2535 N Alafaya Trl #66 · University, FL 32826

$150,000

2 bd · 1.0 ba · 850 sqft · Condo public records · 114 Days on market

Built 1973 $250/mo HOA · 16% of rent ↓ 9% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• DSCR +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +1.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced to sell!!! Great for first time home buyers or investors. Wood flooring throught, close to UCF. Hurry before before its gone. * * PQ Letter or Proof of Funds & COPY of Deposit Check MUST Accompany Offers. Special Addenda Required. All Offers to be Su bmitted on an As-Is FAR/BAR. Buyer to verify all home square feet and lot sizes. If exact square footage is a concern, the property should be independently measured. * *

Key facts

• Custom cabinetry
• Screened lanai
• Move in ready

Tags

• MOVE IN READY
• PRIME LOCATION
• STAINLESS STEEL APPLIANCES
• CUSTOM CABINETRY
• BUTCHER BLOCK COUNTERTOPS
• SCREENED LANAI

Property features AI

Finance

• Other: No lease restrictions reported
• Financial info: Total monthly fees $250; total annual fees $3,000
• HOA & community: Monthly HOA/condo fee of $250 (includes pool); Association name: Barry Watson; Pets allowed (weight limit effectively unrestricted)

Exterior

• Utilities: Public water; Public sewer; Electricity connected
• Home design: Condominium; Residential property; 2 total stories; Second-floor unit; South-facing
• Construction: Block construction; Shingle roof; Block foundation; Built as part of building number 66
• Exterior features: Storage

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: No laundry in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-5 ($-64/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (0.6% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 3.8% in University — 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.

Location & tenants

• Location reads 85/100 on livability (#28 in FL, #603 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverdale Elementary (math 48% / reading 53%, grade D+, #1,055 of 2,144 statewide, top 50%, 595 students, 71% FRL); Corner Lake Middle (math 42% / reading 47%, grade D, #320 of 571 statewide, top 57%, 841 students, 54% FRL); University High (math 25% / reading 57%, grade F, #289 of 667 statewide, top 44%, 2,555 students, 45% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: Rents falling (-4.0%/yr); 105 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $31k; list at $150k implies a 382% gain — meaningful room to come down on a strong offer.

Recommended offer $136,500 (9.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.6%
• Equity multiple: 0.31×
• Total profit: $-29,066
• Equity at exit: $22,365

10-year hold

• IRR: -24.8%
• Equity multiple: -0.02×
• Total profit: $-42,797
• Equity at exit: $12,969

Cash invested: $42,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32826

• Home prices YoY: -17.0%
• Rents YoY: -4.0%
• Active inventory: 105
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$787
• Tax from tax record: −$137 /mo · $1,642/yr
• Insurance: −$62
• HOA: −$250
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-5

Break-even live

Break-even rent $1,564

Max offer price $149,055

Occupancy floor 95%

Sensitivity live

Price	-10% $80	-5% $37	+0% $-5	+5% $-48	+10% $-90
Rent	-10% $-128	-5% $-67	+0% $-5	+5% $56	+10% $118
Rate	-1.0pp $70	-0.5pp $33	base $-5	+0.5pp $-44	+1.0pp $-84

