6085 Bahia Del Mar Blvd #106

St. Petersburg, FL 33715

$409,000D

2 bd · 2.0 ba · 1,145 sqft · Built 1988 · Condo · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,266/mo
• Mortgage (P&I): −$2,145
• Tax + insurance: −$818
• HOA: −$783
• Vac / Maint / Mgmt: −$896
• Net cashflow: $-376/mo
• Annual: $-4,516/yr
• Cap rate: 5.19%
• Cash-on-cash: -3.94%
• DSCR: 0.82
• 1% rule: 1.04%
• Cash to close: $114,520

Investor read

• This is a 2-bed/2.0-bath condo listed at $409k.
• At list price, monthly cash flow is $-376 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $343k (16.3% below list).
• Meets the 1% rule at list price ($4k rent vs $409k).
• It's been on market 33 days — a 3% lower offer ($397k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $343k (16.3% below list) — sets the bar for cash-flow.
• In year one you build about $2k of equity ($3k loan paydown + $-634 appreciation (-0.1% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Zoned schools: Gulfport Montessori Elementary School (math 35% / reading 33%, grade F, #1,744 of 2,144 statewide, top 82%, 435 students, 86% FRL); Lakewood High School (math 27% / reading 44%, grade F, #367 of 667 statewide, top 57%, 915 students, 59% FRL) — zoned schools average 72% FRL vs 48% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 35% at this address vs 51% district-wide (-16 pts) — the specific schools serving this property underperform the Pinellas average; the district grade overstates school quality for this exact location.
• 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.
• 6 sale attempts since 15y 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.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% 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 $4,266/mo this rent would consume 50% 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

• 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 33 days. Have you received any prior offers? Is the seller open to a 16% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.