2629 Club Cir #2629

Indian Lake Estates, FL 33898

$85,000C-

1 bd · 1.0 ba · 648 sqft · Built 1965 · Condo · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,202/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$290
• Vac / Maint / Mgmt: −$252
• Net cashflow: $72/mo
• Annual: $869/yr
• Cap rate: 7.32%
• Cash-on-cash: 3.65%
• DSCR: 1.16
• 1% rule: 1.41%
• Cash to close: $23,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $85k. Condition is rated average.
• At list price, monthly cash flow is $72 ($869/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 24% of rent.
• Market conditions: 500 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — The paint appears to be slightly faded in some areas.
• Minor: Flooring — The flooring appears to have some wear and tear.
• Minor: Kitchen appliances — The kitchen appliances appear to be outdated and may need replacement.
• Minor: Bathroom fixtures — The bathroom fixtures appear to be slightly worn and may need replacement.
• Minor: Landscaping — The landscaping appears to be in need of some maintenance and may need some updates.