9000 US Hwy 192 #407

Four Corners, FL 34714

$64,900B

1 bd · 1.0 ba · 360 sqft · Built 1978 · Condo · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,378/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$123
• HOA: −$256
• Vac / Maint / Mgmt: −$289
• Net cashflow: $369/mo
• Annual: $4,426/yr
• Cap rate: 13.11%
• Cash-on-cash: 24.36%
• DSCR: 2.08
• 1% rule: 2.12%
• Cash to close: $18,172

Investor read

• This is a 1-bed/1.0-bath condo listed at $65k.
• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 97 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (9.0% below list) — sets the bar for market timing.
• In year one you build about $235 of equity ($449 loan paydown + $-214 appreciation (-0.3% local appreciation)).
• Location reads 69/100 on livability (#453 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: schools F, amenities F, health & safety F.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents falling (-3.5%/yr); 716 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 16y 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 $33k; list at $65k implies a 97% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.3% appreciation + 0.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.1% vs local median 3.2% in Four Corners — 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 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?