6287 Bahia Del Mar Cir #603

St. Petersburg, FL 33715

$399,000D

2 bd · 2.0 ba · 1,240 sqft · Built 1983 · Condo · Active · 205 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,479/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$931
• HOA: −$967
• Vac / Maint / Mgmt: −$941
• Net cashflow: $-452/mo
• Annual: $-5,423/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.14%
• DSCR: 0.82
• 1% rule: 1.12%
• Cash to close: $111,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $399k.
• At list price, monthly cash flow is $-452 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $319k (20.0% below list).
• Meets the 1% rule at list price ($4k rent vs $399k).
• It's been on market 205 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $319k (20.0% below list) — sets the bar for cash-flow.
• In year one you build about $2k of equity ($3k loan paydown + $-618 appreciation (-0.1% local appreciation)).
• Location reads: area grade D — 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.
• Watch-outs: flood insurance adds $66/mo; HOA is 22% of rent.
• Market conditions: 282 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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.
• 8 sale attempts since 14y 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.
• Current owner paid $255k; list at $399k implies a 56% gain — meaningful room to come down on a strong offer.
• By year 10, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% 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.
• At $4,479/mo this rent would consume 52% of the median local household income ($103k/yr) (locally 106% 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 205 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?