11443 Cay Spruce Way

San Antonio, FL 33576

$289,999D-

3 bd · 3.0 ba · 1,856 sqft · Built 2022 · Townhouse · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,330/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$529
• HOA: −$332
• Vac / Maint / Mgmt: −$489
• Net cashflow: $-542/mo
• Annual: $-6,502/yr
• Cap rate: 4.05%
• Cash-on-cash: -8.01%
• DSCR: 0.64
• 1% rule: 0.80%
• Cash to close: $81,200

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $290k. Condition is rated good.
• At list price, monthly cash flow is $-542 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (33.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $233k (19.7% below list).
• It's been on market 35 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (33.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-2.3%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#454 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety D-.
• 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: San Antonio Elementary School (math 49% / reading 52%, grade D+, #1,055 of 2,144 statewide, top 50%, 573 students, 50% FRL); Pasco Middle School (math 38% / reading 38%, grade F, #388 of 571 statewide, top 69%, 903 students, 73% FRL); Pasco High School (math 40% / reading 40%, grade F, #296 of 667 statewide, top 45%, 1,639 students, 66% FRL).
• Market conditions: Rents flat; 571 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 90d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• 5 sale attempts 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; major wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 37% of the median local income ($76k/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 35 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.