738 Ridenhour Cir Unit L · Sky Lake, FL 32809

$165,000

4 bd · 2.0 ba · 820 sqft · Condo · 118 Days on market

Built 1976 $230/mo HOA · 12% of rent ↓ 6% since listing

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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 +18.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• DSCR +5.7/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW PRICE!!!!!! LOOKING FOR A GREAT LOCATION AT AN AWESOME PRICE, LOOK NO MORE! This condo could be a great start it has 4 spacious bedrooms, 2 full bathrooms. It's walking distance to the Florida Mall with lots of commercial across the community. it is gated community with a pool, some amenities. Not too far from Orlando entertainment parks, close to High Ways. This Condo is move in ready with furniture inside. 3 bedroom set, almost brand new sofa & tv, with appliances and washer/dryer included. All you have to do is bring your personal belongings! With a little TLC & a great imagination this could definitely be a great home. BUT DON'T TAKE MY WORD FOR IT COME &

Key facts

• Gated community
• Corner unit
• Move in ready

Tags

• GATED COMMUNITY
• MOVE IN READY
• CORNER UNIT

Property features AI

Finance

• Other: Furnished; Living area reported as 820 square feet; Lot about 0.1 acre (approx. 0 to less than 1/4 acre); Road surface: concrete
• Financial info: Total monthly fees $230; total annual fees $2,760; Lease restrictions apply
• HOA & community: HOA required (monthly fee: $230); Association includes management, pool, sewer and water; Association names: CARMEN SIERRA; Plaza las Fuentes Condominio; Association approval required; Community clubhouse, pool, park, community mailbox, and association recreation (lease allowed); Pets allowed; Full-time management

Exterior

• Parking: Directions provided to property (address: 738 Ridenhour Cir Unit L, Orlando, FL)
• Utilities: Public water; Public sewer; Cable available; Electricity available; Water connected; Sewer connected
• Home design: Residential condominium; One story; Second-floor unit; Unit faces west; Property completed and homesteaded
• Construction: Concrete and stucco construction; Concrete roof; Concrete perimeter foundation; Built as part of building L
• Exterior features: Exterior lighting; Sidewalk; Irrigation equipment

Interior

• Kitchen: Range; Refrigerator; Disposal
• Bedrooms: 4 bedrooms
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Living room and dining room combo
• Laundry & utility: Washer; Dryer; Inside laundry with electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 83/100 on livability (#52 in FL, #916 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities 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.
• Market conditions: Rents soft (-1.1%/yr); 127 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• This rent runs 40% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Recommended offer $150,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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.
9. 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.
10. 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: 1.16% ✓
• Cap rate: 7.34%
• Cash-on-cash: 3.74%
• DSCR: 1.17
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.50×
• Total profit: $-23,007
• Equity at exit: $24,602

10-year hold

• IRR: -12.8%
• Equity multiple: 0.37×
• Total profit: $-29,234
• Equity at exit: $14,266

Cash invested: $46,200 (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 32809

• Rents YoY: -1.1%
• Active inventory: 127
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,917 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$230
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $144

Break-even live

Break-even rent $1,735

Max offer price $165,000

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
778 Ridenhour Cir #778 Orlando, FL	4.0	2.0	820	$1,800	$2.20	4d	1	0.02mi
764 Ridenhour Cir #764 Orlando, FL	4.0	2.0	820	$1,750	$2.13	24d	1	0.02mi
801 Sky Lake Cir Orlando, FL	3.0	2.0	893	$1,500	$1.68	24d	1	0.10mi
860 Sky Lake Cir Unit C412 Orlando, FL	3.0	2.0	893	$1,750	$1.96	4d	1	0.13mi
865 Sky Lake Cir Orlando, FL	3.0	2.0	893	$1,850	$2.07	24d	1	0.13mi
860 Sky Lake Cir Orlando, FL	3.0	2.0	893	$1,850	$2.07	24d	1	0.13mi

HOA detail condo

• Monthly dues: $230 · $2,760/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $165,000 Active 118 DOM
2. 2026-06-17
   days on market $165,000 Active 117 DOM
3. 2026-06-16
   days on market $165,000 Active 116 DOM
4. 2026-06-15
   days on market $165,000 Active 115 DOM
5. 2026-06-13
   days on market $165,000 Active 113 DOM
6. 2026-06-13
   days on market $165,000 Active 112 DOM
7. 2026-06-09
   days on market $165,000 Active 109 DOM
8. 2026-06-08
   days on market $165,000 Active 108 DOM
9. 2026-06-07
   days on market $165,000 Active 107 DOM
10. 2026-06-04
    days on market $165,000 Active 104 DOM
11. 2026-06-03
    days on market $165,000 Active 103 DOM
12. 2026-06-02
    days on market $165,000 Active 102 DOM
13. 2026-06-02
    days on market $165,000 Active 101 DOM
14. 2026-05-31
    days on market $165,000 Active 100 DOM
15. 2026-05-12
    price $165,000
16. 2026-02-20
    listed $175,000 Active

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

Taxation est. · year 1

• Rental income: $23,003
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,840
• − Management: −$1,840
• − HOA: −$2,760
• − Depreciation: −$4,800
• Taxable loss: −$780
• Est. tax savings @ 24.0%: +$187
• After-tax cash flow: $1,916/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: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — Sky Lake

• Score: 83/100
• State rank: #52
• US rank: #916

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sky Lake, FL
• County: Orange County · 1,471,359 people
• City population: 29,379
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 29,237
• Household income: $57,879
• Rent vs Own: 46.9% rent · 53.1% own
• Severe rent burden: 1274.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 59% Two or more races 22% White 22% Black 13% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 20% Cuban 6% Dominican 5%
• Common ancestry: Hispanic 6% Lithuanian 1%
• Foreign-born: 35% · Canada, Jamaica, Vietnam
• Languages at home: 37% English-only · Spanish 53% French/Haitian/Cajun 7% Vietnamese 1%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -220.78%
• Current HPI: 376.9662
• Rent YoY: ▼ -1.06%
• 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

-5.7% since first listed

2 events — show timeline

• 2026-05-12 Price Changed $165,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-20 Listed $175,000 Stellar MLS as Distributed by MLS Grid