4304 London Town Rd Unit D224

Mims, FL 32796

$139,000C+

2 bd · 2.0 ba · 1,056 sqft · Built 1971 · Condo · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,957/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$168
• HOA: −$327
• Vac / Maint / Mgmt: −$411
• Net cashflow: $321/mo
• Annual: $3,856/yr
• Cap rate: 9.07%
• Cash-on-cash: 9.91%
• DSCR: 1.44
• 1% rule: 1.41%
• Cash to close: $38,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $139k.
• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• It's been on market 43 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#765 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Brevard (suburban): math 53% / reading 57% proficiency, ranked #19 of 73 in FL (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mims Elementary School (math 42% / reading 47%, grade F, #1,288 of 2,144 statewide, top 62%, 462 students, 80% FRL); James Madison Middle School (math 39% / reading 39%, grade F, #381 of 571 statewide, top 67%, 446 students, 65% FRL); Astronaut High School (math 25% / reading 43%, grade F, #394 of 667 statewide, top 60%, 1,112 students, 51% FRL) — zoned schools average 65% FRL vs 43% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 39% at this address vs 55% district-wide (-16 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 256 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts 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 $110k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; 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 35% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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?
• 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?
• 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.