2295 N Andrea Pt

Pine Ridge, FL 34461

$230,000D

2 bd · 2.0 ba · 1,678 sqft · Built 2003 · SingleFamily · Active · 409 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,261/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$274
• HOA: −$480
• Vac / Maint / Mgmt: −$475
• Net cashflow: $-174/mo
• Annual: $-2,085/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.24%
• DSCR: 0.86
• 1% rule: 0.98%
• Cash to close: $64,400

Investor read

• This is a 2-bed/2.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $-174 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (1.7% below list).
• It's been on market 409 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (13.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#565 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, amenities F, commute F.
• Citrus (rural): math 49% / reading 50% proficiency, ranked #44 of 73 in FL (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Forest Ridge Elementary School (math 55% / reading 59%, grade C+, #781 of 2,144 statewide, top 38%, 708 students, 67% FRL); Lecanto Middle School (math 49% / reading 49%, grade C-, #265 of 571 statewide, top 48%, 809 students, 55% FRL); Lecanto High School (math 46% / reading 53%, grade D, #179 of 667 statewide, top 29%, 1,630 students, 46% FRL) — zoned schools at 56% FRL track the district average.
• Watch-outs: HOA is 21% of rent.
• Market conditions: 197 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• Citrus County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $69k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $155k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.4% in Pine Ridge — 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 43% of the median local income ($63k/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?
• It's been on market 409 days. Have you received any prior offers? Is the seller open to a 13% 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?
• 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.
• 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?
• 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.