936 Birmingham Ct #206 · Lake Mary, FL 32746

$200,000

3 bd · 2.0 ba · 1,136 sqft · Condo public records · 245 Days on market

Built 1987 $419/mo HOA · 20% of rent

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Why this score? — see what drove the D- 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 +9.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +5.1/10.0
• Livability +4.0/5.0
• DSCR +2.8/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Short sale. Listing price is not sufficient to pay the total of all liens and costs of sale, and sale of property at full lising price will require approval of seller's lender. Great Investment! Unit is in perfect conditon and all appliances are included! Excellent tenant in place and would like to stay! Only 1 mortgage. Should not take long for approval!

Key facts

• $419 HOA
• Community pool
• Built 1987

Property features AI

Finance

• Other: Unfurnished unit
• Financial info: Total monthly fees listed as $419.17; total annual fees $5,030; Lease restrictions apply
• HOA & community: HOA required; Monthly HOA $400 plus semi-annual $115 fee; HOA covers building and grounds maintenance and pool; Association: paula Butler Sentry Mgmt; The Crossings; Community clubhouse and fitness center; Deed-restricted community; Pets allowed (up to 35 lb)

Exterior

• Parking: Condo parking (details not provided)
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Residential condominium; One story; Second-floor unit; Facing west; Completed condition; Planned unit development (PUD) zoning
• Construction: Frame construction; Shingle roof; Built on slab
• Exterior features: Balcony; Asphalt road access

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Slab foundation
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Vaulted ceilings
• Laundry & utility: Washer; Dryer; Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-127 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (11.2% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% vs local median 3.3% in Lake Mary — 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.

Location & tenants

• Location reads 80/100 on livability (#128 in FL, #1,923 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: commute F, cost of living D-.
• Seminole (suburban): math 57% / reading 61% proficiency, ranked #13 of 73 in FL (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lake Mary Elementary School (math 66% / reading 66%, grade B+, #492 of 2,144 statewide, top 23%, 927 students, 49% FRL); Lake Mary High School (math 39% / reading 58%, grade D, #198 of 667 statewide, top 30%, 2,684 students, 42% FRL).
• Market conditions: Rents rising (+1.0%/yr); 317 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Seminole County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 245 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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.
• Current owner paid $67k; list at $200k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 245 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.03% ✓
• Cap rate: 5.53%
• Cash-on-cash: -2.73%
• DSCR: 0.88
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.0% rent growth · sell at horizon

5-year hold

• IRR: -23.6%
• Equity multiple: 0.21×
• Total profit: $-44,314
• Equity at exit: $29,821

10-year hold

• IRR: -27.1%
• Equity multiple: -0.14×
• Total profit: $-63,978
• Equity at exit: $17,292

Cash invested: $56,000 (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 32746

• Home prices YoY: -21.9%
• Rents YoY: 1.0%
• Active inventory: 317
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,058 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$202 /mo · $2,422/yr
• Insurance: −$83
• HOA: −$419
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $-127

