6279 Sun Blvd #503

St. Petersburg, FL 33715

$230,000C-

1 bd · 1.5 ba · 790 sqft · Built 1978 · Condo · Active · 192 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,184/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$946
• HOA: −$741
• Vac / Maint / Mgmt: −$669
• Net cashflow: $-377/mo
• Annual: $-4,529/yr
• Cap rate: 6.55%
• Cash-on-cash: 0.92%
• DSCR: 1.04
• 1% rule: 1.38%
• Cash to close: $64,400

Investor read

• This is a 1-bed/1.5-bath condo listed at $230k.
• At list price, monthly cash flow is $-377 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (29.0% below list).
• Meets the 1% rule at list price ($3k rent vs $230k).
• It's been on market 192 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (29.0% below list) — sets the bar for cash-flow.
• In year one you build about $1k of equity ($2k loan paydown + $-356 appreciation (-0.1% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Zoned schools: Gulfport Montessori Elementary School (math 35% / reading 33%, grade F, #1,744 of 2,144 statewide, top 82%, 435 students, 86% FRL); Bay Point Middle School (math 38% / reading 38%, grade F, #388 of 571 statewide, top 69%, 770 students, 69% FRL); Lakewood High School (math 27% / reading 44%, grade F, #367 of 667 statewide, top 57%, 915 students, 59% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 23% of rent.
• Market conditions: 285 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• Current owner paid $100; list at $230k implies a 229900% gain — meaningful room to come down on a strong offer.
• 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 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 2.6% in St. Petersburg — 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 37% of the median local income ($103k/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 192 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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.