833 Lantana Ave

Clearwater, FL 33767

$745,000C

3 bd · 2.5 ba · 1,900 sqft · Built 1952 · SingleFamily · Active · 422 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,992/mo
• Mortgage (P&I): −$3,907
• Tax + insurance: −$1,297
• HOA: −$0
• Vac / Maint / Mgmt: −$1,468
• Net cashflow: $320/mo
• Annual: $3,837/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.29%
• DSCR: 1.19
• 1% rule: 0.94%
• Cash to close: $208,600

Investor read

• This is a 3-bed/2.5-bath single-family listed at $745k.
• At list price, monthly cash flow is $320 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $699k (6.1% below list).
• It's been on market 422 days — a 12% lower offer ($656k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $656k (12.0% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($5k loan paydown + $14k appreciation (1.9% local appreciation)).
• Location reads 82/100 on livability (#60 in FL, #988 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, employment C-.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 424 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 9 sale attempts since 20y ago; this cycle's ask has dropped $79k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $288k; list at $745k implies a 159% gain — meaningful room to come down on a strong offer.
• At projected returns (1.9% appreciation + 2.8% rent growth), your $209k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.5% vs local median 2.9% in Clearwater — 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.

Questions for listing agent

• It's been on market 422 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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.