6960 A Sunset Dr S Unit 1C

South Pasadena, FL 33707

$100,000C

1 bd · 1.0 ba · 732 sqft · Built 1968 · Condo · Active · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,704/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$593
• HOA: −$656
• Vac / Maint / Mgmt: −$358
• Net cashflow: $-428/mo
• Annual: $-5,134/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• 1% rule: 1.70%
• Cash to close: $28,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $100k. Condition is rated good.
• At list price, monthly cash flow is $-428 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $38k (61.9% below list).
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 178 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $38k (61.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#77 in FL, #1,260 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, cost of living A; Watch: amenities D, employment D-.
• 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: Azalea Elementary School (math 57% / reading 52%, grade C, #892 of 2,144 statewide, top 44%, 507 students, 60% FRL); Azalea Middle School (math 26% / reading 27%, grade F, #503 of 571 statewide, top 88%, 678 students, 74% FRL); Boca Ciega High School (math 24% / reading 33%, grade F, #458 of 667 statewide, top 69%, 1,423 students, 64% FRL) — zoned schools average 66% FRL vs 48% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 51% district-wide (-14 pts) — the specific schools serving this property underperform the Pinellas average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $427/mo; HOA is 39% of rent.
• Market conditions: Rents soft (-0.6%/yr); 580 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 100d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 1.1% in South Pasadena — 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.

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 178 days. Have you received any prior offers? Is the seller open to a 62% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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?
• 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.