7511 Seurat St #10108

Doctor Phillips, FL 32819

$179,999D-

2 bd · 2.0 ba · 1,003 sqft · Built 1994 · Condo · Pending · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,987/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$318
• HOA: −$455
• Vac / Maint / Mgmt: −$417
• Net cashflow: $-147/mo
• Annual: $-1,766/yr
• Cap rate: 5.31%
• Cash-on-cash: -3.50%
• DSCR: 0.84
• 1% rule: 1.10%
• Cash to close: $50,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $180k.
• At list price, monthly cash flow is $-147 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (14.4% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 138 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (14.4% below list) — sets the bar for cash-flow.
• 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.
• Location reads 88/100 on livability (#7 in FL, #226 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: cost of living 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: Bay Meadows Elementary (math 66% / reading 72%, grade A-, #399 of 2,144 statewide, top 19%, 705 students, 33% FRL); Southwest Middle (math 49% / reading 53%, grade C, #237 of 571 statewide, top 43%, 1,385 students, 40% FRL); Lake Buena Vista High School (1,714 students, 49% FRL) — zoned schools average 41% FRL vs 56% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising (+1.7%/yr); 320 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $55k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $180k implies a 177% gain — meaningful room to come down on a strong offer.
• Cap rate 5.3% vs local median 2.4% in Doctor Phillips — 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.

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 138 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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?