12538 Floridays Resort DR Dr Unit 201 C

Williamsburg, FL 32821

$219,900D

3 bd · 2.0 ba · 1,200 sqft · Built 2006 · Condo · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,525/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$366
• HOA: −$685
• Vac / Maint / Mgmt: −$530
• Net cashflow: $-210/mo
• Annual: $-2,516/yr
• Cap rate: 5.15%
• Cash-on-cash: -4.09%
• DSCR: 0.82
• 1% rule: 1.15%
• Cash to close: $61,572

Investor read

• This is a 3-bed/2.0-bath condo listed at $220k.
• At list price, monthly cash flow is $-210 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (13.8% below list).
• Meets the 1% rule at list price ($3k rent vs $220k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $190k (13.8% below list) — sets the bar for cash-flow.
• In year one you build about $2k of equity ($2k loan paydown + $653 appreciation (0.3% local appreciation)).
• Location reads 85/100 on livability (#29 in FL, #608 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D.
• 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: Tangelo Park Elementary (math 17% / reading 17%, grade F, #2,121 of 2,144 statewide, top 99%, 457 students, 83% FRL); Freedom Middle (math 43% / reading 43%, grade D-, #331 of 571 statewide, top 59%, 1,159 students, 44% FRL); Freedom High (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,623 students, 53% FRL) — zoned schools at 60% FRL track the district average.
• Zoned-school proficiency averages 32% at this address vs 48% district-wide (-17 pts) — the specific schools serving this property underperform the Orange average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents falling (-3.2%/yr); 281 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 8 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.
• Cap rate 5.1% vs local median 3.5% in Williamsburg — 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.
• This rent runs 44% of the median local income ($69k/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?
• 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?
• 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?
• 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.
• 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.