708 N Saint Clair Abrams Ave

Tavares, FL 32778

$319,000B+

4 bd · 2.0 ba · 2,108 sqft · Built 1949 · MultiFamily · Active · 266 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,290/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$485
• HOA: −$0
• Vac / Maint / Mgmt: −$1,741
• Net cashflow: $4,392/mo
• Annual: $52,700/yr
• Cap rate: 22.81%
• Cash-on-cash: 59.00%
• DSCR: 3.63
• 1% rule: 2.60%
• Cash to close: $89,320

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $319k. Condition is rated fair.
• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $319k).
• It's been on market 266 days — a 12% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#220 in FL, #3,464 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Lake (suburban): math 49% / reading 50% proficiency, ranked #37 of 73 in FL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tavares Elementary School (math 49% / reading 45%, grade D-, #1,191 of 2,144 statewide, top 57%, 875 students, 61% FRL); Tavares Middle School (math 43% / reading 40%, grade F, #348 of 571 statewide, top 62%, 1,070 students, 58% FRL); Tavares High School (math 32% / reading 40%, grade F, #359 of 667 statewide, top 55%, 1,507 students, 45% FRL).
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.0%/yr); 767 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 55d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $156k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170k; list at $319k implies a 88% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $89k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.8% vs local median 4.2% in Tavares — 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.

Questions for listing agent

• It's been on market 266 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Weathered and in need of replacement
• Major: Windows — Appears old and possibly leaking
• Major: HVAC/mechanicals — No photos, but likely outdated and inefficient