101-103 Jasmine Ct

Lake Placid, FL 33852

$295,000C+

4 bd · 2.0 ba · 1,808 sqft · Built 1962 · MultiFamily · Active · 181 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,021/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$492
• HOA: −$0
• Vac / Maint / Mgmt: −$634
• Net cashflow: $348/mo
• Annual: $4,175/yr
• Cap rate: 7.71%
• Cash-on-cash: 5.05%
• DSCR: 1.22
• 1% rule: 1.02%
• Cash to close: $82,600

Investor read

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $295k. Condition is rated good.
• At list price, monthly cash flow is $348 ($4k/yr) — positive. Per door: $174/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).
• It's been on market 181 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $260k (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 $9k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#525 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Highlands (other): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lake Country Elementary School (math 57% / reading 54%, grade C, #855 of 2,144 statewide, top 41%, 685 students, 73% FRL); Lake Placid Middle School (math 42% / reading 33%, grade F, #395 of 571 statewide, top 70%, 621 students, 75% FRL); Lake Placid High School (math 36% / reading 35%, grade F, #367 of 667 statewide, top 57%, 868 students, 66% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: Rents flat; 2010 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 4.2% in Lake Placid — 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 per unit runs 33% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?