2201 S Ridgewood Ave #28

Edgewater, FL 32141

$219,900D-

2 bd · 2.0 ba · 1,054 sqft · Built 2005 · Condo · Active · 233 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,076/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$366
• HOA: −$200
• Vac / Maint / Mgmt: −$436
• Net cashflow: $-80/mo
• Annual: $-956/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• 1% rule: 0.94%
• Cash to close: $61,572

Investor read

• This is a 2-bed/2.0-bath condo listed at $220k.
• At list price, monthly cash flow is $-80 ($-956/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (5.6% below list).
• It's been on market 233 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (12.0% 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 72/100 on livability (#329 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 304 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $220k implies a 109% 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.
• This rent runs 39% of the median local income ($64k/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 233 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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.