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2521 N Alafaya Trl #37 Orlando, FL	2.0	1.0	850	$1,420	$1.67	25d	1	0.02mi
2519 N Alafaya Trl #34 Orlando, FL	2.0	1.0	850	$1,450	$1.71	25d	1	0.02mi
2547 N Alafaya Trl #92 Orlando, FL	2.0	1.0	850	$1,380	$1.62	9d	1	0.02mi
2533 N Alafaya Trl #62 Orlando, FL	2.0	1.0	850	$1,295	$1.52	19d	1	0.03mi
2515 N Alafaya Trl Orlando, FL	2.0	1.0	850	$1,295	$1.52	23d	1	0.04mi
2549 N Alafaya Trl Orlando, FL	2.0	1.0	850	$1,200	$1.41	6d	1	0.05mi
2557 N Alafaya Trl #110 Orlando, FL	2.0	1.0	900	$1,295	$1.44	19d	1	0.05mi
2507 N Alafaya Trl #12 Orlando, FL	2.0	1.0	850	$1,300	$1.53	22d	1	0.07mi
2509 N Alafaya Trl #16 Orlando, FL	2.0	1.0	850	$1,495	$1.76	25d	1	0.08mi
2505 N Alafaya Trl #8 Orlando, FL	2.0	1.0	850	$1,395	$1.64	25d	1	0.08mi
2505 N Alafaya Trl Orlando, FL	2.0	1.0	850	$1,395	$1.64	25d	1	0.08mi
2565 N Alafaya Trl Orlando, FL	2.0	1.0	850	$1,495	$1.76	25d	1	0.08mi
12222 Fox Hound Ln Orlando, FL	2.0	2.0	1060	$1,900	$1.79	5d	1	0.11mi
12216 Fox Hound Ln Orlando, FL	2.0	2.0	1048	$1,650	$1.57	23d	1	0.12mi
12216 Fox Hound Ln Orlando, FL	2.0	2.0	1048	$1,650	$1.57	0d	1	0.12mi
12352 Fox Hound Ct Orlando, FL	2.0	1.5	1006	$1,600	$1.59	9d	1	0.14mi
2720 Gray Fox Ln Orlando, FL	2.0	1.5	992	$1,500	$1.51	23d	1	0.18mi
2724 Gray Fox Ln Orlando, FL	2.0	1.5	992	$1,500	$1.51	25d	1	0.19mi
2612 Adela Ave Unit 2612 Orlando, FL	2.0	2.0	880	$1,550	$1.76	6d	1	0.20mi
2550 N Alafaya Trl Orlando, FL	1.0–3.0	1.0–2.0	870	$1,512	$1.74	9d	4	0.21mi
2550 N Alafaya Trl Orlando, FL	1.0–3.0	1.0–2.0	870	$1,562	$1.80	0d	4	0.21mi
2643 Laser Ct Orlando, FL	2.0	2.0	1033	$1,550	$1.50	4d	1	0.26mi
2714 Adela Ave Orlando, FL	2.0	2.0	880	$1,525	$1.73	23d	1	0.28mi
12240 Eastcove Dr Orlando, FL	2.0	2.0	837	$1,599	$1.91	22d	1	0.34mi
12164 Pepperdine Pl Orlando, FL	2.0	2.0	960	$1,525	$1.59	25d	1	0.40mi
12078 Tift Cir Orlando, FL	2.0	2.5	935	$1,550	$1.66	25d	1	0.41mi
12062 Tift Cir Orlando, FL	2.0	2.5	960	$1,800	$1.88	25d	1	0.43mi
12058 Tift Cir Orlando, FL	2.0	2.5	935	$1,650	$1.76	25d	1	0.43mi
12165 Pepperdine Pl Orlando, FL	2.0	2.0	960	$1,900	$1.98	25d	1	0.43mi
12034 Tift Cir Unit 12038TIF Orlando, FL	2.0	2.0	960	$1,549	$1.61	25d	1	0.47mi
12028 Pepperdine Pl Orlando, FL	2.0	1.5	1005	$1,595	$1.59	0d	1	0.47mi
12221 E Colonial Dr Orlando, FL	2.0	1.0–2.0	804	$2,040	$2.54	0d	6	0.72mi
11640 Anjali Ct Unit 1 Orlando, FL	2.0	2.0	982	$1,649	$1.68	23d	1	0.74mi
1421 Sophie Blvd Orlando, FL	2.0	2.0	1087	$1,795	$1.65	19d	1	0.80mi
12137 Ashton Manor Way Orlando, FL	1.0–3.0	1.0–2.0	1024	$1,693	$1.65	0d	9	0.90mi
1230 Sophie Blvd Orlando, FL	2.0	2.0	1087	$1,550	$1.43	5d	1	0.98mi
1700 Woodbury Rd Orlando, FL	1.0–3.0	1.0–2.0	940	$1,692	$1.80	0d	9	1.06mi
12000 Bryonia Rd Alafaya, FL	1.0–3.0	1.0–2.0	979	$2,104	$2.15	0d	12	1.10mi
1928 Bonneville Dr Orlando, FL	2.0	2.0	1000	$1,590	$1.59	9d	1	1.15mi
1820 Bonneville Dr Unit 1820 Orlando, FL	3.0	2.5	850	$1,595	$1.88	25d	1	1.16mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-04-21
   status Active
2. 2026-04-20
   historical
3. 2026-03-03
   price $150,000
4. 2026-02-17
   price $155,000
5. 2026-02-03
   listed $160,000 Active
6. 2022-11-21
   historical
7. 2022-08-04
   listed $199,000 Active
8. 2009-04-22
   soldstatus $31,100 435-char remark

