417 Banana Cay Dr Unit D · South Daytona, FL 32119

$160,000

2 bd · 2.0 ba · 922 sqft · Condo public records · 940 Days on market

Built 1985 $275/mo HOA · 17% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +14.0/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated 2 bedroom 2 bath 2nd floor condominium. Back deck has been completely screened with sliding screens. New windows throughout. New HVAC. All new flooring in unit. Motivated seller! Community pool short distance from unit. Unit has inside laundry room with full size washer and dryer connections, washer and dryer convey with unit. Also enjoy amenities this community provides such as the swimming pool, playground and grassy areas between each building. Complex is close to Shopping, schools and recreation!

Key facts

• $275 HOA
• Community pool
• Built 1985

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-47 ($-565/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (1.1% below list).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#114 in FL, #1,755 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools D, employment D, commute F.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-2.0%/yr); 280 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• This rent runs 33% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 940 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago; this cycle's ask has dropped $45k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $160k implies a 644% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 940 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.52%
• DSCR: 1.02
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.25×
• Total profit: $-33,424
• Equity at exit: $23,857

10-year hold

• IRR: -29.1%
• Equity multiple: -0.12×
• Total profit: $-50,318
• Equity at exit: $13,834

Cash invested: $44,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32119

• Rents YoY: -2.0%
• Active inventory: 280
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,583 high
• Mortgage (P&I): −$839
• Tax from tax record: −$50 /mo · $602/yr
• Insurance: −$67
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$275
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-47

Break-even live

Break-even rent $1,642

Max offer price $151,675

Occupancy floor 98%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
480 Reed Canal Rd #57 South Daytona, FL	2.0	1.5	1024	$1,550	$1.51	23d	1	0.09mi
580 Reed Canal Rd South Daytona, FL	1.0	1.0	718	$1,272	$1.77	14d	2	0.15mi
301 Ridge Blvd #1020 South Daytona, FL	2.0	1.0	810	$1,375	$1.70	23d	1	0.49mi
2275 Granada Dr Unit 1 South Daytona, FL	2.0	2.0	1000	$1,600	$1.60	23d	1	0.58mi
3131 S Ridgewood Ave #203 South Daytona, FL	2.0	2.0	1013	$1,795	$1.77	14d	1	0.69mi
3230 S Ridgewood Ave South Daytona, FL	1.0–3.0	1.0–2.0	1046	$1,881	$1.80	11d	27	0.73mi
2140 S Palmetto Ave South Daytona, FL	2.0	1.5	1100	$1,499	$1.36	23d	1	0.82mi
2050 S Ridgewood Ave South Daytona, FL	1.0–2.0	1.0–1.5	818	$1,450	$1.77	23d	1	0.83mi
2002 S Palmetto Ave Unit B South Daytona, FL	1.0	1.0	625	$975	$1.56	14d	1	1.01mi
535 Olive St South Daytona, FL	2.0	1.0	1024	$1,725	$1.68	11d	1	1.15mi
1910 S Palmetto Ave South Daytona, FL	1.0	1.0	750	$1,195	$1.59	23d	1	1.15mi
201 Kost Rd South Daytona, FL	2.0	1.0	850	$1,149	$1.35	11d	2	1.19mi
205 Kost Rd South Daytona, FL	2.0	1.0	850	$1,500	$1.76	23d	1	1.19mi
1888 S Palmetto Ave South Daytona, FL	2.0	1.0	850	$1,199	$1.41	23d	1	1.21mi
1830 S Palmetto Ave Unit 4 South Daytona, FL	2.0	1.0	900	$1,450	$1.61	23d	1	1.28mi
3023 S Atlantic Ave Unit 1531031P Daytona Beach Shores, FL	2.0	2.0	1097	$4,430	$4.04	14d	1	1.40mi
3043 S Atlantic Ave #1901 Daytona Beach Shores, FL	2.0	2.0	1062	$2,450	$2.31	23d	1	1.40mi
3043 S Atlantic Ave Apt 1602 Daytona Beach Shores, FL	2.0	2.0	1028	$2,550	$2.48	23d	1	1.40mi
3013 S Atlantic Ave Unit 907 Daytona Beach, FL	2.0	2.0	1088	$2,800	$2.57	23d	1	1.40mi
2987 S Atlantic Ave #205 Daytona Beach Shores, FL	2.0	2.0	1028	$2,600	$2.53	23d	1	1.41mi
3051 S Atlantic Ave #505 Daytona Beach, FL	2.0	2.0	1058	$2,450	$2.32	11d	1	1.41mi
3051 S Atlantic Ave Unit 1 Daytona Beach Shores, FL	2.0	2.0	1072	$2,500	$2.33	23d	1	1.42mi
1739 Eastern Rd South Daytona, FL	1.0	1.0	800	$1,099	$1.37	14d	1	1.44mi
3115 S Atlantic Ave Unit 201 Daytona Beach Shores, FL	2.0	2.0	986	$2,500	$2.54	23d	1	1.45mi
900 Boulder Dr South Daytona, FL	2.0	1.0	939	$1,850	$1.97	23d	1	1.46mi
3137 S Atlantic Ave Unit 3 Daytona Beach, FL	2.0	1.0	900	$2,300	$2.56	23d	1	1.48mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $160,000 Active 940 DOM
2. 2026-06-17
   days on market $160,000 Active 939 DOM
3. 2026-06-16
   days on market $160,000 Active 938 DOM
4. 2026-06-15
   days on market $160,000 Active 937 DOM
5. 2026-06-14
   days on market $160,000 Active 935 DOM
6. 2026-06-10
   days on market $160,000 Active 932 DOM
7. 2026-06-09
   days on market $160,000 Active 931 DOM
8. 2026-06-08
   days on market $160,000 Active 930 DOM
9. 2026-06-07
   days on market $160,000 Active 929 DOM
10. 2026-06-05
    days on market $160,000 Active 926 DOM
11. 2026-06-03
    days on market $160,000 Active 925 DOM
12. 2026-06-03
    days on market $160,000 Active 924 DOM
13. 2026-06-01
    days on market $160,000 Active 923 DOM
14. 2026-05-31
    days on market $160,000 Active 922 DOM
15. 2026-05-31
    days on market $160,000 Active 921 DOM
16. 2026-04-14
    price $160,000 525-char remark

