802 Crest Pines Dr #836 · Alafaya, FL 32828

$184,900

1 bd · 1.0 ba · 732 sqft · Condo public records · 16 Days on market

Built 1998 $219/mo HOA · 13% 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 +9.7/30.0
• ARV discount +7.5/15.0
• Appreciation +4.8/10.0
• 1% rule +4.1/10.0
• Schools +4.1/10.0
• Livability +4.1/5.0
• DSCR +2.7/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to 802 Crest Pines Drive, Unit 836, a move-in-ready opportunity that has been priced right and loaded with valuable updates. Featuring a 2017 HVAC system, new carpet, and fresh interior paint, this home offers peace of mind and a clean, modern feel from the moment you step inside. One of the property's standout features is its tranquil setting overlooking a beautiful forest of mature oak and pine trees, creating a peaceful backdrop rarely found at this price point. The spacious floor plan offers comfortable living areas, while the primary suite provides a relaxing retreat complete with a massive walk-in closet that offers an abundance of storage space. Whether you're searching for a

Key facts

• New carpet
• 2017 hvac system
• Resort-style pool

Tags

• 2017 HVAC SYSTEM
• NEW CARPET
• FRESH INTERIOR PAINT
• MASSIVE WALK-IN CLOSET
• ABUNDANCE OF STORAGE SPACE
• RESORT-STYLE POOL

Property features AI

Finance

• Other: Association name: The Crest at Waterford Lakes COA
• Financial info: Total annual association fees approximately $2,628; Lease restrictions apply
• HOA & community: Monthly HOA fee of $219; HOA covers common area taxes, pool, building and grounds maintenance, management, pest control, recreational facilities, and trash; Community amenities include clubhouse, fitness center, pool, playground, park, sidewalks, street lights, and community mailbox; Pets allowed (cats and dogs; with number limits)

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected; Cable available; Broadband/high-speed internet available
• Home design: Condominium; Unit on 3rd floor; Faces west; One level interior living
• Construction: Concrete and stucco construction; Shingle roof; Slab foundation; Built as part of an 8-unit building
• Exterior features: Covered, enclosed, and screened rear patio/porch; Patio; Rear porch; Balcony; Outdoor storage; Mature landscaping with oak and pine trees; Wooded setting

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Electric water heater; Exhaust fan
• Bedrooms: 1 bedroom (located on its listed level)
• Flooring: Carpet; Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; High ceilings; Kitchen/family room combo; Living room/dining room combo; Open floorplan; Solid surface counters; Solid wood cabinets; Stone counters; Thermostat; Walk-in closet(s)
• Laundry & utility: Inside laundry room with washer and dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (11.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (8.9% below list).
• Recommended offer: $163k (11.7% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 3.4% in Alafaya — 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 82/100 on livability (#60 in FL, #1,076 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: cost of living C-.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waterford Elementary (math 71% / reading 70%, grade A-, #333 of 2,144 statewide, top 16%, 526 students, 42% FRL); Discovery Middle (math 61% / reading 55%, grade B, #151 of 571 statewide, top 27%, 812 students, 53% FRL); Timber Creek High (math 46% / reading 72%, grade C+, #113 of 667 statewide, top 17%, 3,573 students, 33% FRL).
• Zoned-school proficiency averages 62% at this address vs 48% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Orange average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 329 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).

Forward outlook

• In year one you build about $599 of equity ($1k loan paydown + $-679 appreciation (-0.4% local appreciation)).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.

Recommended offer $163,258 (11.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.91% ✗
• Cap rate: 5.50%
• Cash-on-cash: -2.84%
• DSCR: 0.87
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.37% appreciation · 0.82% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.62×
• Total profit: $-19,859
• Equity at exit: $50,321

10-year hold

• IRR: -4.1%
• Equity multiple: 0.61×
• Total profit: $-20,259
• Equity at exit: $57,862

Cash invested: $51,772 (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 32828

• Home prices YoY: -0.1%
• Rents YoY: 0.8%
• Active inventory: 329
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,684 high
• Mortgage (P&I): −$970
• Tax from tax record: −$187 /mo · $2,243/yr
• Insurance: −$77
• HOA: −$219
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $-123

Break-even live

Break-even rent $1,839

Max offer price $163,258

Occupancy floor —

Sensitivity live

Price	-10% $-18	-5% $-70	+0% $-123	+5% $-175	+10% $-227
Rent	-10% $-256	-5% $-189	+0% $-123	+5% $-56	+10% $11
Rate	-1.0pp $-29	-0.5pp $-75	base $-123	+0.5pp $-170	+1.0pp $-219

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12101 Fountainbrook Blvd Orlando, FL	1.0–3.0	1.0–2.0	968	$1,534	$1.58	0d	16	0.50mi
1301 Waterford Oak Dr Orlando, FL	1.0–3.0	1.0–2.0	985	$1,679	$1.70	0d	14	0.56mi
1700 Woodbury Rd Orlando, FL	1.0–3.0	1.0–2.0	940	$1,374	$1.46	0d	9	0.95mi
12000 Bryonia Rd Alafaya, FL	1.0–3.0	1.0–2.0	979	$1,684	$1.72	0d	12	0.99mi
12221 E Colonial Dr Orlando, FL	2.0	1.0–2.0	804	$1,795	$2.23	0d	6	1.22mi
13645 E Colonial Dr Orlando, FL	2.0	1.0–2.0	857	$1,885	$2.20	0d	7	1.47mi
11100 Point Sylvan Cir Orlando, FL	1.0–2.0	1.0–2.0	812	$1,634	$2.01	0d	23	1.50mi

HOA detail condo

• Monthly dues: $219 · $2,628/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-21
   days on market $184,900 Active 16 DOM
2. 2026-06-18
   days on market $184,900 Active 13 DOM
3. 2026-06-17
   days on market $184,900 Active 12 DOM
4. 2026-06-16
   days on market $184,900 Active 11 DOM
5. 2026-06-15
   days on market $184,900 Active 10 DOM
6. 2026-06-13
   days on market $184,900 Active 8 DOM
7. 2026-06-13
   days on market $184,900 Active 7 DOM
8. 2026-06-09
   days on market $184,900 Active 4 DOM
9. 2026-06-08
   days on market $184,900 Active 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $184,900 Active 2 DOM

ⓘ 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: $2,243 · $187/mo
• Projected year-2 tax: $2,243 · $187/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $20,204
• − Mortgage interest: −$10,357
• − Property taxes: −$2,243
• − Insurance: −$924
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − HOA: −$2,628
• − Depreciation: −$5,379
• Taxable loss: −$4,560
• Est. tax savings @ 24.0%: +$1,095
• After-tax cash flow: $-376/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: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — Alafaya

• Score: 82/100
• State rank: #60
• US rank: #1076

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alafaya, FL
• County: Orange County · 1,471,359 people
• City population: 131,972
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 69,202
• Household income: $101,767
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 2213.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 42% Hispanic / Latino 37% Two or more races 23% Black 9% Asian 7%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Cuban 4% Dominican 3%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 20% · Canada, Jamaica, Vietnam
• Languages at home: 63% English-only · Spanish 27% Other Indo-European 3% Arabic 1%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.37%
• Current HPI: 284.5182
• Rent YoY: ▲ 0.82%
• 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

1 event — show timeline

• 2026-06-05 Listed $184,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2025): $2,243 · +4.1% YoY. Source: county tax records.