3221 Beneva Rd #102

Southgate, FL 34232

$153,900D+

2 bd · 2.0 ba · 964 sqft · Built 1978 · Condo · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,968/mo
• Mortgage (P&I): −$807
• Tax + insurance: −$239
• HOA: −$438
• Vac / Maint / Mgmt: −$413
• Net cashflow: $71/mo
• Annual: $852/yr
• Cap rate: 6.85%
• Cash-on-cash: 1.98%
• DSCR: 1.09
• 1% rule: 1.28%
• Cash to close: $43,092

Investor read

• This is a 2-bed/2.0-bath condo listed at $154k.
• At list price, monthly cash flow is $71 ($852/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $154k).
• It's been on market 55 days — a 3% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $149k (3.0% below list) — sets the bar for market timing.
• 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 71/100 on livability (#397 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Sarasota (urban): math 63% / reading 63% proficiency, ranked #7 of 73 in FL (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wilkinson Elementary School (math 43% / reading 43%, grade F, #1,366 of 2,144 statewide, top 64%, 460 students, 77% FRL); Sarasota High School (math 53% / reading 59%, grade C, #131 of 667 statewide, top 20%, 2,528 students, 43% FRL) — zoned schools average 60% FRL vs 42% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 50% at this address vs 63% district-wide (-14 pts) — the specific schools serving this property underperform the Sarasota average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents falling (-3.5%/yr); 265 active listings in the ZIP; solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 21y 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% 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 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?
• 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.