17099 Carleen Ave

Port Charlotte, FL 33948

$317,000D

6 bd · 4.0 ba · 2,324 sqft · Built 2025 · Land · Active · 274 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,562/mo
• Mortgage (P&I): −$1,662
• Tax + insurance: −$621
• HOA: −$0
• Vac / Maint / Mgmt: −$538
• Net cashflow: $-259/mo
• Annual: $-3,109/yr
• Cap rate: 6.93%
• Cash-on-cash: 2.26%
• DSCR: 1.10
• 1% rule: 0.81%
• Cash to close: $88,760

Investor read

• This is a 6-bed/4.0-bath land listed at $317k.
• At list price, monthly cash flow is $-259 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (19.2% below list).
• It's been on market 274 days — a 12% lower offer ($279k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $256k (19.2% below list) — sets the bar for 1% rule.
• 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 65/100 on livability (#655 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• Charlotte (suburban): math 54% / reading 54% proficiency, ranked #22 of 73 in FL (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents soft (-1.6%/yr); 953 active listings in the ZIP; 4,585 units permitted in Charlotte County in 2024 (703 in 5+ unit buildings).
• Charlotte County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $22k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $317k implies a 144% gain — meaningful room to come down on a strong offer.
• 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 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.9% vs local median 4.4% in Port Charlotte — 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 $2,562/mo this rent would consume 49% of the median local household income ($63k/yr) (locally 501% 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 274 days. Have you received any prior offers? Is the seller open to a 19% 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?
• 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?
• 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.