511 Flamingo Ln

Deltona, FL 32764

$122,000C-

2 bd · 2.0 ba · 784 sqft · Built 1980 · Condo · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,230/mo
• Mortgage (P&I): −$640
• Tax + insurance: −$90
• HOA: −$281
• Vac / Maint / Mgmt: −$258
• Net cashflow: $-39/mo
• Annual: $-462/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.35%
• DSCR: 0.94
• 1% rule: 1.01%
• Cash to close: $34,160

Investor read

• This is a 2-bed/2.0-bath condo listed at $122k.
• At list price, monthly cash flow is $-39 ($-462/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (5.6% below list).
• Meets the 1% rule at list price ($1k rent vs $122k).
• It's been on market 76 days — a 6% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (6.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($843 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#381 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Osteen Elementary School (math 54% / reading 56%, grade C, #872 of 2,144 statewide, top 42%, 469 students, 60% FRL); Heritage Middle School (math 38% / reading 41%, grade F, #373 of 571 statewide, top 66%, 993 students, 61% FRL); Pine Ridge High School (math 19% / reading 38%, grade F, #458 of 667 statewide, top 69%, 1,636 students, 54% FRL).
• Watch-outs: HOA is 23% of rent.
• Market conditions: 87 active listings in the ZIP; 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $7k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $122k implies a 206% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 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.