201 Kings Blvd #5

Sun City Center, FL 33573

$93,000D+

2 bd · 2.0 ba · 960 sqft · Built 1973 · Condo · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,652/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$151
• HOA: −$695
• Vac / Maint / Mgmt: −$347
• Net cashflow: $-28/mo
• Annual: $-341/yr
• Cap rate: 5.93%
• Cash-on-cash: -1.31%
• DSCR: 0.94
• 1% rule: 1.78%
• Cash to close: $26,040

Investor read

• This is a 2-bed/2.0-bath condo listed at $93k.
• At list price, monthly cash flow is $-28 ($-341/yr) — negative.
• To cash-flow at today's rent, offer at most $88k (5.4% below list).
• Meets the 1% rule at list price ($2k rent vs $93k).
• It's been on market 31 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (5.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $643 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#178 in FL, #2,736 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime B+; Watch: amenities F.
• Hillsborough (suburban): math 47% / reading 50% proficiency, ranked #41 of 73 in FL (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cypress Creek Elementary School (math 40% / reading 40%, grade F, #1,491 of 2,144 statewide, top 70%, 957 students, 63% FRL); Shields Middle School (math 29% / reading 27%, grade F, #486 of 571 statewide, top 86%, 1,867 students, 68% FRL); Lennard High School (math 30% / reading 46%, grade F, #328 of 667 statewide, top 50%, 2,404 students, 47% FRL).
• Zoned-school proficiency averages 35% at this address vs 48% district-wide (-13 pts) — the specific schools serving this property underperform the Hillsborough average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 42% of rent.
• Market conditions: Rents rising (+2.6%/yr); 605 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 9,053 units permitted in Hillsborough County in 2024 (4,555 in 5+ unit buildings).
• Hillsborough County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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

• 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 31 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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 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?