486 N Pin Oak Pl #206

Wekiwa Springs, FL 32779

$159,000D

2 bd · 1.0 ba · 969 sqft · Built 1991 · Condo · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,838/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$252
• HOA: −$412
• Vac / Maint / Mgmt: −$386
• Net cashflow: $-45/mo
• Annual: $-545/yr
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• 1% rule: 1.16%
• Cash to close: $44,520

Investor read

• This is a 2-bed/1.0-bath condo listed at $159k.
• At list price, monthly cash flow is $-45 ($-545/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (5.0% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $151k (5.0% below list) — sets the bar for cash-flow.
• 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.
• Location reads 75/100 on livability (#264 in FL, #4,232 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F, commute F.
• 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: Sabal Point Elementary School (math 81% / reading 81%, grade A+, #95 of 2,144 statewide, top 5%, 886 students, 34% FRL); Rock Lake Middle School (math 72% / reading 63%, grade A-, #77 of 571 statewide, top 14%, 933 students, 33% FRL); Lyman High School (math 36% / reading 50%, grade F, #255 of 667 statewide, top 39%, 2,084 students, 53% FRL) — zoned schools at 40% FRL track the district average.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents soft (-0.6%/yr); 223 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• 4 sale attempts since 9y 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 $85k; list at $159k implies a 87% 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.9% in Wekiwa 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?
• 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.
• 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 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.