1053 / 1055 Captiva Pt

Crystal Lake, FL 33801

$331,000D

2 bd · 1.0 ba · 2,278 sqft · Built 1979 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,955/mo
• Mortgage (P&I): −$1,736
• Tax + insurance: −$488
• HOA: −$0
• Vac / Maint / Mgmt: −$621
• Net cashflow: $111/mo
• Annual: $1,328/yr
• Cap rate: 6.69%
• Cash-on-cash: 1.43%
• DSCR: 1.06
• 1% rule: 0.89%
• Cash to close: $92,680

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $331k.
• At list price, monthly cash flow is $111 ($1k/yr) — positive. Per door: $55/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (10.7% below list).
• It's been on market 62 days — a 6% lower offer ($311k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $296k (10.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#620 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F, employment F.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clarence Boswell Elementary School (math 45% / reading 35%, grade F, #1,491 of 2,144 statewide, top 70%, 636 students, 62% FRL); Crystal Lake Middle School (math 27% / reading 27%, grade F, #497 of 571 statewide, top 88%, 949 students, 71% FRL); Tenoroc High School (math 12% / reading 25%, grade F, #568 of 667 statewide, top 85%, 1,127 students, 63% FRL).
• Zoned-school proficiency averages 28% at this address vs 41% district-wide (-12 pts) — the specific schools serving this property underperform the Polk average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.1%/yr); 256 active listings in the ZIP; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 11 sale attempts since 7y 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.
• Current owner paid $238k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,955/mo this rent would consume 67% of the median local household income ($53k/yr) (locally 1291% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?