7804 Eureka Dr

Hudson, FL 34667

$155,000D

2 bd · 2.0 ba · 1,049 sqft · Built 1981 · Condo · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,849/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$195
• HOA: −$559
• Vac / Maint / Mgmt: −$388
• Net cashflow: $-106/mo
• Annual: $-1,272/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• 1% rule: 1.19%
• Cash to close: $43,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $155k.
• At list price, monthly cash flow is $-106 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (12.1% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 91 days — a 9% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (12.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#289 in FL, #4,856 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, employment D, commute F.
• Pasco (suburban): math 50% / reading 52% proficiency, ranked #32 of 73 in FL (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hudson Academy (math 35% / reading 30%, grade F, #443 of 571 statewide, top 78%, 964 students, 80% FRL); Fivay High School (math 20% / reading 28%, grade F, #529 of 667 statewide, top 80%, 1,610 students, 78% FRL) — zoned schools average 79% FRL vs 48% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 51% district-wide (-23 pts) — the specific schools serving this property underperform the Pasco average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• Market conditions: Rents soft (-2.3%/yr); 803 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 19y 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.
• Current owner paid $75k; list at $155k implies a 107% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 3.3% in Hudson — 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 91 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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?