1695 Lee Rd Unit E103 · Winter Park, FL 32789

$134,900

2 bd · 1.0 ba · 881 sqft · Condo public records · 78 Days on market

Built 1966 $482/mo HOA · 25% of rent ↓ 4% since listing

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Why this score? — see what drove the C- 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 +18.4/30.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

One or more photo(s) has been virtually staged. One or more photo(s) has been virtually staged. Waterfall Cove, where urban convenience meets tranquil living. This charming 2-bedroom, 1-bathroom condo offers a cozy retreat with all the perks of modern living. Located in the heart of Orlando, this condo is perfect for those looking for a blend of city life and natural beauty. As you step into the condo, you're greeted by a bright and spacious living area, perfect for relaxing or entertaining guests. The kitchen features modern new (2025) appliances and ample storage space, making cooking a breeze. The bedrooms are spacious and plenty of natural light, creating a peaceful ambiance. One of the

Key facts

• Close to parks
• Fitness center
• Community pool

Tags

• WATERFALL FEATURE
• COMMUNITY POOL
• FITNESS CENTER
• CLOSE TO PARKS
• CLOSE TO ROLLINS COLLEGE
• PROXIMITY TO STARBUCKS

Property features AI

Finance

• Other: Unfurnished; No lease restrictions reported
• Financial info: Total monthly fees: $482; Total annual fees: $5,784
• HOA & community: Zeal Community HOA; monthly fee of $482; Association approval required; buyer approval required; HOA covers pool, common area taxes, insurance, maintenance (structure & grounds), management, pest control, trash, escrow reserves fund, fidelity bond; Community amenities include clubhouse, pool, playground, storage, community mailbox, deed restrictions

Exterior

• Parking: Assigned parking
• Utilities: Public sewer; Water connected; Sewer connected; No water source specified
• Home design: Condominium (attached); One story; Faces south; Completed condition
• Construction: Block and vinyl siding construction; Concrete roof; Slab foundation; Built as part of Waterfall Cove (Building E)
• Exterior features: Patio; Vinyl and wood fencing; Mature landscaping with trees

Interior

• Kitchen: Convection oven; Dishwasher; Ice maker; Microwave; Refrigerator; Solid surface counters; Solid wood cabinets; Exhaust fan
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Exhaust fan; Central air conditioning
• Interior features: Ceiling fans; Living room / dining room combo; Solid surface counters; Solid wood cabinets; Thermostat; Walk-in closet(s); Sliding doors; Inside utility room
• Laundry & utility: Inside laundry (washer and dryer included); Inside utility room; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 1.8% in Winter Park — 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 83/100 on livability (#44 in FL, #852 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: cost of living F.
• 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: Hungerford Elementary (math 27% / reading 27%, grade F, #1,969 of 2,144 statewide, top 94%, 271 students, 74% FRL); Edgewater High (math 14% / reading 46%, grade F, #441 of 667 statewide, top 67%, 2,059 students, 52% FRL).
• Zoned-school proficiency averages 28% at this address vs 48% district-wide (-20 pts) — the specific schools serving this property underperform the Orange average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.2%/yr); 339 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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 78 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $126,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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.
9. 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.
10. 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: 1.45% ✓
• Cap rate: 7.41%
• Cash-on-cash: 3.99%
• DSCR: 1.18
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.22% rent growth · sell at horizon

5-year hold

• IRR: -12.8%
• Equity multiple: 0.55×
• Total profit: $-16,985
• Equity at exit: $20,114

10-year hold

• IRR: -7.9%
• Equity multiple: 0.55×
• Total profit: $-16,809
• Equity at exit: $11,664

Cash invested: $37,772 (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 32789

• Rents YoY: 1.2%
• Active inventory: 339
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,960 high
• Mortgage (P&I): −$707
• Tax from tax record: −$177 /mo · $2,127/yr
• Insurance: −$56
• HOA: −$482
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $125

Break-even live

Break-even rent $1,801

Max offer price $134,900

Occupancy floor 89%

Sensitivity live

Price	-10% $202	-5% $164	+0% $125	+5% $87	+10% $49
Rent	-10% $-29	-5% $48	+0% $125	+5% $203	+10% $280
Rate	-1.0pp $193	-0.5pp $160	base $125	+0.5pp $91	+1.0pp $55

