22 Windtree Ln #203 · Winter Garden, FL 34787

$169,900

2 bd · 2.0 ba · 918 sqft · Condo · 158 Days on market

Built 1983 Good condition $300/mo HOA · 17% of rent ↓ 14% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Condition / age +3.8/5.0
• DSCR +3.6/10.0
• Rent growth +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

THE BEST VALUE IN WINTER GARDEN | NEW ROOF | MOVE-IN READY. OWNER IS READY TO MAKE A DEAL! Stop your search at the LOWEST-PRICED, MOVE-IN-READY home in one of Central Florida’s most coveted zip codes. This solid BLOCK-STRUCTURE residence at 22 Windtree Ln #203 features a BRAND-NEW ROOF and unbeatable proximity to the magic of DOWNTOWN WINTER GARDEN. Just minutes from your front door, you can explore the boutiques of PLANT STREET, grab a craft brew at CROOKED CAN, or enjoy the famous weekly FARMERS MARKET. For the outdoor enthusiast, IMMEDIATE ACCESS to the WEST ORANGE TRAIL offers miles of scenic biking and jogging, while nearby LAKE APOPKA provides stunning sunsets. Whether you&rsq

Key facts

• Outdoor pool
• Solid wood cabinets
• Custom granite

Tags

• COMMUNITY POOL
• LARGE BALCONY
• CUSTOM LANDSCAPING
• SOLID WOOD CABINETS
• CUSTOM GRANITE
• OUTDOOR POOL

Property features AI

Finance

• Other: Homestead exemption indicated; Irrigation equipment on property
• Financial info: Total monthly fees $305; total annual fees $3,660; Lease restrictions apply
• HOA & community: Monthly HOA fee of $305; Association name: Zeal Community/Michael; Association approval required; HOA includes pool, maintenance (structure & grounds), recreational facilities, and sewer; Community amenities: pool, basketball court, park, community mailbox, sidewalks; Pets allowed (max ~35 lbs)

Exterior

• Parking: Public paved road access
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Sewer connected
• Home design: Residential condominium, attached; One story; Unit on 2nd floor; Faces east
• Construction: Block construction; Membrane roof; Block foundation; Building/complex identified as Building C
• Exterior features: Front porch; Balcony; Exterior lighting; Sidewalks; Oak trees; Public maintained asphalt/paved road

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Living room/dining room combo; Open floorplan; Solid surface and stone counters; Inside utility
• Laundry & utility: Washer and dryer; Laundry closet; Inside utility

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-38 ($-455/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (3.2% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 2.9% in Winter Garden — 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.

Location & tenants

• Location reads 84/100 on livability (#41 in FL, #804 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William S Maxey Elementary (math 57% / reading 52%, grade C, #892 of 2,144 statewide, top 44%, 468 students, 62% FRL); Lakeview Middle (math 49% / reading 49%, grade C-, #265 of 571 statewide, top 48%, 843 students, 48% FRL); West Orange High (math 30% / reading 60%, grade D-, #228 of 667 statewide, top 35%, 2,816 students, 34% FRL).
• Market conditions: Rents rising (+1.1%/yr); 1605 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $50k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 6.03%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.13% rent growth · sell at horizon

5-year hold

• IRR: -20.4%
• Equity multiple: 0.30×
• Total profit: $-33,090
• Equity at exit: $25,333

10-year hold

• IRR: -19.5%
• Equity multiple: 0.07×
• Total profit: $-44,333
• Equity at exit: $14,690

Cash invested: $47,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 34787

• Rents YoY: 1.1%
• Active inventory: 1605
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,818 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$300
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $-38

Break-even live

Break-even rent $1,866

Max offer price $164,419

Occupancy floor 97%

Sensitivity live

Price	-10% $80	-5% $21	+0% $-38	+5% $-97	+10% $-155
Rent	-10% $-182	-5% $-110	+0% $-38	+5% $34	+10% $106
Rate	-1.0pp $48	-0.5pp $5	base $-38	+0.5pp $-82	+1.0pp $-127

