200 Harborview Dr #101

Tavernier, FL 33070

$3,500C-

2 bd · 2.0 ba · 1,063 sqft · Built 1976 · Condo · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,084/mo
• Mortgage (P&I): −$18
• Tax + insurance: −$6
• HOA: −$1,096
• Vac / Maint / Mgmt: −$648
• Net cashflow: $1,316/mo
• Annual: $15,790/yr
• Cap rate: 457.42%
• Cash-on-cash: 1611.18%
• DSCR: 72.69
• 1% rule: 88.10%
• Cash to close: $980

Investor read

• This is a 2-bed/2.0-bath condo listed at $4k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $4k).
• It's been on market 21 days — a 2% lower offer ($3k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3k (1.5% below list) — sets the bar for market timing.
• In year one you build about $40 of equity ($24 loan paydown + $16 appreciation (0.5% local appreciation)).
• Location reads 60/100 on livability (#807 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing B; Watch: amenities F, commute F, employment D-.
• Monroe (town): math 50% / reading 55% proficiency, ranked #23 of 73 in FL (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 36% of rent.
• Market conditions: 142 active listings in the ZIP; solid renter incomes; 332 units permitted in Monroe County in 2024 (42 in 5+ unit buildings).
• Monroe County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 12 sale attempts since 21y ago; this cycle's ask has dropped $652k (99%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.5% appreciation + 3.0% rent growth), your $980 cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 457.4% vs local median 1.1% in Tavernier — 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 $3,084/mo this rent would consume 49% of the median local household income ($75k/yr) (locally 204% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1976 — 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.
• 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?
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.