905 Sea Robin Ln

Upper Grand Lagoon, FL 32408

$389,000D+

3 bd · 3.0 ba · 2,006 sqft · Built 1986 · Townhouse · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,350/mo
• Mortgage (P&I): −$2,040
• Tax + insurance: −$306
• HOA: −$412
• Vac / Maint / Mgmt: −$704
• Net cashflow: $-111/mo
• Annual: $-1,333/yr
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• 1% rule: 0.86%
• Cash to close: $108,920

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $389k.
• At list price, monthly cash flow is $-111 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $369k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $335k (13.9% below list).
• It's been on market 30 days — a 2% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $335k (13.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#583 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B+; Watch: amenities F, commute F, health & safety F.
• Bay (suburban): math 51% / reading 51% proficiency, ranked #29 of 73 in FL (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Patronis Elementary School (math 70% / reading 70%, grade A-, #345 of 2,144 statewide, top 17%, 648 students, 42% FRL); J.R. Arnold High School (math 41% / reading 54%, grade D, #204 of 667 statewide, top 31%, 1,617 students, 36% FRL).
• Market conditions: Rents rising (+2.5%/yr); 1032 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 22y 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 $300k; 30% 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 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 3.2% in Upper Grand Lagoon — 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.
• At $3,350/mo this rent would consume 50% of the median local household income ($81k/yr) (locally 817% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.