1678 Ridgemoor Dr

Mascotte, FL 34753

$389,900C

5 bd · 2.5 ba · 3,072 sqft · Built 2005 · SingleFamily · Pending · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,021/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$367
• HOA: −$29
• Vac / Maint / Mgmt: −$634
• Net cashflow: $-55/mo
• Annual: $-657/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.60%
• DSCR: 0.97
• 1% rule: 0.77%
• Cash to close: $109,172

Investor read

• This is a 5-bed/2.5-bath single-family listed at $390k.
• At list price, monthly cash flow is $-55 ($-657/yr) — negative.
• To cash-flow at today's rent, offer at most $380k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $302k (22.5% below list).
• It's been on market 101 days — a 9% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $302k (22.5% below list) — sets the bar for 1% rule.
• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#405 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools 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.
• Market conditions: 98 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 since 9y 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 $317k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $109k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 4→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 4.8% in Mascotte — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 43% of the median local income ($84k/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 101 days. Have you received any prior offers? Is the seller open to a 23% 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?
• 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.
• 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?
• 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.