12760 Indian Rocks Rd #546

Largo, FL 33774

$137,500C+

2 bd · 1.0 ba · 987 sqft · Built 1972 · Condo · Active · 257 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,595/mo
• Mortgage (P&I): −$721
• Tax + insurance: −$352
• HOA: −$738
• Vac / Maint / Mgmt: −$545
• Net cashflow: $239/mo
• Annual: $2,867/yr
• Cap rate: 8.96%
• Cash-on-cash: 9.52%
• DSCR: 1.42
• 1% rule: 1.89%
• Cash to close: $38,500

Investor read

• This is a 2-bed/1.0-bath condo listed at $138k.
• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $138k).
• It's been on market 257 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $951 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: Anona Elementary School (math 80% / reading 67%, grade A, #260 of 2,144 statewide, top 13%, 473 students, 45% FRL); Largo High School (math 30% / reading 50%, grade F, #296 of 667 statewide, top 45%, 2,055 students, 53% FRL) — zoned schools at 49% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo; HOA is 28% of rent.
• Market conditions: Rents rising (+2.0%/yr); 210 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• Current owner paid $43k; list at $138k implies a 220% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; 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 9.0% 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.
• This rent runs 39% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 257 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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?
• 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.