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Windtree Ln Unit 202 Winter Garden, FL	2.0	2.0	918	$1,520	$1.66	0d	1	0.04mi
80 Windtree Ln Unit 203 Winter Garden, FL	2.0	2.0	918	$1,650	$1.80	26d	1	0.11mi
126 Windtree Ln Winter Garden, FL	2.0	2.0	918	$1,550	$1.69	20d	1	0.16mi
126 Windtree Ln Winter Garden, FL	2.0	2.0	918	$1,700	$1.85	24d	1	0.16mi
119 Windtree Ln Winter Garden, FL	2.0	2.0	958	$1,695	$1.77	26d	1	0.18mi
88 Windtree Ln Unit K Winter Garden, FL	2.0	2.0	918	$1,450	$1.58	4d	1	0.19mi
165 Windtree Ln Winter Garden, FL	2.0	2.0	918	$1,700	$1.85	26d	1	0.20mi
165 Windtree Ln Unit U Winter Garden, FL	2.0	2.0	918	$1,750	$1.91	26d	1	0.23mi
1240 Winter Garden Vineland Rd Winter Garden, FL	1.0–3.0	1.0–2.0	875	$1,853	$2.12	0d	22	0.52mi
1205 S Park Ave Winter Garden, FL	2.0	1.5	1120	$1,850	$1.65	4d	1	0.63mi
417 Southern Pecan Cir #207 Winter Garden, FL	1.0	1.0	942	$1,750	$1.86	0d	1	0.64mi
314 Douglas Way Unit 900 Winter Garden, FL	2.0	2.0	930	$1,570	$1.69	26d	1	0.65mi
224 W Cypress St Winter Garden, FL	3.0	2.0	1000	$1,800	$1.80	20d	1	0.70mi
314 S Boyd St Winter Garden, FL	2.0	2.0	1054	$2,050	$1.94	4d	1	0.85mi
11 E Smith St Winter Garden, FL	1.0–2.0	1.0–2.0	948	$2,900	$3.06	9d	3	0.96mi
109 S Boyd St Unit 205 Winter Garden, FL	1.0	1.0	830	$1,895	$2.28	5d	1	1.05mi
508 Varsity St Winter Garden, FL	2.0	1.0	780	$1,695	$2.17	26d	1	1.06mi
731 Klondike St Winter Garden, FL	3.0	1.0	958	$1,800	$1.88	24d	1	1.14mi
1309 Cardinal Ln Winter Garden, FL	3.0	2.0	984	$1,800	$1.83	9d	1	1.18mi
1000 Dolphin Dr Winter Garden, FL	3.0	2.0	984	$2,100	$2.13	26d	1	1.23mi
584 W Bay St Winter Garden, FL	1.0–2.0	1.0	740	$2,225	$3.00	4d	8	1.24mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $169,900 Active 158 DOM
2. 2026-06-19
   price $169,900 Active 155 DOM
3. 2026-06-18
   days on market $179,900 Active 155 DOM
4. 2026-06-17
   days on market $179,900 Active 154 DOM
5. 2026-06-16
   days on market $179,900 Active 153 DOM
6. 2026-06-15
   days on market $179,900 Active 152 DOM
7. 2026-06-13
   days on market $179,900 Active 150 DOM
8. 2026-06-13
   days on market $179,900 Active 149 DOM
9. 2026-06-09
   days on market $179,900 Active 146 DOM
10. 2026-06-08
    days on market $179,900 Active 145 DOM
11. 2026-06-07
    days on market $179,900 Active 144 DOM
12. 2026-06-04
    days on market $179,900 Active 141 DOM
13. 2026-06-03
    pricedays on market $179,900 Active 140 DOM
14. 2026-06-02
    days on market $189,900 Active 139 DOM
15. 2026-06-02
    days on market $189,900 Active 138 DOM
16. 2026-05-31
    days on market $189,900 Active 137 DOM
17. 2026-04-24
    status Active
18. 2026-04-23
    price $189,900
19. 2026-04-21
    historical
20. 2026-03-24
    status Active
21. 2026-03-24
    price $191,900
22. 2026-02-18
    status Pending
23. 2026-02-05
    price $189,000
24. 2026-01-07
    price $205,000
25. 2025-12-09
    listed $220,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,817
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,745
• − Management: −$1,745
• − HOA: −$3,600
• − Depreciation: −$4,943
• Taxable loss: −$3,132
• Est. tax savings @ 24.0%: +$752
• After-tax cash flow: $297/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This move-in ready townhouse in Winter Garden offers a good condition with a new roof and modern amenities, making it an excellent investment opportunity.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both trim landscaping — improves curb appeal and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both trim landscaping — improves curb appeal and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — Winter Garden

• Score: 84/100
• State rank: #41
• US rank: #804

Category grades

Amenities F Commute B- Cost of living C- Crime A+ Employment A Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winter Garden, FL
• County: Orange County · 1,471,359 people
• City population: 101,441
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 101,441
• Household income: $120,365
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 2682.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 53% Hispanic / Latino 23% Two or more races 21% Black 9% Asian 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 7% Cuban 1%
• Common ancestry: Estonian 4% Romanian 2% Lithuanian 2%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 74% English-only · Spanish 13% Other Indo-European 8% Vietnamese 1%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -189.49%
• Current HPI: 296.8866
• Rent YoY: ▲ 1.13%
• Metro: Orlando-Kissimmee-Sanford, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-13.7% since first listed

9 events — show timeline

• 2026-04-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $189,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-21 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-03-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-24 Price Changed $191,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-18 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-02-05 Price Changed $189,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-07 Price Changed $205,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-09 Listed $220,000 Stellar MLS as Distributed by MLS Grid