11720 Park Blvd #302

Seminole, FL 33772

$119,500C-

2 bd · 1.0 ba · 874 sqft · Built 1973 · Condo · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,772/mo
• Mortgage (P&I): −$627
• Tax + insurance: −$192
• HOA: −$525
• Vac / Maint / Mgmt: −$372
• Net cashflow: $56/mo
• Annual: $671/yr
• Cap rate: 6.85%
• Cash-on-cash: 2.01%
• DSCR: 1.09
• 1% rule: 1.48%
• Cash to close: $33,460

Investor read

• This is a 2-bed/1.0-bath condo listed at $120k.
• At list price, monthly cash flow is $56 ($671/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 121 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $826 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#5 in FL, #174 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Seminole Elementary School (math 65% / reading 57%, grade B, #653 of 2,144 statewide, top 31%, 428 students, 59% FRL); Osceola Middle School (math 48% / reading 45%, grade D+, #297 of 571 statewide, top 52%, 1,009 students, 52% FRL); Richard O Jacobson Technical High School At Seminole (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 578 students, 45% FRL) — zoned schools at 52% FRL track the district average.
• Watch-outs: HOA is 30% of rent.
• Market conditions: Rents flat; 209 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 5y 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 $99k; 21% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.9% vs local median 3.6% in Seminole — 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

• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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?
• 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.