757 Midway Dr Unit B

Silver Springs Shores, FL 34472

$99,900C+

1 bd · 1.0 ba · 756 sqft · Built 1975 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,304/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$127
• HOA: −$236
• Vac / Maint / Mgmt: −$274
• Net cashflow: $143/mo
• Annual: $1,716/yr
• Cap rate: 8.01%
• Cash-on-cash: 6.13%
• DSCR: 1.27
• 1% rule: 1.30%
• Cash to close: $27,972

Investor read

• This is a 1-bed/1.0-bath condo listed at $100k.
• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 99 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($691 loan paydown + $6k appreciation (5.9% local appreciation)).
• Location reads 68/100 on livability (#527 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime C-, employment D, amenities F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Greenway Elementary School (math 33% / reading 35%, grade F, #1,744 of 2,144 statewide, top 82%, 736 students, 67% FRL); Lake Weir Middle School (math 37% / reading 33%, grade F, #416 of 571 statewide, top 74%, 1,207 students, 76% FRL); Lake Weir High School (math 23% / reading 34%, grade F, #458 of 667 statewide, top 69%, 1,483 students, 68% FRL).
• Market conditions: Rents flat; 683 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 19 sale attempts since 17y 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 $50k; list at $100k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (5.9% appreciation + 0.2% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.0% vs local median 4.7% in Silver Springs Shores — 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

• It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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.
• 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.