1209 E DR Martin Luther King JR Blvd

Tampa, FL 33603

$199,000C

3 bd · 1.0 ba · 1,024 sqft · Built 1915 · SingleFamily · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,148/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$0
• Vac / Maint / Mgmt: −$451
• Net cashflow: $322/mo
• Annual: $3,864/yr
• Cap rate: 8.23%
• Cash-on-cash: 6.93%
• DSCR: 1.31
• 1% rule: 1.08%
• Cash to close: $55,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• It's been on market 50 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#142 in FL, #2,135 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, crime D+.
• Hillsborough (suburban): math 47% / reading 50% proficiency, ranked #41 of 73 in FL (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.3%/yr); 207 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 9,053 units permitted in Hillsborough County in 2024 (4,555 in 5+ unit buildings).
• Hillsborough County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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.
• This rent runs 35% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.