651 Porpoise Rd

South Venice, FL 34293

$332,000D-

2 bd · 2.0 ba · 1,510 sqft · Built 1983 · SingleFamily · Pending · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,255/mo
• Mortgage (P&I): −$1,741
• Tax + insurance: −$265
• HOA: −$0
• Vac / Maint / Mgmt: −$474
• Net cashflow: $-224/mo
• Annual: $-2,686/yr
• Cap rate: 5.48%
• Cash-on-cash: -2.89%
• DSCR: 0.87
• 1% rule: 0.68%
• Cash to close: $92,960

Investor read

• This is a 2-bed/2.0-bath single-family listed at $332k.
• At list price, monthly cash flow is $-224 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $292k (11.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (32.1% below list).
• It's been on market 91 days — a 9% lower offer ($302k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (32.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#549 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living A-; Watch: amenities F, commute F, health & safety F.
• Sarasota (urban): math 63% / reading 63% proficiency, ranked #7 of 73 in FL (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Taylor Ranch Elementary School (math 68% / reading 66%, grade B+, #450 of 2,144 statewide, top 22%, 901 students, 39% FRL); Venice Middle School (math 71% / reading 58%, grade A-, #100 of 571 statewide, top 18%, 761 students, 37% FRL); Venice Senior High School (math 67% / reading 61%, grade B-, #86 of 667 statewide, top 13%, 2,584 students, 31% FRL).
• Market conditions: Rents flat; 1259 active listings in the ZIP; solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $23k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $175k; list at $332k implies a 90% 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 30% of the median local income ($90k/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 91 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• 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.
• 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.