12231 Kirk Ave #2

North Port, FL 33981

$376,000D-

6 bd · 4.0 ba · 2,324 sqft · Built 2025 · MultiFamily · Active · 255 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,850/mo
• Mortgage (P&I): −$2,584
• Tax + insurance: −$888
• HOA: −$0
• Vac / Maint / Mgmt: −$808
• Net cashflow: $-430/mo
• Annual: $-5,158/yr
• Cap rate: 5.41%
• Cash-on-cash: -3.16%
• DSCR: 0.86
• 1% rule: 0.78%
• Cash to close: $137,953

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $376k.
• At list price, monthly cash flow is $-430 ($-5k/yr) — negative. Per door: $-215/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $376k).
• It's been on market 255 days — a 12% lower offer ($331k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $331k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#252 in FL, #3,975 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Charlotte (suburban): math 54% / reading 54% proficiency, ranked #22 of 73 in FL (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Myakka River Elementary School (math 65% / reading 60%, grade B, #601 of 2,144 statewide, top 28%, 608 students, 51% FRL); Port Charlotte High School (math 23% / reading 38%, grade F, #434 of 667 statewide, top 66%, 1,649 students, 43% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+5.3%/yr); 2188 active listings in the ZIP; solid renter incomes; 4,585 units permitted in Charlotte County in 2024 (703 in 5+ unit buildings).
• Charlotte County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.6% in North Port — 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.
• At $3,850/mo this rent would consume 55% of the median local household income ($84k/yr) (locally 105% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 255 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?