933 and 935 Robinhood Ct

Maitland, FL 32751

$549,000D

6 bd · 4.0 ba · 2,484 sqft · Built 1979 · MultiFamily · Active · 206 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,732/mo
• Mortgage (P&I): −$2,879
• Tax + insurance: −$860
• HOA: −$0
• Vac / Maint / Mgmt: −$994
• Net cashflow: $-1/mo
• Annual: $-8/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• 1% rule: 0.86%
• Cash to close: $153,720

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $549k.
• At list price, monthly cash flow is $-1 ($-8/yr) — negative. Per door: $0/mo.
• To cash-flow at today's rent, offer at most $549k (0.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $473k (13.8% below list).
• It's been on market 206 days — a 12% lower offer ($483k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $473k (13.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#154 in FL, #2,315 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Sybelia Elementary (math 52% / reading 47%, grade D, #1,088 of 2,144 statewide, top 53%, 468 students, 51% FRL); Maitland Middle (math 62% / reading 61%, grade B+, #124 of 571 statewide, top 22%, 800 students, 47% FRL); Edgewater High (math 14% / reading 46%, grade F, #441 of 667 statewide, top 67%, 2,059 students, 52% FRL).
• Market conditions: Rents rising (+1.9%/yr); 200 active listings in the ZIP; solid renter incomes; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $201k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $128k; list at $549k implies a 329% 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 6.3% vs local median 2.8% in Maitland — 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.
• At $4,732/mo this rent would consume 60% of the median local household income ($95k/yr) (locally 950% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 206 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?