6015 19th St N #109

Lealman, FL 33714

$109,000D

1 bd · 1.0 ba · 680 sqft · Built 1967 · Condo · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,389/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$73
• HOA: −$512
• Vac / Maint / Mgmt: −$292
• Net cashflow: $-59/mo
• Annual: $-710/yr
• Cap rate: 5.64%
• Cash-on-cash: -2.33%
• DSCR: 0.90
• 1% rule: 1.27%
• Cash to close: $30,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $109k.
• At list price, monthly cash flow is $-59 ($-710/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (9.6% below list).
• Meets the 1% rule at list price ($1k rent vs $109k).
• It's been on market 29 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (9.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#83 in FL, #1,394 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment F.
• 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: John M. Sexton Elementary School (math 48% / reading 45%, grade D-, #1,223 of 2,144 statewide, top 57%, 449 students, 71% FRL); Northeast High School (math 35% / reading 47%, grade F, #289 of 667 statewide, top 44%, 1,736 students, 50% FRL).
• Watch-outs: HOA is 37% of rent.
• Market conditions: Rents soft (-2.1%/yr); 165 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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.
• 3 sale attempts since 12y 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 $55k; list at $109k implies a 98% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk; 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.
• This rent runs 35% of the median local income ($47k/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?
• Built in 1967 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?