7108 Waterside Dr #103

Tampa, FL 33617

$89,900D-

1 bd · 1.0 ba · 504 sqft · Built 1986 · Condo · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$620
• Vac / Maint / Mgmt: −$247
• Net cashflow: $-313/mo
• Annual: $-3,752/yr
• Cap rate: 2.12%
• Cash-on-cash: -14.90%
• DSCR: 0.34
• 1% rule: 1.31%
• Cash to close: $25,172

Investor read

• This is a 1-bed/1.0-bath condo listed at $90k. Condition is rated good.
• At list price, monthly cash flow is $-313 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $45k (50.3% below list).
• Meets the 1% rule at list price ($1k rent vs $90k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $45k (50.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#142 in FL, #2,135 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+.
• 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.
• Zoned schools: Robles Elementary School (math 18% / reading 16%, grade F, #2,121 of 2,144 statewide, top 99%, 604 students, 89% FRL); Sligh Middle School (math 16% / reading 22%, grade F, #564 of 571 statewide, top 99%, 606 students, 84% FRL); King High School (math 25% / reading 46%, grade F, #367 of 667 statewide, top 57%, 1,422 students, 62% FRL) — zoned schools average 78% FRL vs 52% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 48% district-wide (-25 pts) — the specific schools serving this property underperform the Hillsborough average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 53% of rent.
• Market conditions: Rents soft (-0.3%/yr); 409 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 69d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts since 2y 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.1% vs local median 2.8% in Tampa — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• 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.
• 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?
• 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.