6709 Timbercove Ln #6709

New Port Richey, FL 34653

$119,000C-

2 bd · 2.0 ba · 1,024 sqft · Built 1983 · Condo · Active · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,523/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$148
• HOA: −$356
• Vac / Maint / Mgmt: −$320
• Net cashflow: $75/mo
• Annual: $904/yr
• Cap rate: 7.72%
• Cash-on-cash: 5.11%
• DSCR: 1.23
• 1% rule: 1.28%
• Cash to close: $33,320

Investor read

• This is a 2-bed/2.0-bath condo listed at $119k.
• At list price, monthly cash flow is $75 ($904/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• It's been on market 199 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 $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#67 in FL, #1,139 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime C-, commute D, employment F.
• Pasco (suburban): math 50% / reading 52% proficiency, ranked #32 of 73 in FL (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $66/mo; HOA is 23% of rent.
• Market conditions: Rents soft (-2.9%/yr); 305 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $26k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 2.0% in New Port Richey — 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 37% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.