13005 Sanctuary Cove Dr #103

Temple Terrace, FL 33637

$114,900D-

1 bd · 1.0 ba · 834 sqft · Built 1999 · Condo · Active · 171 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,476/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$224
• HOA: −$454
• Vac / Maint / Mgmt: −$310
• Net cashflow: $-115/mo
• Annual: $-1,378/yr
• Cap rate: 5.09%
• Cash-on-cash: -4.28%
• DSCR: 0.81
• 1% rule: 1.28%
• Cash to close: $32,172

Investor read

• This is a 1-bed/1.0-bath condo listed at $115k.
• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $95k (17.7% below list).
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 171 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (17.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#123 in FL, #1,870 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, cost of living A-; Watch: crime D+, 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.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents rising (+2.6%/yr); 93 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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.
• 8 sale attempts since 16y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $37k; list at $115k implies a 213% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/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 171 days. Have you received any prior offers? Is the seller open to a 18% 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?
• 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.
• 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?