6077 Bahia Del Mar Blvd #123

St. Petersburg, FL 33715

$315,000D

2 bd · 2.0 ba · 1,145 sqft · Built 1988 · Condo · Pending · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,566/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$764
• HOA: −$783
• Vac / Maint / Mgmt: −$749
• Net cashflow: $-382/mo
• Annual: $-4,589/yr
• Cap rate: 5.09%
• Cash-on-cash: -4.30%
• DSCR: 0.81
• 1% rule: 1.13%
• Cash to close: $88,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $315k.
• At list price, monthly cash flow is $-382 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $247k (21.4% below list).
• Meets the 1% rule at list price ($4k rent vs $315k).
• It's been on market 43 days — a 3% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $247k (21.4% below list) — sets the bar for cash-flow.
• In year one you build about $2k of equity ($2k loan paydown + $-488 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: 285 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.
• 3 sale attempts 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 $77k; list at $315k implies a 309% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; 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.
• 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.
• This rent runs 42% of the median local income ($103k/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 43 days. Have you received any prior offers? Is the seller open to a 21% 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?
• 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.