4625 Saint Croix Ln #1126

Pelican Marsh, FL 34109

$249,000D

2 bd · 2.0 ba · 913 sqft · Built 1999 · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,250/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$221
• HOA: −$470
• Vac / Maint / Mgmt: −$472
• Net cashflow: $-219/mo
• Annual: $-2,631/yr
• Cap rate: 5.24%
• Cash-on-cash: -3.77%
• DSCR: 0.83
• 1% rule: 0.90%
• Cash to close: $69,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $249k.
• At list price, monthly cash flow is $-219 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (15.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (9.7% below list).
• It's been on market 38 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $210k (15.6% below list) — sets the bar for cash-flow.
• In year one you build about $2k of equity ($2k loan paydown + $734 appreciation (0.3% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Collier (suburban): math 60% / reading 56% proficiency, ranked #16 of 73 in FL (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents flat; 424 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 16y 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.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 38 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.