429 Sheoah Blvd #12 · Winter Springs, FL 32708

$180,000

3 bd · 2.0 ba · 1,187 sqft · Condo public records · 84 Days on market

Built 1978 $452/mo HOA · 22% 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 +10.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +5.1/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bed 2 bath renovated condo in beautiful Baytree village! Great Seminole county location with great schools at an affordable price! New brick lay tile flooring throughout with the exception of the bedrooms that offer new carpet. Double sliders off the living room that open to your very own balcony! New kitchen complete with quartz counter tops and stainless-steel appliances. 3 large spacious bedrooms with one offering a renovated master bath. Renovated guest bath features custom tile work. Interior laundry stubbed out for was sink and storage closet off of balcony complete this wonderful condo!

Key facts

• $452 HOA
• Community pool
• Built 1978

Property features AI

Finance

• Other: Buyer approval required for community
• Financial info: Total annual fees: $5,425; Total monthly fees: $452.08; No lease restrictions indicated
• HOA & community: Monthly association dues (includes pool, reserves, insurance, building and grounds maintenance, management, recreational facilities); Additional monthly maintenance fee of $420; Annual association fee of $385; Association approval required; Association amenities: basketball court, pickleball court; Community features: pool, park, playground, sidewalks, street lights, community mailbox, deed restrictions, reclaimed water irrigation; Pets allowed (cats and dogs, size limit)

Exterior

• Parking: Assigned parking; Guest parking
• Utilities: Public water; Public sewer; Cable available; Electricity available; Phone available; Sprinkler (recycled); Underground utilities; Water available; Fire hydrant nearby
• Home design: Condominium; One story (unit on second floor); North-facing
• Construction: Stucco and frame construction; Shingle roof; Other roof material; Slab foundation; Built as part of Building 429
• Exterior features: Screened patio/porch; Balcony; Sidewalks; Sliding doors; Storage; Tennis courts on property

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Kitchen/family room combo; Living room/dining room combo; Open floorplan; Stone counters; Thermostat; Window treatments
• Laundry & utility: Washer (in unit); Inside laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (8.5% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $165k (8.5% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 3.6% in Winter Springs — 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 75/100 on livability (#261 in FL, #4,187 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• 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: Winter Springs Elementary School (math 41% / reading 52%, grade D-, #1,223 of 2,144 statewide, top 57%, 553 students, 79% FRL); South Seminole Middle School (math 53% / reading 50%, grade C, #232 of 571 statewide, top 41%, 995 students, 69% FRL); Winter Springs High School (math 43% / reading 55%, grade D, #193 of 667 statewide, top 29%, 2,038 students, 47% FRL) — zoned schools average 65% FRL vs 38% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 285 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $5k 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 84 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago; this cycle's ask has dropped $49k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• 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.

Recommended offer $164,737 (8.5% 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 84 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-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?
9. 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?
10. 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.
11. 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.
12. 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: 1.13% ✓
• Cap rate: 5.72%
• Cash-on-cash: -2.06%
• DSCR: 0.91
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.34×
• Total profit: $-33,171
• Equity at exit: $26,839

10-year hold

• IRR: -9.2%
• Equity multiple: 0.41×
• Total profit: $-29,773
• Equity at exit: $15,563

Cash invested: $50,400 (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 32708

• Rents YoY: 3.6%
• Active inventory: 285
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,033 high
• Mortgage (P&I): −$944
• Tax from tax record: −$221 /mo · $2,656/yr
• Insurance: −$75
• HOA: −$452
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $-86

Break-even live

Break-even rent $2,142

Max offer price $164,737

Occupancy floor 99%

Sensitivity live

Price	-10% $15	-5% $-35	+0% $-86	+5% $-137	+10% $-188
Rent	-10% $-247	-5% $-167	+0% $-86	+5% $-6	+10% $74
Rate	-1.0pp $4	-0.5pp $-41	base $-86	+0.5pp $-133	+1.0pp $-180

