611 SW 75th St #104

Gainesville, FL 32607

$92,000B-

2 bd · 2.0 ba · 1,292 sqft · Built 1973 · Condo · Pending · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,649/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$190
• HOA: −$337
• Vac / Maint / Mgmt: −$346
• Net cashflow: $294/mo
• Annual: $3,526/yr
• Cap rate: 10.13%
• Cash-on-cash: 13.69%
• DSCR: 1.61
• 1% rule: 1.79%
• Cash to close: $25,760

Investor read

• This is a 2-bed/2.0-bath condo listed at $92k.
• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• It's been on market 116 days — a 9% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#97 in FL, #1,480 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Alachua (urban): math 49% / reading 54% proficiency, ranked #30 of 73 in FL (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents flat; 245 active listings in the ZIP; 1,774 units permitted in Alachua County in 2024 (984 in 5+ unit buildings).
• Alachua County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 30y ago; this cycle's ask has dropped $7k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $92k implies a 100% gain — meaningful room to come down on a strong offer.
• This rent runs 43% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?