1375 Pasadena Ave S #217

South Pasadena, FL 33707

$185,000D

3 bd · 2.0 ba · 1,344 sqft · Built 2016 · SingleFamily · Active · 297 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,520/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$977
• HOA: −$895
• Vac / Maint / Mgmt: −$529
• Net cashflow: $-852/mo
• Annual: $-10,223/yr
• Cap rate: 5.11%
• Cash-on-cash: -4.24%
• DSCR: 0.81
• 1% rule: 1.36%
• Cash to close: $51,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $-852 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $62k (66.6% below list).
• Meets the 1% rule at list price ($3k rent vs $185k).
• It's been on market 297 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (66.6% 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 $6k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#77 in FL, #1,260 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, cost of living A; Watch: amenities D, employment D-.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Azalea Elementary School (math 57% / reading 52%, grade C, #892 of 2,144 statewide, top 44%, 507 students, 60% FRL); Azalea Middle School (math 26% / reading 27%, grade F, #503 of 571 statewide, top 88%, 678 students, 74% FRL); Boca Ciega High School (math 24% / reading 33%, grade F, #458 of 667 statewide, top 69%, 1,423 students, 64% FRL) — zoned schools average 66% FRL vs 48% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 51% district-wide (-14 pts) — the specific schools serving this property underperform the Pinellas average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $669/mo; HOA is 36% of rent.
• Market conditions: Rents soft (-0.6%/yr); 580 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 85d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Climate carrying-cost: in FEMA flood zone VE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 3→8/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 1.1% in South Pasadena — 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 43% of the median local income ($70k/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 297 days. Have you received any prior offers? Is the seller open to a 67% 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?
• 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?
• 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?