36114 Citrus Blvd

Eustis, FL 32735

$22,000D+

2 bd · 2.0 ba · 784 sqft · Built 1981 · Other · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,299/mo
• Mortgage (P&I): −$115
• Tax + insurance: −$37
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $874/mo
• Annual: $10,490/yr
• Cap rate: 53.98%
• Cash-on-cash: 170.29%
• DSCR: 8.58
• 1% rule: 5.90%
• Cash to close: $6,160

Investor read

• This is a 2-bed/2.0-bath other listed at $22k.
• At list price, monthly cash flow is $874 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• It's been on market 40 days — a 3% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $21k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $152 of loan paydown is wiped out by about $660 of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#309 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, schools D+, amenities 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.
• Market conditions: 77 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 54.0% vs local median 4.5% in Eustis — 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 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.