2535 N Alafaya Trl #66

University, FL 32826

$150,000D

2 bd · 1.0 ba · 850 sqft · Built 1973 · Condo · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,558/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$199
• HOA: −$250
• Vac / Maint / Mgmt: −$327
• Net cashflow: $-5/mo
• Annual: $-64/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• 1% rule: 1.04%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $150k.
• 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).
• It's been on market 114 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• 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.
• 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 23d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

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 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?