1924 Highland Ridge Ct Unit 11B

Ensley, FL 32534

$227,900D

3 bd · 2.5 ba · 1,543 sqft · Built 2026 · Condo · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,851/mo
• Mortgage (P&I): −$1,195
• Tax + insurance: −$380
• HOA: −$83
• Vac / Maint / Mgmt: −$389
• Net cashflow: $-196/mo
• Annual: $-2,352/yr
• Cap rate: 5.26%
• Cash-on-cash: -3.69%
• DSCR: 0.84
• 1% rule: 0.81%
• Cash to close: $63,812

Investor read

• This is a 3-bed/2.5-bath condo listed at $228k. Condition is rated excellent.
• At list price, monthly cash flow is $-196 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (18.8% below list).
• It's been on market 147 days — a 12% lower offer ($201k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (18.8% 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 $7k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#133 in FL, #1,996 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, employment D.
• Escambia (suburban): math 40% / reading 45% proficiency, ranked #56 of 73 in FL (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pine Meadow Elementary School (math 59% / reading 65%, grade B, #608 of 2,144 statewide, top 29%, 710 students, 51% FRL); J. M. Tate Senior High School (math 42% / reading 52%, grade D-, #207 of 667 statewide, top 32%, 2,110 students, 44% FRL).
• Zoned-school proficiency averages 54% at this address vs 42% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Escambia average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.6%/yr); 152 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 38% of the median local income ($59k/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 147 days. Have you received any prior offers? Is the seller open to a 19% 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?