102 Rum Run Unit 37-102

Four Corners, FL 33897

$215,000D+

3 bd · 2.0 ba · 1,227 sqft · Built 2005 · Condo · Active · 119 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,248/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$596
• Vac / Maint / Mgmt: −$472
• Net cashflow: $-306/mo
• Annual: $-3,672/yr
• Cap rate: 4.58%
• Cash-on-cash: -6.10%
• DSCR: 0.73
• 1% rule: 1.05%
• Cash to close: $60,200

Investor read

• This is a 3-bed/2.0-bath condo listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $-306 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (20.6% below list).
• Meets the 1% rule at list price ($2k rent vs $215k).
• It's been on market 119 days — a 9% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $171k (20.6% below list) — sets the bar for cash-flow.
• In year one you build about $176 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: Citrus Ridge A Civics Academy (math 35% / reading 37%, grade F, #1,670 of 2,144 statewide, top 78%, 1,457 students, 48% 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).
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents soft (-2.7%/yr); 837 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts since 5y 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 $159k; 35% 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; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.6% vs local median 3.3% 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 38% 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 119 days. Have you received any prior offers? Is the seller open to a 21% 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?