617 E Myers Blvd

Mascotte, FL 34753

$850,000D

2 bd · 1.0 ba · 624 sqft · Built 1973 · MultiFamily · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,842/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$851
• HOA: −$0
• Vac / Maint / Mgmt: −$1,227
• Net cashflow: $-693/mo
• Annual: $-8,314/yr
• Cap rate: 5.31%
• Cash-on-cash: -3.49%
• DSCR: 0.84
• 1% rule: 0.69%
• Cash to close: $238,000

Investor read

• This is a 4 × 1-bed/?-bath units multifamily listed at $850k.
• At list price, monthly cash flow is $-693 ($-8k/yr) — negative. Per door: $-173/mo.
• To cash-flow at today's rent, offer at most $728k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $584k (31.3% below list).
• It's been on market 82 days — a 6% lower offer ($799k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $584k (31.3% below list) — sets the bar for 1% rule.
• In year one you build about $91k of equity ($6k loan paydown + $85k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#405 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Lake (suburban): math 49% / reading 50% proficiency, ranked #37 of 73 in FL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mascotte Elementary School (math 50% / reading 47%, grade D, #1,152 of 2,144 statewide, top 55%, 855 students, 62% FRL, charter); Gray Middle School (math 45% / reading 45%, grade D, #310 of 571 statewide, top 56%, 1,148 students, 47% FRL); South Lake High School (math 36% / reading 39%, grade F, #336 of 667 statewide, top 51%, 2,169 students, 40% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 98 active listings in the ZIP; solid renter incomes; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 13 sale attempts since 20y 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.
• By year 2, paydown + projected appreciation supports a ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,842/mo this rent would consume 84% of the median local household income ($84k/yr) (locally 16% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 82 days. Have you received any prior offers? Is the seller open to a 31% 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 1973 — 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?