22004 Belgian Ct

Mount Dora, FL 32757

$289,900D-

3 bd · 2.0 ba · 1,437 sqft · Built 2013 · SingleFamily · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,357/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$445
• HOA: −$475
• Vac / Maint / Mgmt: −$495
• Net cashflow: $-578/mo
• Annual: $-6,933/yr
• Cap rate: 3.90%
• Cash-on-cash: -8.54%
• DSCR: 0.62
• 1% rule: 0.81%
• Cash to close: $81,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $290k. Condition is rated fair.
• At list price, monthly cash flow is $-578 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (35.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (18.7% below list).
• It's been on market 47 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (35.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#244 in FL, #3,860 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A, housing A-; Watch: employment D+, amenities F, commute F.
• Lake (suburban): math 49% / reading 50% proficiency, ranked #37 of 73 in FL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Round Lake Elementary School (math 76% / reading 71%, grade A, #260 of 2,144 statewide, top 13%, 1,194 students, 31% FRL, charter); Mt. Dora Middle School (math 45% / reading 45%, grade D, #310 of 571 statewide, top 56%, 846 students, 48% FRL); Mt. Dora High School (math 32% / reading 46%, grade F, #312 of 667 statewide, top 48%, 1,334 students, 38% FRL).
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents flat; 942 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 76d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• Lake County population projected at +37% 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.
• Current owner paid $204k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.9% vs local median 3.1% in Mount Dora — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 37% of the median local income ($77k/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 47 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Landscaping — Some overgrown areas need trimming
• Minor: Landscaping — Some overgrown areas need trimming