130 Heirloom Dr

Ormond Beach, FL 32174

$349,990D-

5 bd · 2.0 ba · 1,780 sqft · Built — · Land · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,469/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$303
• HOA: −$55
• Vac / Maint / Mgmt: −$518
• Net cashflow: $-243/mo
• Annual: $-2,917/yr
• Cap rate: 5.46%
• Cash-on-cash: -2.98%
• DSCR: 0.87
• 1% rule: 0.71%
• Cash to close: $97,997

Investor read

• This is a 5-bed/2.0-bath land listed at $350k.
• At list price, monthly cash flow is $-243 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $307k (12.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (29.5% below list).
• It's been on market 79 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $247k (29.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#55 in FL, #965 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute F.
• Flagler (rural): math 53% / reading 56% proficiency, ranked #20 of 73 in FL (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bunnell Elementary School (math 42% / reading 44%, grade F, #1,366 of 2,144 statewide, top 64%, 1,080 students, 73% FRL); Buddy Taylor Middle School (math 50% / reading 45%, grade C-, #288 of 571 statewide, top 51%, 1,343 students, 63% FRL); Flagler-Palm Coast High School (math 36% / reading 51%, grade F, #248 of 667 statewide, top 38%, 2,523 students, 52% FRL).
• Market conditions: Rents rising (+1.6%/yr); 989 active listings in the ZIP; 2,588 units permitted in Flagler County in 2024 (0 in 5+ unit buildings).
• Flagler County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Cap rate 5.5% vs local median 3.8% in Ormond Beach — 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.
• This rent runs 42% of the median local income ($71k/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 79 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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.