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
429 Sheoah Blvd #9 Winter Springs, FL	3.0	2.0	1187	$1,900	$1.60	26d	1	0.04mi
533 Moree Loop Winter Springs, FL	2.0	2.5	1452	$2,300	$1.58	26d	1	0.12mi
80 Moree Loop #9 Winter Springs, FL	3.0	2.0	1187	$1,700	$1.43	0d	1	0.14mi
300 Sheoah Blvd Winter Springs, FL	1.0–3.0	1.0–2.0	1133	$2,083	$1.84	0d	12	0.14mi
70 Moree Loop #63 Winter Springs, FL	2.0	1.5	1080	$1,400	$1.30	26d	1	0.15mi
407 Sheoah Blvd #9 Winter Springs, FL	3.0	2.5	1400	$1,750	$1.25	0d	1	0.21mi
644 Cypress Ln Winter Springs, FL	4.0	3.0	1462	$2,420	$1.66	22d	1	0.35mi
105 Keith Ct Winter Springs, FL	3.0	2.5	1457	$2,150	$1.48	5d	1	0.41mi
10 Sheoah Blvd #8 Winter Springs, FL	2.0	1.0	972	$1,650	$1.70	14d	1	0.67mi
10 N Fairfax Ave Unit 10 Winter Springs, FL	2.0	1.5	907	$1,595	$1.76	13d	1	0.70mi
114 Cory Ln Winter Springs, FL	2.0	2.0	1090	$1,395	$1.28	17d	1	0.70mi
1 Laurel Oaks Dr Winter Springs, FL	1.0–3.0	1.0–2.0	1030	$1,832	$1.78	0d	37	0.76mi
44 S Cortez Ave Winter Springs, FL	3.0	2.0	1320	$2,395	$1.81	0d	1	0.81mi
44 S Cortez Ave Winter Springs, FL	3.0	2.0	1320	$2,395	$1.81	5d	1	0.81mi
317 San Gabriel St Winter Springs, FL	3.0	2.0	1100	$1,900	$1.73	26d	1	0.83mi
542 Colonnades Cv Casselberry, FL	2.0	2.0	840	$1,775	$2.11	4d	1	0.85mi
420 San Gabriel St Winter Springs, FL	2.0	1.0	759	$1,700	$2.24	26d	1	0.88mi
945 Bryan Ct Longwood, FL	2.0	2.0	834	$1,650	$1.98	22d	1	0.91mi
137 Garden Dr Winter Springs, FL	2.0	1.5	900	$1,515	$1.68	0d	1	0.96mi
133 Garden Dr Unit 1 Winter Springs, FL	2.0	1.5	900	$1,515	$1.68	0d	1	0.96mi
133 Garden Dr Winter Springs, FL	2.0	1.5	900	$1,595	$1.77	4d	1	0.96mi
411 Edwin St Winter Springs, FL	4.0	1.0	1120	$1,749	$1.56	26d	1	0.96mi
912 Bryan Ct Longwood, FL	2.0	1.0	900	$1,675	$1.86	7d	1	0.97mi
216 Bennett St Winter Springs, FL	3.0	1.0	1120	$1,800	$1.61	26d	1	0.98mi
212 S Cortez Ave Winter Springs, FL	4.0	3.0	1300	$2,400	$1.85	7d	1	1.04mi
714 Eagle Ave Longwood, FL	3.0	2.0	1266	$2,285	$1.80	26d	1	1.10mi
1450 Sunshadow Dr Casselberry, FL	1.0–2.0	1.0–2.0	865	$1,744	$2.02	0d	10	1.11mi
109 N Alderwood St Winter Springs, FL	3.0	2.0	1458	$2,155	$1.48	17d	1	1.16mi
509 East St Longwood, FL	3.0	2.0	1215	$1,940	$1.60	26d	1	1.20mi
963 N Wayman St Longwood, FL	3.0	2.0	1352	$2,050	$1.52	7d	1	1.21mi
213 S Moss Rd Unit 213 Winter Springs, FL	2.0	1.5	930	$1,495	$1.61	24d	1	1.25mi
213 S Moss Rd Winter Springs, FL	2.0	1.5	930	$1,495	$1.61	26d	1	1.25mi
564 N Wayman St Unit 564 Longwood, FL	2.0	1.0	800	$1,600	$2.00	7d	1	1.26mi
226 Panorama Dr Winter Springs, FL	3.0	2.0	1100	$1,750	$1.59	7d	1	1.37mi
620 E Church Ave Longwood, FL	3.0	1.0	836	$1,795	$2.15	26d	1	1.39mi
118 Sundance Ct Winter Springs, FL	3.0	2.0	1161	$2,149	$1.85	0d	1	1.40mi
421 S Hawthorn Cir Winter Springs, FL	3.0	2.0	1052	$2,070	$1.97	7d	1	1.45mi
907 Tidewater Ln Longwood, FL	1.0–3.0	1.0–3.0	1301	$2,375	$1.82	0d	7	1.48mi
829 E Wildmere Ave Longwood, FL	3.0	2.0	1342	$2,000	$1.49	18d	1	1.48mi
829 E Wildmere Ave Unit 845-103 Longwood, FL	3.0	2.0	1342	$2,000	$1.49	26d	1	1.48mi

HOA detail condo

• Monthly dues: $452 · $5,424/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-05-22
   status Pending
2. 2026-05-15
   price $180,000
3. 2026-04-29
   price $198,900
4. 2026-02-27
   listed $229,000 Active
5. 2025-08-04
   historical
6. 2025-07-16
   price $199,900
7. 2025-07-03
   listed $229,000 Active
8. 2025-05-27
   listed $1,795
9. 2021-02-10
   soldstatus $129,500
10. 2021-02-05
    soldstatus $129,500 Sold 602-char remark

    Show marketing remark (602 chars)

    3 bed 2 bath renovated condo in beautiful Baytree village! Great Seminole county location with great schools at an affordable price! New brick lay tile flooring throughout with the exception of the bedrooms that offer new carpet. Double sliders off the living room that open to your very own balcony! New kitchen complete with quartz counter tops and stainless-steel appliances. 3 large spacious bedrooms with one offering a renovated master bath. Renovated guest bath features custom tile work. Interior laundry stubbed out for was sink and storage closet off of balcony complete this wonderful condo!