Break-even live

Break-even rent $2,219

Max offer price $177,521

Occupancy floor —

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
938 Framlingham Ct #206 Lake Mary, FL	2.0	2.0	998	$1,750	$1.75	23d	1	0.04mi
937 Birmingham Ct Lake Mary, FL	3.0	2.0	1178	$2,050	$1.74	23d	1	0.04mi
1000 Regal Pointe Ter Lake Mary, FL	1.0–4.0	1.0–2.0	1002	$2,190	$2.18	1d	21	0.30mi
163 Villa Di Este Ter #209 Lake Mary, FL	2.0	2.0	1182	$1,870	$1.58	21d	1	0.63mi
420 Sun Lake Cir Lake Mary, FL	1.0–3.0	1.0–2.0	949	$2,290	$2.41	2d	17	0.65mi
1321 Arbor Vista Loop Lake Mary, FL	1.0–2.0	1.0–2.5	1039	$1,700	$1.64	2d	2	0.76mi
1321 Arbor Vista Loop Lake Mary, FL	1.0–2.0	1.0–2.5	1096	$1,700	$1.55	23d	2	0.76mi
780 Creekwater Ter Lake Mary, FL	1.0–3.0	1.0–2.0	957	$1,930	$2.02	23d	1	0.78mi
114 Vista Verdi Cir #328 Lake Mary, FL	2.0	2.0	1398	$1,600	$1.14	23d	1	0.78mi
727 Sugar Bay Way #205 Lake Mary, FL	2.0	2.0	912	$1,650	$1.81	23d	1	0.92mi
729 Secret Harbor Ln #201 Lake Mary, FL	2.0	2.0	947	$1,700	$1.80	23d	1	1.00mi
717 Secret Harbor Ln Lake Mary, FL	2.0	2.0	954	$1,599	$1.68	4d	1	1.04mi
901 Beresford Way Lake Mary, FL	3.0	2.0	1389	$2,495	$1.80	12d	1	1.08mi
542 Queensbridge Dr Lake Mary, FL	3.0	2.0	1408	$2,395	$1.70	23d	1	1.09mi
2520 Grassy Point Dr Lake Mary, FL	3.0	2.0	1103	$1,800	$1.63	23d	1	1.11mi
2516 Grassy Point Dr #200 Lake Mary, FL	2.0	2.0	899	$2,095	$2.33	23d	1	1.14mi
2504 Grassy Point Dr #214 Lake Mary, FL	2.0	2.0	899	$1,495	$1.66	14d	1	1.17mi
2504 Grassy Point Dr #204 Lake Mary, FL	2.0	2.0	899	$1,895	$2.11	23d	1	1.17mi
252 Wheelhouse Ln Lake Mary, FL	3.0	1.0–2.0	1043	$3,237	$3.10	1d	12	1.29mi
1567 Farrindon Cir Lake Mary, FL	2.0	2.0	1234	$1,995	$1.62	23d	1	1.40mi
451 Hamptoncrest Cir #307 Lake Mary, FL	3.0	2.0	1408	$2,295	$1.63	4d	1	1.42mi

HOA detail condo

• Monthly dues: $419 · $5,028/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $200,000 Active 245 DOM
2. 2026-06-17
   days on market $200,000 Active 244 DOM
3. 2026-06-16
   days on market $200,000 Active 243 DOM
4. 2026-06-15
   days on market $200,000 Active 242 DOM
5. 2026-06-13
   days on market $200,000 Active 240 DOM
6. 2026-06-09
   days on market $200,000 Active 236 DOM
7. 2026-06-08
   days on market $200,000 Active 235 DOM
8. 2026-06-07
   days on market $200,000 Active 234 DOM
9. 2026-06-04
   days on market $200,000 Active 231 DOM
10. 2026-06-03
    days on market $200,000 Active 230 DOM
11. 2026-06-02
    days on market $200,000 Active 229 DOM
12. 2026-06-02
    days on market $200,000 Active 228 DOM
13. 2026-05-31
    days on market $200,000 Active 227 DOM
14. 2025-11-13
    price $200,000
15. 2025-10-16
    listed $205,000 Active
16. 2014-02-19
    soldstatus $66,600
17. 2012-10-15
    soldstatus $65,000
18. 2012-10-03
    soldstatus $65,000 357-char remark

    Show marketing remark (357 chars)

    Short sale. Listing price is not sufficient to pay the total of all liens and costs of sale, and sale of property at full lising price will require approval of seller's lender. Great Investment! Unit is in perfect conditon and all appliances are included! Excellent tenant in place and would like to stay! Only 1 mortgage. Should not take long for approval!

19. 2012-05-02
    listed $65,000 357-char remark

    Show marketing remark (357 chars)

    Short sale. Listing price is not sufficient to pay the total of all liens and costs of sale, and sale of property at full lising price will require approval of seller's lender. Great Investment! Unit is in perfect conditon and all appliances are included! Excellent tenant in place and would like to stay! Only 1 mortgage. Should not take long for approval!

20. 2004-12-14
    soldstatus $115,000
21. 2004-12-03
    soldstatus $115,000 489-char remark

    Show marketing remark (489 chars)

    SPARKLING CLEAN TOP-SHELF CONDO, UPDATED THROUGHOUT, VOLUME CEILINGS, FIREPLACE, NEW APPLIANCES, CERAMIC TILE, CARPETING IN BEDROOMS, NEW KITCHEN CABINETS/COUNTER TOPS. PRIME LOCATION. WILL GO FAST. NEW VERTICAL BLINDS THROUGHOUT, NEW KITCHEN CABINETS & COUNTER TOPS, NEW APPLIANCES INCL. WASHER & DRYER. RECESSED LIGHTING, EXTRA CUSTOM STORAGE, NEW CERAMIC TILE THROUGHOUT WITH NEW CARPETING IN BEDROOMS. FRESHLY PAINTED INTERIOR, BEAUTIFUL COURTYARDVIEWS. AWAITING NEW OWNER!

