230 Presidents Cup Way #110

World Golf Village, FL 32092

$177,900D-

2 bd · 2.0 ba · 1,102 sqft · Built 2003 · Condo · Pending · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,888/mo
• Mortgage (P&I): −$933
• Tax + insurance: −$293
• HOA: −$405
• Vac / Maint / Mgmt: −$396
• Net cashflow: $-139/mo
• Annual: $-1,672/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.36%
• DSCR: 0.85
• 1% rule: 1.06%
• Cash to close: $49,812

Investor read

• This is a 2-bed/2.0-bath condo listed at $178k.
• At list price, monthly cash flow is $-139 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (13.8% below list).
• Meets the 1% rule at list price ($2k rent vs $178k).
• It's been on market 38 days — a 3% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (13.8% 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 78/100 on livability (#168 in FL, #2,512 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• St. Johns (rural): math 75% / reading 73% proficiency, ranked #2 of 73 in FL (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Wards Creek Elementary School (math 74% / reading 73%, grade A, #260 of 2,144 statewide, top 13%, 954 students, 19% FRL); Pacetti Bay Middle School (math 77% / reading 72%, grade A, #40 of 571 statewide, top 7%, 1,443 students, 18% FRL); Allen D Nease Senior High School (math 72% / reading 78%, grade A-, #40 of 667 statewide, top 6%, 2,214 students, 4% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents flat; 1335 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 5,575 units permitted in St. Johns County in 2024 (584 in 5+ unit buildings).
• St. Johns County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 17y ago; this cycle's ask has dropped $72k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.0% in World Golf Village — 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 is only 17% of the median local income ($131k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 38 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.