6000 Bahia Del Mar Cir #134

St. Petersburg, FL 33715

$289,000C-

2 bd · 2.0 ba · 1,145 sqft · Built 1989 · Condo · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,979/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$702
• HOA: −$774
• Vac / Maint / Mgmt: −$836
• Net cashflow: $152/mo
• Annual: $1,818/yr
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• 1% rule: 1.38%
• Cash to close: $80,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $289k.
• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $289k).
• It's been on market 76 days — a 6% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $272k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($2k loan paydown + $-448 appreciation (-0.1% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Market conditions: 282 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $188k; list at $289k implies a 54% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; 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 6.9% vs local median 2.6% in St. Petersburg — 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 $3,979/mo this rent would consume 46% of the median local household income ($103k/yr) (locally 106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.