1004 Gran Bahama Blvd #1004

Four Corners, FL 33897

$179,999D-

3 bd · 2.0 ba · 1,227 sqft · Built 2005 · Condo · Active · 202 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,055/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$300
• HOA: −$579
• Vac / Maint / Mgmt: −$432
• Net cashflow: $-199/mo
• Annual: $-2,392/yr
• Cap rate: 4.96%
• Cash-on-cash: -4.75%
• DSCR: 0.79
• 1% rule: 1.14%
• Cash to close: $50,400

Investor read

• This is a 3-bed/2.0-bath condo listed at $180k.
• At list price, monthly cash flow is $-199 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (16.0% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 202 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (16.0% below list) — sets the bar for cash-flow.
• In year one you build about $148 of equity ($1k loan paydown + $-1k appreciation (-0.6% 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); Ridge Community High School (math 12% / reading 33%, grade F, #539 of 667 statewide, top 81%, 2,711 students, 48% FRL).
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents soft (-2.7%/yr); 648 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 16y ago; this cycle's ask has dropped $85k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $180k implies a 112% gain — meaningful room to come down on a strong offer.
• 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 5.0% 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.
• This rent runs 35% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 202 days. Have you received any prior offers? Is the seller open to a 16% 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?