    Show marketing remark (525 chars)

    Beautifully updated 2 bedroom 2 bath 2nd floor condominium. Back deck has been completely screened with sliding screens. New windows throughout. New HVAC. All new flooring in unit. Motivated seller! Community pool short distance from unit. Unit has inside laundry room with full size washer and dryer connections, washer and dryer convey with unit. Also enjoy amenities this community provides such as the swimming pool, playground and grassy areas between each building. Complex is close to Shopping, schools and recreation!

17. 2024-06-13
    price $180,000 525-char remark

    Show marketing remark (525 chars)

    Beautifully updated 2 bedroom 2 bath 2nd floor condominium. Back deck has been completely screened with sliding screens. New windows throughout. New HVAC. All new flooring in unit. Motivated seller! Community pool short distance from unit. Unit has inside laundry room with full size washer and dryer connections, washer and dryer convey with unit. Also enjoy amenities this community provides such as the swimming pool, playground and grassy areas between each building. Complex is close to Shopping, schools and recreation!

18. 2023-11-21
    listed $205,000 Active 525-char remark

    Show marketing remark (525 chars)

    Beautifully updated 2 bedroom 2 bath 2nd floor condominium. Back deck has been completely screened with sliding screens. New windows throughout. New HVAC. All new flooring in unit. Motivated seller! Community pool short distance from unit. Unit has inside laundry room with full size washer and dryer connections, washer and dryer convey with unit. Also enjoy amenities this community provides such as the swimming pool, playground and grassy areas between each building. Complex is close to Shopping, schools and recreation!

19. 2010-06-05
    historical
20. 2010-05-04
    listed $58,000
21. 2009-12-05
    listed $58,000
22. 2009-09-11
    soldstatus $21,500
23. 2009-07-22
    listed $24,900
24. 2009-03-16
    listed $39,900
25. 2009-03-06
    listed $39,900
26. 2008-11-10
    listed $39,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $602 · $50/mo
• Projected year-2 tax: $1,328 · $111/mo
• Expected delta: +$726/yr (+$60/mo · 120.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,991
• − Mortgage interest: −$8,962
• − Property taxes: −$602
• − Insurance: −$1,598
• − Repairs & maintenance: −$1,519
• − Management: −$1,519
• − HOA: −$3,300
• − Depreciation: −$4,655
• Taxable loss: −$3,164
• Est. tax savings @ 24.0%: +$759
• After-tax cash flow: $194/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Volusia
• NCES district ID: 1201920
• Math proficiency: 44% ▼ -9.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $42,946
• Composite: 39.2/100
• National rank: #4019
• State rank: #47 of 73 in FL

Livability — South Daytona

• Score: 80/100
• State rank: #114
• US rank: #1755

Category grades

Amenities A+ Commute F Cost of living A+ Crime C+ Employment D Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Daytona, FL
• County: Volusia County · 556,871 people
• City population: 22,348
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 22,348
• Household income: $56,862
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1158.0

Population outlook (Volusia County) Hauer SSP2

• Today (2025): 572,749 people
• By 2030: 598,695 · +4.5%
• By 2040: 644,880 · +12.6%
• By 2050: 681,451 · +19.0%
• By 2075: 759,957 · +32.7%
• By 2100: 778,902 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 10% Hispanic / Latino 9% Two or more races 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, South Korea, Jamaica
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Volusia

• 2024 margin: Strong R (+21.8) · D 38.7% · R 60.5%
• 2008→2024 swing: -27.4pp toward R · 2008: 5.7pp · 2024: -21.8pp
• All cycles: 2024: R+21.8 2020: R+14.1 2016: R+13.1 2012: R+1.2 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -247.99%
• Current HPI: 309.304
• Rent YoY: ▼ -2.01%
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+301.0% since first listed

11 events — show timeline

• 2026-04-14 Price Changed $160,000 Daytona MLS
• 2024-06-13 Price Changed $180,000 Daytona MLS
• 2023-11-21 Listed $205,000 Daytona MLS
• 2010-06-05 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2010-05-04 Listed $58,000 Stellar MLS as Distributed by MLS Grid
• 2009-12-05 Listed $58,000 Daytona MLS
• 2009-09-11 Sold (MLS) $21,500 Daytona MLS
• 2009-07-22 Listed $24,900 Daytona MLS
• 2009-03-16 Listed $39,900 Daytona MLS
• 2009-03-06 Listed $39,900 Daytona MLS
• 2008-11-10 Listed $39,900 Daytona MLS

Property tax history

-0.6%/yr

Latest (2025): $602 · +1.5% YoY. Source: county tax records.