   Show marketing remark (435 chars)

   Priced to sell!!! Great for first time home buyers or investors. Wood flooring throught, close to UCF. Hurry before before its gone. * * PQ Letter or Proof of Funds & COPY of Deposit Check MUST Accompany Offers. Special Addenda Required. All Offers to be Su bmitted on an As-Is FAR/BAR. Buyer to verify all home square feet and lot sizes. If exact square footage is a concern, the property should be independently measured. * *

9. 2009-03-12
   listed $23,900 435-char remark

   Show marketing remark (435 chars)

   Priced to sell!!! Great for first time home buyers or investors. Wood flooring throught, close to UCF. Hurry before before its gone. * * PQ Letter or Proof of Funds & COPY of Deposit Check MUST Accompany Offers. Special Addenda Required. All Offers to be Su bmitted on an As-Is FAR/BAR. Buyer to verify all home square feet and lot sizes. If exact square footage is a concern, the property should be independently measured. * *

10. 2008-05-23
    historical
11. 2008-03-19
    listed $164,600

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,642 · $137/mo
• Projected year-2 tax: $1,642 · $137/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,692
• − Mortgage interest: −$8,402
• − Property taxes: −$1,642
• − Insurance: −$750
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − HOA: −$3,000
• − Depreciation: −$4,364
• Taxable loss: −$2,456
• Est. tax savings @ 24.0%: +$589
• After-tax cash flow: $525/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — University

• Score: 85/100
• State rank: #28
• US rank: #603

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C Employment C+ Housing A+ Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: University, FL
• County: Orange County · 1,471,359 people
• City population: 41,570
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 29,006
• Household income: $64,755
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1705.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 48% Hispanic / Latino 34% Two or more races 19% Black 9% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 16% Cuban 6% Dominican 1%
• Common ancestry: Romanian 2% Slovak 1% Serbian 1%
• Foreign-born: 15% · Canada
• Languages at home: 70% English-only · Spanish 22% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.30%
• Current HPI: 318.563
• Rent YoY: ▼ -4.05%
• Metro: Orlando-Kissimmee-Sanford, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-8.9% since first listed

11 events — show timeline

• 2026-04-21 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-20 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $150,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $155,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-03 Listed $160,000 Stellar MLS as Distributed by MLS Grid
• 2022-11-21 Rental Removed — STELLARMLS
• 2022-08-04 Listed $199,000 Stellar MLS as Distributed by MLS Grid
• 2009-04-22 Sold (MLS) $31,100 Stellar MLS as Distributed by MLS Grid
• 2009-03-12 Listed $23,900 Stellar MLS as Distributed by MLS Grid
• 2008-05-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-03-19 Listed $164,600 Stellar MLS as Distributed by MLS Grid

Property tax history

+11.6%/yr

Latest (2025): $1,642 · +9.7% YoY. Source: county tax records.