1051 S Highland St Unit 7E

Mount Dora, FL 32757

$214,900F

2 bd · 2.0 ba · 1,071 sqft · Built 1974 · Condo · Active · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,838/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$660
• Vac / Maint / Mgmt: −$386
• Net cashflow: $-693/mo
• Annual: $-8,313/yr
• Cap rate: 2.42%
• Cash-on-cash: -13.82%
• DSCR: 0.39
• 1% rule: 0.86%
• Cash to close: $60,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $-693 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (46.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (14.5% below list).
• It's been on market 133 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (46.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 36% of rent.
• Market conditions: Rents flat; 856 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 78d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% 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.
• 3 sale attempts since 5y 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.
• Current owner paid $122k; list at $215k implies a 76% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.4% vs local median 3.2% in Mount Dora — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 133 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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?
• 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.
• 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?