1905 Virginia Ave

Eustis, FL 32726

$227,000D+

3 bd · 1.5 ba · 1,066 sqft · Built 1983 · SingleFamily · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,856/mo
• Mortgage (P&I): −$1,190
• Tax + insurance: −$233
• HOA: −$0
• Vac / Maint / Mgmt: −$390
• Net cashflow: $43/mo
• Annual: $519/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.82%
• DSCR: 1.04
• 1% rule: 0.82%
• Cash to close: $63,560

Investor read

• This is a 3-bed/1.5-bath single-family listed at $227k.
• At list price, monthly cash flow is $43 ($519/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (18.2% below list).
• It's been on market 93 days — a 9% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (18.2% 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 $7k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#309 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, 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: Eustis Heights Elementary School (math 49% / reading 42%, grade D-, #1,247 of 2,144 statewide, top 59%, 676 students, 69% FRL); Eustis Middle School (math 45% / reading 41%, grade D-, #331 of 571 statewide, top 59%, 824 students, 57% FRL); Eustis High School (math 33% / reading 40%, grade F, #351 of 667 statewide, top 54%, 1,368 students, 45% FRL).
• Market conditions: Rents rising (+3.2%/yr); 311 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 7y ago; this cycle's ask has dropped $13k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $227k implies a 62% 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 6.5% vs local median 4.5% in Eustis — 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.
• This rent runs 35% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.