126 Garden Cove Ct

Orlovista, FL 32835

$229,900C+

2 bd · 2.0 ba · 1,022 sqft · Built 1986 · MultiFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,895/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$407
• HOA: −$0
• Vac / Maint / Mgmt: −$608
• Net cashflow: $674/mo
• Annual: $8,089/yr
• Cap rate: 9.81%
• Cash-on-cash: 12.57%
• DSCR: 1.56
• 1% rule: 1.26%
• Cash to close: $64,372

Investor read

• This is a 2-bed/2.0-bath multifamily listed at $230k.
• At list price, monthly cash flow is $674 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• It's been on market 64 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#268 in FL, #4,405 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, amenities F.
• 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: William Frangus Elementary (math 32% / reading 42%, grade F, #1,609 of 2,144 statewide, top 77%, 418 students, 65% FRL); Gotha Middle (math 48% / reading 52%, grade C, #254 of 571 statewide, top 45%, 1,052 students, 42% FRL); Olympia High (math 24% / reading 52%, grade F, #328 of 667 statewide, top 50%, 2,969 students, 47% FRL).
• Market conditions: Rents soft (-1.2%/yr); 381 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 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.
• 2 sale attempts 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.
• 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.
• At $2,895/mo this rent would consume 49% of the median local household income ($71k/yr) (locally 2914% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.
• 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.