6519 W Newberry Rd #204

Gainesville, FL 32605

$103,800B-

2 bd · 1.0 ba · 1,164 sqft · Built 1972 · Condo · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,782/mo
• Mortgage (P&I): −$544
• Tax + insurance: −$190
• HOA: −$402
• Vac / Maint / Mgmt: −$374
• Net cashflow: $271/mo
• Annual: $3,253/yr
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• 1% rule: 1.72%
• Cash to close: $29,064

Investor read

• This is a 2-bed/1.0-bath condo listed at $104k.
• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $104k).
• It's been on market 50 days — a 3% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $718 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#97 in FL, #1,480 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Alachua (urban): math 49% / reading 54% proficiency, ranked #30 of 73 in FL (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Myra Terwilliger Elementary School (math 28% / reading 32%, grade F, #1,882 of 2,144 statewide, top 88%, 586 students, 79% FRL); F. W. Buchholz High School (math 49% / reading 66%, grade C, #125 of 667 statewide, top 19%, 2,540 students, 36% FRL).
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising fast (+4.4%/yr); 260 active listings in the ZIP; solid renter incomes; 1,774 units permitted in Alachua County in 2024 (984 in 5+ unit buildings).
• Alachua County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 21y 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 $28k; list at $104k implies a 264% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $29k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.