14774 Congress St

Alafaya, FL 32826

$299,000D

4 bd · 2.0 ba · 1,782 sqft · Built 1990 · Manufactured · Active · 205 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,602/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$385
• HOA: −$0
• Vac / Maint / Mgmt: −$546
• Net cashflow: $102/mo
• Annual: $1,225/yr
• Cap rate: 6.70%
• Cash-on-cash: 1.46%
• DSCR: 1.07
• 1% rule: 0.87%
• Cash to close: $83,720

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $299k.
• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $260k (13.0% below list).
• It's been on market 205 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $260k (13.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#60 in FL, #1,076 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: cost of living C-.
• 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: Bonneville Elementary (math 46% / reading 42%, grade F, #1,330 of 2,144 statewide, top 63%, 430 students, 66% FRL); Corner Lake Middle (math 42% / reading 47%, grade D, #320 of 571 statewide, top 57%, 841 students, 54% FRL); East River High (math 27% / reading 47%, grade F, #340 of 667 statewide, top 52%, 2,050 students, 45% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: Rents falling (-4.0%/yr); 105 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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.
• 13 sale attempts since 13y ago; this cycle's ask has dropped $26k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; list at $299k implies a 62% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 3.4% in Alafaya — 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.
• At $2,602/mo this rent would consume 48% of the median local household income ($65k/yr) (locally 1705% 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 205 days. Have you received any prior offers? Is the seller open to a 13% 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 D-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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.