11. 2020-12-21
    status Pending 602-char remark

    Show marketing remark (602 chars)

    3 bed 2 bath renovated condo in beautiful Baytree village! Great Seminole county location with great schools at an affordable price! New brick lay tile flooring throughout with the exception of the bedrooms that offer new carpet. Double sliders off the living room that open to your very own balcony! New kitchen complete with quartz counter tops and stainless-steel appliances. 3 large spacious bedrooms with one offering a renovated master bath. Renovated guest bath features custom tile work. Interior laundry stubbed out for was sink and storage closet off of balcony complete this wonderful condo!

12. 2020-12-18
    status Active 602-char remark

    Show marketing remark (602 chars)

    3 bed 2 bath renovated condo in beautiful Baytree village! Great Seminole county location with great schools at an affordable price! New brick lay tile flooring throughout with the exception of the bedrooms that offer new carpet. Double sliders off the living room that open to your very own balcony! New kitchen complete with quartz counter tops and stainless-steel appliances. 3 large spacious bedrooms with one offering a renovated master bath. Renovated guest bath features custom tile work. Interior laundry stubbed out for was sink and storage closet off of balcony complete this wonderful condo!

13. 2020-12-15
    status Pending 602-char remark

    Show marketing remark (602 chars)

    3 bed 2 bath renovated condo in beautiful Baytree village! Great Seminole county location with great schools at an affordable price! New brick lay tile flooring throughout with the exception of the bedrooms that offer new carpet. Double sliders off the living room that open to your very own balcony! New kitchen complete with quartz counter tops and stainless-steel appliances. 3 large spacious bedrooms with one offering a renovated master bath. Renovated guest bath features custom tile work. Interior laundry stubbed out for was sink and storage closet off of balcony complete this wonderful condo!

14. 2020-12-11
    listed $134,900 Active 602-char remark

    Show marketing remark (602 chars)

    3 bed 2 bath renovated condo in beautiful Baytree village! Great Seminole county location with great schools at an affordable price! New brick lay tile flooring throughout with the exception of the bedrooms that offer new carpet. Double sliders off the living room that open to your very own balcony! New kitchen complete with quartz counter tops and stainless-steel appliances. 3 large spacious bedrooms with one offering a renovated master bath. Renovated guest bath features custom tile work. Interior laundry stubbed out for was sink and storage closet off of balcony complete this wonderful condo!

15. 2020-09-15
    soldstatus $80,000
16. 1994-07-26
    soldstatus $36,000
17. 1978-05-01
    soldstatus $30,900

ⓘ 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: $2,656 · $221/mo
• Projected year-2 tax: $2,656 · $221/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 8/10 Severe 7 d/yr ≥108°F today · 22 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,394
• − Mortgage interest: −$10,083
• − Property taxes: −$2,656
• − Insurance: −$900
• − Repairs & maintenance: −$1,951
• − Management: −$1,951
• − HOA: −$5,424
• − Depreciation: −$5,236
• Taxable loss: −$3,809
• Est. tax savings @ 24.0%: +$914
• After-tax cash flow: $-123/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 — Winter Springs

• Score: 75/100
• State rank: #261
• US rank: #4187

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winter Springs, FL
• County: Seminole County · 436,154 people
• City population: 48,965
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 48,965
• Household income: $93,628
• Rent vs Own: 24.8% rent · 75.2% own
• Severe rent burden: 1023.0

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: Majority White (63%)
• Race & ethnicity: White 63% Hispanic / Latino 23% Two or more races 11% Black 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 12% Cuban 2% Dominican 1%
• Common ancestry: Lithuanian 3% Slovak 3% Romanian 2%
• Foreign-born: 11% · Canada, Jamaica, Vietnam
• Languages at home: 77% English-only · Spanish 15% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -188.76%
• Current HPI: 308.2797
• Rent YoY: ▲ 3.58%
• 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

+482.5% since first listed

17 events — show timeline

• 2026-05-22 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-15 Price Changed $180,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $198,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-27 Listed $229,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-04 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-07-16 Price Changed $199,900 Stellar MLS as Distributed by MLS Grid
• 2025-07-03 Listed $229,000 Stellar MLS as Distributed by MLS Grid
• 2025-05-27 Listed for Rent $1,795 REDFIN
• 2021-02-10 Sold (Public Records) $129,500 Public Records
• 2021-02-05 Sold (MLS) $129,500 Stellar MLS as Distributed by MLS Grid
• 2020-12-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2020-12-18 Relisted — Stellar MLS as Distributed by MLS Grid
• 2020-12-15 Pending — Stellar MLS as Distributed by MLS Grid
• 2020-12-11 Listed $134,900 Stellar MLS as Distributed by MLS Grid
• 2020-09-15 Sold (Public Records) $80,000 Public Records
• 1994-07-26 Sold (Public Records) $36,000 Public Records
• 1978-05-01 Sold (Public Records) $30,900 Public Records

Property tax history

+26.3%/yr

Latest (2025): $2,656 · +9.8% YoY. Source: county tax records.