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1695 Lee Rd Winter Park, FL	1.0–2.0	1.0	759	$1,595	$2.10	3d	6	0.05mi
1701 Lee Rd Winter Park, FL	3.0	1.0–2.0	813	$1,828	$2.25	3d	18	0.15mi
1305 Morgan Stanley Ave Winter Park, FL	3.0	1.0–3.0	1102	$3,202	$2.90	3d	23	0.33mi
1550 Gay Rd Winter Park, FL	1.0	1.0	490	$1,448	$2.96	8d	4	0.47mi
1500 Gay Rd Unit Chateaux du Lac Winter Park, FL	2.0	2.0	1026	$1,850	$1.80	24d	1	0.55mi
100 Boucle Jeanne Cir Maitland, FL	1.0–3.0	1.0–2.0	1125	$3,162	$2.81	3d	9	0.59mi
520 N Orlando Ave Winter Park, FL	1.0	1.0	759	$1,675	$2.21	24d	1	0.65mi
2500 Lee Rd Winter Park, FL	1.0–2.0	1.0–2.0	800	$1,495	$1.87	24d	2	0.65mi
2500 Lee Rd Winter Park, FL	1.0–2.0	1.0–2.0	800	$1,495	$1.87	8d	3	0.65mi
200 S West St Maitland, FL	1.0–2.0	1.0	720	$1,395	$1.94	4d	1	0.65mi
304 Lake Ave Maitland, FL	1.0–3.0	1.0–3.0	1046	$2,391	$2.28	4d	20	0.66mi
151 N Orlando Ave Winter Park, FL	2.0–3.0	1.0–2.0	1134	$2,500	$2.20	5d	3	0.74mi
830 Carver St Winter Park, FL	3.0	1.0	1038	$1,995	$1.92	14d	1	0.79mi
921 S Orlando Ave Maitland, FL	1.0–3.0	1.0–2.0	1184	$2,300	$1.94	3d	40	0.85mi
940 W Canton Ave Winter Park, FL	1.0	1.0	758	$2,506	$3.31	3d	3	0.85mi
662 Callahan St Unit 1545989P Winter Park, FL	2.0	1.0	882	$2,097	$2.38	17d	1	0.92mi
301 Clark St Unit 2 Eatonville, FL	2.0	1.0	1100	$1,575	$1.43	22d	1	0.97mi
301 Clark St Maitland, FL	1.0	1.0	540	$1,099	$2.04	24d	1	0.97mi
503 Kilshore Ln Winter Park, FL	2.0	1.0	1125	$2,250	$2.00	18d	1	0.99mi
360 Eaton St Maitland, FL	3.0	1.0	962	$1,500	$1.56	24d	1	0.99mi
620 Lake Catherine Dr Unit A Maitland, FL	2.0	1.0	690	$2,800	$4.06	24d	1	1.02mi
2326 Wellington Blvd Winter Park, FL	1.0	1.0	755	$1,024	$1.36	24d	1	1.05mi
821 Mulberry St Unit D Maitland, FL	2.0	1.0	920	$2,000	$2.17	24d	1	1.06mi
118 Eaton St Unit 4 Eatonville, FL	1.0	1.0	600	$1,050	$1.75	8d	1	1.09mi
114 Eaton St Unit 3 Eatonville, FL	2.0	1.0	750	$1,190	$1.59	3d	1	1.10mi
1820 Rogers Ave Unit B 1 Maitland, FL	2.0	1.0	800	$1,300	$1.62	14d	1	1.11mi
853 W Lyman Ave Winter Park, FL	3.0	1.0	820	$3,300	$4.02	24d	1	1.13mi
190 Ventris Ave W Maitland, FL	2.0	1.0	770	$1,550	$2.01	15d	1	1.14mi
712 Nicolet Ave Winter Park, FL	1.0	1.0	740	$1,628	$2.20	5d	5	1.15mi
31 Bel Air St Maitland, FL	3.0	1.5	1015	$2,400	$2.36	18d	1	1.16mi
741 Clay St Winter Park, FL	2.0	1.0–2.0	860	$2,880	$3.35	3d	17	1.16mi
731 W Comstock Ave Winter Park, FL	3.0	1.5	1024	$1,950	$1.90	24d	1	1.25mi
4418 Eli St Orlando, FL	2.0	1.0	825	$1,600	$1.94	24d	1	1.32mi
1555 Michigan Ave Winter Park, FL	1.0	1.0	800	$1,450	$1.81	24d	1	1.33mi
540 W Comstock Ave Winter Park, FL	3.0	1.0	1056	$2,900	$2.75	22d	1	1.35mi
5003 Adanson St Orlando, FL	2.0	2.0	875	$2,500	$2.86	24d	1	1.36mi
430 E Packwood Ave Maitland, FL	1.0–3.0	1.0–2.0	1130	$2,100	$1.86	3d	13	1.40mi

