Corsica Plan

Daytona Beach, FL 32124

$364,690D-

4 bd · 2.0 ba · 1,908 sqft · Built — · SingleFamily · Active · 1003 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,015/mo
• Mortgage (P&I): −$2,276
• Tax + insurance: −$875
• HOA: −$0
• Vac / Maint / Mgmt: −$633
• Net cashflow: $-769/mo
• Annual: $-9,229/yr
• Cap rate: 4.59%
• Cash-on-cash: -6.09%
• DSCR: 0.73
• 1% rule: 0.69%
• Cash to close: $121,517

Investor read

• This is a 4-bed/2.0-bath single-family listed at $365k. Condition is rated good.
• At list price, monthly cash flow is $-769 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $323k (11.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $302k (17.3% below list).
• It's been on market 1003 days — a 12% lower offer ($321k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $302k (17.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#46 in FL, #867 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D-.
• 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: Champion Elementary School (math 39% / reading 44%, grade F, #1,437 of 2,144 statewide, top 68%, 584 students, 70% FRL); David C. Hinson Sr. Middle School (math 52% / reading 49%, grade C, #246 of 571 statewide, top 44%, 950 students, 52% FRL); Mainland High School (math 30% / reading 37%, grade F, #400 of 667 statewide, top 61%, 1,855 students, 64% FRL).
• Watch-outs: flood insurance adds $152/mo.
• Market conditions: Rents rising fast (+5.5%/yr); 397 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 42d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 79% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.6% vs local median 3.7% in Daytona Beach — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 39% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1003 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?
• 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.