9000 US Highway 192 #38

Four Corners, FL 34714

$170,000D

2 bd · 1.0 ba · 408 sqft · Built 1994 · Condo · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,555/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$135
• HOA: −$256
• Vac / Maint / Mgmt: −$327
• Net cashflow: $-53/mo
• Annual: $-642/yr
• Cap rate: 5.92%
• Cash-on-cash: -1.35%
• DSCR: 0.94
• 1% rule: 0.91%
• Cash to close: $47,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $170k.
• At list price, monthly cash flow is $-53 ($-642/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (8.5% below list).
• It's been on market 90 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (8.5% below list) — sets the bar for 1% rule.
• In year one you build about $614 of equity ($1k loan paydown + $-561 appreciation (-0.3% local appreciation)).
• Location reads 69/100 on livability (#453 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: amenities F, health & safety F.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Loughman Oaks Elementary School (math 36% / reading 36%, grade F, #1,670 of 2,144 statewide, top 78%, 1,052 students, 37% FRL); Lake Alfred Polytech Academy (math 41% / reading 43%, grade D-, #340 of 571 statewide, top 61%, 645 students, 59% FRL); Davenport High School (2,333 students, 37% FRL) — zoned schools average 44% FRL vs 60% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents falling (-3.5%/yr); 729 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 12y 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 $116k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.2% in Four Corners — 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?
• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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 F-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?