18051 Mellon St

Lakewood Ranch, FL 34219

$352,748D-

4 bd · 2.5 ba · 1,874 sqft · Built 2026 · Land · Active · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,887/mo
• Mortgage (P&I): −$1,850
• Tax + insurance: −$335
• HOA: −$284
• Vac / Maint / Mgmt: −$606
• Net cashflow: $-189/mo
• Annual: $-2,262/yr
• Cap rate: 5.65%
• Cash-on-cash: -2.29%
• DSCR: 0.90
• 1% rule: 0.82%
• Cash to close: $98,769

Investor read

• This is a 4-bed/2.5-bath land listed at $353k.
• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $319k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (18.2% below list).
• It's been on market 110 days — a 9% lower offer ($321k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $289k (18.2% 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 $11k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.9%/yr); 2170 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $19k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.7% vs local median 3.3% in Lakewood Ranch — 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 30% of the median local income ($114k/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 110 days. Have you received any prior offers? Is the seller open to a 18% 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?
• 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?
• 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.