unit C Casselberry, FL	2.0	2.0	1040	$1,650	$1.59	24d	1	0.93mi
2015 New Stonecastle Ter Winter Park, FL	1.0–3.0	1.0–2.0	1045	$1,630	$1.56	2d	19	0.93mi
2523 Alexa Ct Winter Park, FL	2.0	1.5	825	$1,600	$1.94	24d	1	0.97mi
1540 Oneco Ave Winter Park, FL	3.0	2.0	1441	$2,500	$1.73	3d	1	0.99mi
303 Sandlewood Trl #2 Winter Park, FL	2.0	2.5	960	$1,825	$1.90	24d	1	1.00mi
3059 Autumn Ct Winter Park, FL	3.0	2.0	1266	$1,900	$1.50	17d	1	1.00mi
2700 Tortoise Cv Winter Park, FL	3.0	2.0	1083	$2,095	$1.93	3d	1	1.07mi
1166 Pointe Newport Ter Casselberry, FL	1.0–3.0	1.0–2.0	961	$1,768	$1.84	5d	16	1.07mi
1803 Pineview Cir Winter Park, FL	2.0	1.0	1029	$1,975	$1.92	24d	1	1.13mi
2617 Eastbrook Blvd Winter Park, FL	1.0–2.0	1.0	875	$1,300	$1.49	24d	2	1.16mi
117 Georgetown Dr Unit C Casselberry, FL	2.0	2.0	1095	$1,550	$1.42	24d	1	1.18mi
2610 Eastbrook Blvd Unit 216 Winter Park, FL	2.0	1.0	850	$1,300	$1.53	24d	1	1.19mi
602 Desoto Dr Casselberry, FL	3.0	2.0	1405	$2,500	$1.78	5d	1	1.22mi
3449 Allston Ln Winter Park, FL	3.0	2.5	1482	$2,350	$1.59	22d	1	1.30mi
202 Esplanade Way Unit Esplanade Way-202 Casselberry, FL	1.0	1.0	722	$1,200	$1.66	24d	1	1.36mi
800 Semoran Park Dr Winter Park, FL	1.0–2.0	1.0–2.0	880	$1,667	$1.89	2d	6	1.42mi
3250 Bishop Park Dr Winter Park, FL	1.0–2.0	1.0–2.0	880	$2,117	$2.41	2d	17	1.48mi
1124 Shoreview Cir Casselberry, FL	1.0–3.0	1.0–2.0	1068	$2,280	$2.13	2d	23	1.49mi
1671 Dale Ave Winter Park, FL	2.0	1.0	1131	$2,250	$1.99	18d	1	1.50mi

HOA detail condo

• Monthly dues: $470 · $5,640/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-05-14
   status Pending
2. 2026-05-13
   listed $107,000 Active
3. 2026-01-30
   status Active
4. 2026-01-30
   historical
5. 2026-01-22
   status Pending
6. 2026-01-15
   listed $125,000 Active
7. 2026-01-08
   historical
8. 2025-12-29
   listed $185,000 Active
9. 2025-09-22
   price $185,000
10. 2009-01-07
    historical
11. 2008-12-22
    listed $75,000
12. 2008-11-07
    soldstatus $53,000
13. 2008-10-03
    listed $54,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,287 · $191/mo
• Projected year-2 tax: $2,287 · $191/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,278
• − Mortgage interest: −$5,994
• − Property taxes: −$2,287
• − Insurance: −$535
• − Repairs & maintenance: −$1,702
• − Management: −$1,702
• − HOA: −$5,640
• − Depreciation: −$3,113
• Taxable income: $305
• Est. tax owed @ 24.0%: −$73
• After-tax cash flow: $1,541/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Seminole
• NCES district ID: 1201710
• Math proficiency: 57% ▼ -7.00%
• Reading proficiency: 61% ▼ -1.00%
• Median HH income: $58,478
• Composite: 51.05/100
• National rank: #1769
• State rank: #13 of 73 in FL

Livability — Casselberry

• Score: 73/100
• State rank: #314
• US rank: #5320

Category grades

Amenities F Commute F Cost of living A+ Crime C- Employment C- Housing A+ Health & safety A- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Casselberry, FL
• County: Orange County · 1,471,359 people
• City population: 45,584
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 22,103
• Household income: $95,387
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 950.0

Population outlook (Seminole County) Hauer SSP2

• Today (2025): 515,494 people
• By 2030: 545,713 · +5.9%
• By 2040: 598,068 · +16.0%
• By 2050: 640,663 · +24.3%
• By 2075: 724,461 · +40.5%
• By 2100: 755,530 · +46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 15% Black 13% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 6% Cuban 1% Dominican 1%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 12% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Seminole

• 2024 margin: Toss-up / Even · D 47.6% · R 51.1% · Other 1.3%
• 2008→2024 swing: -0.8pp no change · 2008: -2.8pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.8 2016: R+1.6 2012: R+6.5 2008: R+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -342.25%
• Current HPI: 316.2808
• Rent YoY: ▲ 1.86%
• Metro: Orlando-Kissimmee-Sanford, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+94.9% since first listed

13 events — show timeline

• 2026-05-14 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-13 Listed $107,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-30 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-01-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-01-22 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-01-15 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-08 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-12-29 Listed $185,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $185,000 Stellar MLS as Distributed by MLS Grid
• 2009-01-07 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-12-22 Listed $75,000 Stellar MLS as Distributed by MLS Grid
• 2008-11-07 Sold (MLS) $53,000 Stellar MLS as Distributed by MLS Grid
• 2008-10-03 Listed $54,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+9.8%/yr

Latest (2025): $2,287 · -0.4% YoY. Source: county tax records.