10824 Quickwater Ct

Riverview, FL 33569

$289,900D

3 bd · 3.0 ba · 1,679 sqft · Built 2021 · Townhouse · Active · 412 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,564/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$484
• HOA: −$200
• Vac / Maint / Mgmt: −$538
• Net cashflow: $-178/mo
• Annual: $-2,139/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.64%
• DSCR: 0.88
• 1% rule: 0.88%
• Cash to close: $81,172

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 $-178 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (11.6% below list).
• It's been on market 412 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $255k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#134 in FL, #2,000 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment 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: Riverview Elementary School (math 39% / reading 45%, grade F, #1,403 of 2,144 statewide, top 67%, 563 students, 66% FRL); Rodgers Middle Magnet School (math 41% / reading 41%, grade F, #353 of 571 statewide, top 63%, 1,128 students, 48% FRL); Riverview High School (math 37% / reading 50%, grade F, #248 of 667 statewide, top 38%, 2,599 students, 46% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising (+2.0%/yr); 351 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d 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; 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.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $42k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $236k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 4.1% in Riverview — 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.

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 412 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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?
• 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.