613 E San Sebastian Ct #1

Altamonte Springs, FL 32714

$117,500D

1 bd · 1.0 ba · 774 sqft · Built 1979 · Condo · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,434/mo
• Mortgage (P&I): −$616
• Tax + insurance: −$196
• HOA: −$367
• Vac / Maint / Mgmt: −$301
• Net cashflow: $-46/mo
• Annual: $-552/yr
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• 1% rule: 1.22%
• Cash to close: $32,900

Investor read

• This is a 1-bed/1.0-bath condo listed at $118k. Condition is rated fair.
• At list price, monthly cash flow is $-46 ($-552/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (5.7% below list).
• Meets the 1% rule at list price ($1k rent vs $118k).
• It's been on market 61 days — a 6% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $812 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#62 in FL, #1,095 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D+, amenities D-.
• Seminole (suburban): math 57% / reading 61% proficiency, ranked #13 of 73 in FL (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Forest City Elementary School (math 54% / reading 60%, grade C+, #781 of 2,144 statewide, top 38%, 793 students, 75% FRL); Teague Middle School (math 54% / reading 50%, grade C+, #217 of 571 statewide, top 40%, 1,206 students, 62% FRL); Lake Brantley High School (math 38% / reading 56%, grade D-, #207 of 667 statewide, top 32%, 2,719 students, 46% FRL) — zoned schools average 61% FRL vs 38% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents soft (-0.8%/yr); 259 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).
• Seminole County population projected at +24% 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; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 3.3% in Altamonte Springs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1979 — 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.

Repairs flagged (vision-AI assessment)

• Major: Landscaping — Overgrown grass and bushes need trimming and planting
• Major: Landscaping — Overgrown grass and bushes need trimming and planting