22. 2004-10-26
    listed $115,000 489-char remark

    Show marketing remark (489 chars)

    SPARKLING CLEAN TOP-SHELF CONDO, UPDATED THROUGHOUT, VOLUME CEILINGS, FIREPLACE, NEW APPLIANCES, CERAMIC TILE, CARPETING IN BEDROOMS, NEW KITCHEN CABINETS/COUNTER TOPS. PRIME LOCATION. WILL GO FAST. NEW VERTICAL BLINDS THROUGHOUT, NEW KITCHEN CABINETS & COUNTER TOPS, NEW APPLIANCES INCL. WASHER & DRYER. RECESSED LIGHTING, EXTRA CUSTOM STORAGE, NEW CERAMIC TILE THROUGHOUT WITH NEW CARPETING IN BEDROOMS. FRESHLY PAINTED INTERIOR, BEAUTIFUL COURTYARDVIEWS. AWAITING NEW OWNER!

23. 1999-08-05
    soldstatus $62,000
24. 1999-03-05
    soldstatus $56,000
25. 1987-07-01
    soldstatus $54,200

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

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,422 · $202/mo
• Projected year-2 tax: $2,422 · $202/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,695
• − Mortgage interest: −$11,203
• − Property taxes: −$2,422
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,976
• − Management: −$1,976
• − HOA: −$5,028
• − Depreciation: −$5,818
• Taxable loss: −$4,728
• Est. tax savings @ 24.0%: +$1,135
• After-tax cash flow: $-392/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: Seminole
• NCES district ID: 1201710
• Math proficiency: 57% ▼ -7.00%
• Reading proficiency: 61% ▼ -1.00%
• Median HH income: $58,478
• Composite: 51.05/100
• National rank: #1769
• State rank: #13 of 73 in FL

Livability — Lake Mary

• Score: 80/100
• State rank: #128
• US rank: #1923

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Seminole County · 436,154 people
• City population: 46,684
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 46,684
• Household income: $104,775
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1929.0

Population outlook (Seminole County) Hauer SSP2

• Today (2025): 515,494 people
• By 2030: 545,713 · +5.9%
• By 2040: 598,068 · +16.0%
• By 2050: 640,663 · +24.3%
• By 2075: 724,461 · +40.5%
• By 2100: 755,530 · +46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 64% Hispanic / Latino 17% Two or more races 11% Asian 9% Black 7%
• Hispanic origin (detail): Puerto Rican 7% Cuban 2% Dominican 2%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 18% · Canada, Jamaica, China
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 5% Other Asian/Pacific 1%

Political lean MEDSL · Seminole

• 2024 margin: Toss-up / Even · D 47.6% · R 51.1% · Other 1.3%
• 2008→2024 swing: -0.8pp no change · 2008: -2.8pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.8 2016: R+1.6 2012: R+6.5 2008: R+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.09%
• Current HPI: 274.7765
• Rent YoY: ▲ 1.00%
• 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

+269.0% since first listed

12 events — show timeline

• 2025-11-13 Price Changed $200,000 Stellar MLS as Distributed by MLS Grid
• 2025-10-16 Listed $205,000 Stellar MLS as Distributed by MLS Grid
• 2014-02-19 Sold (Public Records) $66,600 Public Records
• 2012-10-15 Sold (Public Records) $65,000 Public Records
• 2012-10-03 Sold (MLS) $65,000 Stellar MLS as Distributed by MLS Grid
• 2012-05-02 Listed $65,000 Stellar MLS as Distributed by MLS Grid
• 2004-12-14 Sold (Public Records) $115,000 Public Records
• 2004-12-03 Sold (MLS) $115,000 Stellar MLS as Distributed by MLS Grid
• 2004-10-26 Listed $115,000 Stellar MLS as Distributed by MLS Grid
• 1999-08-05 Sold (Public Records) $62,000 Public Records
• 1999-03-05 Sold (Public Records) $56,000 Public Records
• 1987-07-01 Sold (Public Records) $54,200 Public Records

Property tax history

+8.9%/yr

Latest (2025): $2,422 · +9.3% YoY. Source: county tax records.