12406 49th St E

Lakewood Ranch, FL 34219

$430,477F

4 bd · 3.0 ba · 2,005 sqft · Built 2025 · Land · Active · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,064/mo
• Mortgage (P&I): −$2,257
• Tax + insurance: −$717
• HOA: −$129
• Vac / Maint / Mgmt: −$643
• Net cashflow: $-683/mo
• Annual: $-8,201/yr
• Cap rate: 4.39%
• Cash-on-cash: -6.80%
• DSCR: 0.70
• 1% rule: 0.71%
• Cash to close: $120,534

Investor read

• This is a 4-bed/3.0-bath land listed at $430k.
• At list price, monthly cash flow is $-683 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $332k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $306k (28.8% below list).
• It's been on market 135 days — a 12% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $306k (28.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Annie Lucy Williams Elementary School (math 80% / reading 73%, grade A, #185 of 2,144 statewide, top 9%, 798 students, 31% FRL); Buffalo Creek Middle School (math 59% / reading 51%, grade B-, #180 of 571 statewide, top 32%, 1,127 students, 44% FRL); Parrish Community High School (math 47% / reading 57%, grade D+, #160 of 667 statewide, top 25%, 2,017 students, 32% FRL).
• Market conditions: Rents soft (-0.9%/yr); 2194 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 4.4% vs local median 3.3% in Lakewood Ranch — 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 32% of the median local income ($114k/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 135 days. Have you received any prior offers? Is the seller open to a 29% 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?
• 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?
• 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.