6337 Parc Corniche Dr Dr #2111

Williamsburg, FL 32821

$85,000B

2 bd · 2.0 ba · 806 sqft · Built 2025 · Condo · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,126/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$858
• Vac / Maint / Mgmt: −$447
• Net cashflow: $234/mo
• Annual: $2,814/yr
• Cap rate: 9.60%
• Cash-on-cash: 11.82%
• DSCR: 1.53
• 1% rule: 2.50%
• Cash to close: $23,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $85k. Condition is rated fair.
• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• It's been on market 62 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• In year one you build about $840 of equity ($588 loan paydown + $252 appreciation (0.3% local appreciation)).
• Location reads 85/100 on livability (#29 in FL, #608 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D.
• 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: Sunshine Elementary (math 41% / reading 43%, grade F, #1,403 of 2,144 statewide, top 67%, 949 students, 41% FRL); Freedom Middle (math 43% / reading 43%, grade D-, #331 of 571 statewide, top 59%, 1,159 students, 44% FRL); Freedom High (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,623 students, 53% FRL).
• Watch-outs: HOA is 40% of rent.
• Market conditions: Rents falling (-3.2%/yr); 281 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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.
• 3 sale attempts since 15y ago 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.
• Current owner paid $64k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.3% appreciation + 0.0% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 3.5% in Williamsburg — 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.
• This rent runs 37% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering
• Major: interior walls — Peeling paint
• Major: flooring — Worn carpet