3013 Glin Cir

Ormond Beach, FL 32174

$315,000D

3 bd · 2.0 ba · 1,684 sqft · Built 2005 · SingleFamily · Pending · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,314/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$312
• HOA: −$243
• Vac / Maint / Mgmt: −$486
• Net cashflow: $-379/mo
• Annual: $-4,551/yr
• Cap rate: 4.85%
• Cash-on-cash: -5.16%
• DSCR: 0.77
• 1% rule: 0.73%
• Cash to close: $88,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $315k.
• At list price, monthly cash flow is $-379 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (21.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (26.6% below list).
• It's been on market 37 days — a 3% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (26.6% 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 $9k 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.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pine Trail Elementary School (math 77% / reading 72%, grade A, #230 of 2,144 statewide, top 12%, 688 students, 45% FRL); Seabreeze High School (math 31% / reading 56%, grade F, #248 of 667 statewide, top 38%, 1,654 students, 41% FRL).
• Zoned-school proficiency averages 59% at this address vs 46% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Volusia average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.6%/yr); 985 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 17y 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.
• 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 4.8% vs local median 3.9% in Ormond Beach — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 39% 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 37 days. Have you received any prior offers? Is the seller open to a 27% 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?
• 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.
• 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.