41 Fairway Ct #41

DeLand, FL 32724

$135,000D

2 bd · 1.5 ba · 930 sqft · Built 1976 · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,472/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$250
• Vac / Maint / Mgmt: −$309
• Net cashflow: $-20/mo
• Annual: $-240/yr
• Cap rate: 6.11%
• Cash-on-cash: -0.64%
• DSCR: 0.97
• 1% rule: 1.09%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.5-bath condo listed at $135k. Condition is rated good.
• At list price, monthly cash flow is $-20 ($-240/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (2.1% below list).
• Meets the 1% rule at list price ($1k rent vs $135k).
• It's been on market 38 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#498 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime B; Watch: amenities F, commute F, health & safety D-.
• 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.
• Zoned schools: Blue Lake Elementary School (math 30% / reading 30%, grade F, #1,882 of 2,144 statewide, top 88%, 520 students, 75% FRL); Deland Middle School (math 38% / reading 43%, grade F, #360 of 571 statewide, top 64%, 1,074 students, 61% FRL); Deland High School (math 26% / reading 45%, grade F, #367 of 667 statewide, top 57%, 2,926 students, 50% FRL).
• Market conditions: Rents rising (+2.8%/yr); 669 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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.
• 2 sale attempts since 6y 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1976 — 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 D-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?