1827 Nevada Ave NE

St. Petersburg, FL 33703

$339,500F

3 bd · 2.0 ba · 1,080 sqft · Built 1960 · SingleFamily · Pending · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,848/mo
• Mortgage (P&I): −$1,780
• Tax + insurance: −$910
• HOA: −$0
• Vac / Maint / Mgmt: −$598
• Net cashflow: $-441/mo
• Annual: $-5,288/yr
• Cap rate: 6.24%
• Cash-on-cash: -0.18%
• DSCR: 0.99
• 1% rule: 0.84%
• Cash to close: $95,060

Investor read

• This is a 3-bed/2.0-bath single-family listed at $340k.
• At list price, monthly cash flow is $-441 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (22.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $285k (16.1% below list).
• It's been on market 107 days — a 9% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $262k (22.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Shore Acres Elementary School (math 61% / reading 52%, grade C+, #816 of 2,144 statewide, top 39%, 709 students, 46% FRL); Northeast High School (math 35% / reading 47%, grade F, #289 of 667 statewide, top 44%, 1,736 students, 50% FRL) — zoned schools at 48% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+2.2%/yr); 451 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 2.6% in St. Petersburg — 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 runs 36% of the median local income ($95k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 107 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?
• 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.