HOA detail condo

• Monthly dues: $482 · $5,784/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-21
   days on market $134,900 Active 78 DOM
2. 2026-06-18
   days on market $134,900 Active 75 DOM
3. 2026-06-17
   days on market $134,900 Active 74 DOM
4. 2026-06-16
   days on market $134,900 Active 73 DOM
5. 2026-06-15
   days on market $134,900 Active 72 DOM
6. 2026-06-13
   days on market $134,900 Active 70 DOM
7. 2026-06-13
   days on market $134,900 Active 69 DOM
8. 2026-06-09
   days on market $134,900 Active 66 DOM
9. 2026-06-08
   days on market $134,900 Active 65 DOM
10. 2026-06-07
    days on market $134,900 Active 64 DOM
11. 2026-06-04
    days on market $134,900 Active 61 DOM
12. 2026-06-03
    days on market $134,900 Active 60 DOM
13. 2026-06-02
    days on market $134,900 Active 59 DOM
14. 2026-06-02
    days on market $134,900 Active 58 DOM
15. 2026-05-31
    days on market $134,900 Active 57 DOM
16. 2026-05-24
    price $134,900
17. 2026-05-21
    price $137,900
18. 2026-04-11
    status Active
19. 2026-03-27
    listed $139,990 Active
20. 2025-08-01
    historical $1,800
21. 2025-07-31
    historical
22. 2025-07-16
    price $149,900
23. 2025-06-30
    price $154,900
24. 2025-06-28
    price $153,850
25. 2025-06-18
    price $154,900
26. 2025-06-03
    price $1,800
27. 2025-06-02
    price $159,900
28. 2025-05-20
    listed $1,900
29. 2025-05-20
    price $164,900
30. 2025-05-20
    price $167,300
31. 2025-05-09
    price $169,100
32. 2025-04-22
    price $169,000
33. 2025-04-10
    price $174,900
34. 2025-02-21
    listed $179,900 Active
35. 2024-04-25
    historical
36. 2024-04-11
    price $185,900
37. 2024-03-06
    listed $189,900 Active
38. 2022-10-27
    soldstatus $140,000

ⓘ 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: $2,127 · $177/mo
• Projected year-2 tax: $2,127 · $177/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: $23,520
• − Mortgage interest: −$7,556
• − Property taxes: −$2,127
• − Insurance: −$674
• − Repairs & maintenance: −$1,882
• − Management: −$1,882
• − HOA: −$5,784
• − Depreciation: −$3,924
• Taxable loss: −$310
• Est. tax savings @ 24.0%: +$74
• After-tax cash flow: $1,580/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 — Winter Park

• Score: 83/100
• State rank: #44
• US rank: #852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winter Park, FL
• County: Orange County · 1,471,359 people
• City population: 80,764
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 27,788
• Household income: $106,671
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 1178.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 13% Two or more races 10% Asian 5% Black 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Cuban 3%
• Common ancestry: Slovak 4% Romanian 3% Italian 3%
• Foreign-born: 12% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 9% Other Indo-European 3% German/W. Germanic 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: ▼ -1111.99%
• Current HPI: 342.0935
• Rent YoY: ▲ 1.22%
• 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

-3.6% since first listed

23 events — show timeline

• 2026-05-24 Price Changed $134,900 Stellar MLS as Distributed by MLS Grid
• 2026-05-21 Price Changed $137,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-11 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-27 Listed $139,990 Stellar MLS as Distributed by MLS Grid
• 2025-08-01 Rental Removed $1,800 STELLARMLS
• 2025-07-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-07-16 Price Changed $149,900 Stellar MLS as Distributed by MLS Grid
• 2025-06-30 Price Changed $154,900 Stellar MLS as Distributed by MLS Grid
• 2025-06-28 Price Changed $153,850 Stellar MLS as Distributed by MLS Grid
• 2025-06-18 Price Changed $154,900 Stellar MLS as Distributed by MLS Grid
• 2025-06-03 Price Changed $1,800 STELLARMLS
• 2025-06-02 Price Changed $159,900 Stellar MLS as Distributed by MLS Grid
• 2025-05-20 Listed for Rent $1,900 STELLARMLS
• 2025-05-20 Price Changed $164,900 Stellar MLS as Distributed by MLS Grid
• 2025-05-20 Price Changed $167,300 Stellar MLS as Distributed by MLS Grid
• 2025-05-09 Price Changed $169,100 Stellar MLS as Distributed by MLS Grid
• 2025-04-22 Price Changed $169,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-10 Price Changed $174,900 Stellar MLS as Distributed by MLS Grid
• 2025-02-21 Listed $179,900 Stellar MLS as Distributed by MLS Grid
• 2024-04-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-04-11 Price Changed $185,900 Stellar MLS as Distributed by MLS Grid
• 2024-03-06 Listed $189,900 Stellar MLS as Distributed by MLS Grid
• 2022-10-27 Sold (Public Records) $140,000 Public Records

Property tax history

+12.7%/yr

Latest (2025): $2,127 · +3.4% YoY. Source: county tax records.