15010 113th Ave N Unit 33A

Largo, FL 33774

$149,900C-

2 bd · 1.5 ba · 720 sqft · Built 1963 · Manufactured · Active · 308 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,729/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$710
• HOA: −$140
• Vac / Maint / Mgmt: −$363
• Net cashflow: $-270/mo
• Annual: $-3,246/yr
• Cap rate: 7.54%
• Cash-on-cash: 4.46%
• DSCR: 1.20
• 1% rule: 1.15%
• Cash to close: $41,972

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $150k.
• At list price, monthly cash flow is $-270 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (31.9% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 308 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (31.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#82 in FL, #1,240 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, amenities F.
• 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: Oakhurst Elementary School (math 72% / reading 68%, grade A-, #345 of 2,144 statewide, top 17%, 664 students, 38% FRL); Seminole Middle School (math 55% / reading 53%, grade B-, #196 of 571 statewide, top 36%, 824 students, 49% FRL); Seminole High School (math 26% / reading 47%, grade F, #351 of 667 statewide, top 54%, 1,546 students, 39% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+2.0%/yr); 213 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 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.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $150k implies a 163% gain — meaningful room to come down on a strong offer.
• 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 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.5% vs local median 4.2% in Largo — 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

• 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 308 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1963 — 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?
• 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.
• 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.