519 Midway Dr Unit A

Silver Springs Shores, FL 34472

$145,000D

2 bd · 1.5 ba · 1,054 sqft · Built 1972 · Condo · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,415/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$200
• HOA: −$345
• Vac / Maint / Mgmt: −$297
• Net cashflow: $-187/mo
• Annual: $-2,247/yr
• Cap rate: 4.74%
• Cash-on-cash: -5.53%
• DSCR: 0.75
• 1% rule: 0.98%
• Cash to close: $40,600

Investor read

• This is a 2-bed/1.5-bath condo listed at $145k.
• At list price, monthly cash flow is $-187 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (22.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (2.4% below list).
• It's been on market 21 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (22.8% below list) — sets the bar for cash-flow.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (5.9% local appreciation)).
• Location reads 68/100 on livability (#527 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime C-, employment D, schools F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents flat; 674 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 20y 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 $120k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 4, paydown + projected appreciation supports a ~$33k 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; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1972 — 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.
• Schools are F-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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?