3155 Waterside Dr · Grove City, FL 34224

$865,000

6 bd · 3.9 ba · 3,452 sqft · MultiFamily · 13 Days on market

Built 1983 Excellent condition 9,771 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +14.8/30.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Schools +4.6/10.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Completely Renovated Modern-Rustic Triplex Across from Stump Pass Marina Discover the perfect blend of modern comfort and rustic charm in this fully renovated 2025 triplex, ideally located just steps from the intercoastal and Stump Pass Marina & Restaurant. Every inch of this property has been thoughtfully upgraded — including new plumbing, windows, roof, HVAC, appliances, and finishes — making it truly turn-key furnished and ready for its next owner. This income-producing gem features two (2) beautifully updated 2-bedroom, 1-bathroom units and one (1) spacious 2-bedroom, 2-bathroom main unit with its own laundry room—offering excellent income potential and a possibl

Key facts

• Updated units
• Ample outdoor space
• Fully renovated

Tags

• FULLY RENOVATED
• UPDATED UNITS
• SEPARATE LAUNDRY BUILDING
• OUTDOOR SHOWER
• INDOOR GRILL
• AMPLE OUTDOOR SPACE

Property features AI

Finance

• Other: Zoning: RMF15; Lot is landscaped, level, near marina, paved and in a flood zone (flood insurance required); Road is public and maintained; Total acreage: less than 1/4 acre (approximately 0.22 acres)
• Financial info: Property type: Residential Income (Triplex); Total number of units: 3; Total number of buildings: 3; Furnished; Three separate water meters; Annual net income: $60,000; Lease restrictions apply
• HOA & community: No association; Pets allowed: cats and dogs

Exterior

• Parking: Boat parking; Circular driveway; Driveway; Golf cart parking; Guest parking; Off-street parking; Open parking
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Phone available; Sewer connected; Water connected
• Home design: Residential income property (Triplex); Attached property; Completed condition; Two levels; Slab foundation
• Construction: Stucco, frame and wood siding construction; Shingle roof; Built on slab
• Exterior features: Patio; Outdoor shower; Lighting; Private mailbox; Storage; Shed(s)

Interior

• Kitchen: Range; Range hood; Indoor grill; Dishwasher; Exhaust fan
• Bedrooms: Interior in-law suite with private entry; Loft; Family room
• Flooring: Tile; Vinyl
• Bathrooms: Has fireplace (stone, wood burning) in family room
• Heating & cooling: Central heating; Electric heating; Exhaust fan; Central air conditioning
• Interior features: Ceiling fans; High ceilings; Open floorplan; Solid surface counters; Split bedroom layout; Thermostat; Walk-in closets; Window treatments; Blinds
• Laundry & utility: Laundry room; Laundry area in garage; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×2bd/2.0ba units multifamily listed at $865k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-185 ($-2k/yr) — negative. Per door: $-62/mo.
• To cash-flow at today's rent, offer at most $838k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $787k (9.0% below list).
• Recommended offer: $787k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.8% in Grove City — 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.

Location & tenants

• Location reads 63/100 on livability (#713 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Charlotte (suburban): math 54% / reading 54% proficiency, ranked #22 of 73 in FL (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lemon Bay High School (math 50% / reading 56%, grade C-, #148 of 667 statewide, top 23%, 1,360 students, 28% FRL) — zoned schools average 28% FRL vs 54% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.1%/yr); 734 active listings in the ZIP; 4,585 units permitted in Charlotte County in 2024 (703 in 5+ unit buildings).
• At $7,873/mo this rent would consume 165% of the median local household income ($57k/yr) (locally 329% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Charlotte County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $787,300 (9.0% below list)

Questions for the listing agent

1. 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?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.4%
• Equity multiple: 0.28×
• Total profit: $-174,622
• Equity at exit: $128,974

10-year hold

• IRR: -25.3%
• Equity multiple: -0.05×
• Total profit: $-254,824
• Equity at exit: $74,789

Cash invested: $242,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 34224

• Home prices YoY: -18.9%
• Rents YoY: -0.1%
• Active inventory: 734
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $7,873 high
• Mortgage (P&I): −$4,536
• Tax est. 1.5%: −$1,081 /mo · $12,975/yr
• Insurance: −$360
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,653
• Net cashflow: $-185

Break-even live

Break-even rent $8,107

Max offer price $838,275

Occupancy floor 97%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,248
1× unit	2	2	$2,624
Total (3 units)			$7,873

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $216,250
• Closing costs: $25,950
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $865,000 Active 13 DOM
2. 2026-06-17
   days on market $865,000 Active 12 DOM
3. 2026-06-16
   days on market $865,000 Active 11 DOM
4. 2026-06-15
   days on market $865,000 Active 10 DOM
5. 2026-06-14
   days on market $865,000 Active 8 DOM
6. 2026-06-13
   days on market $865,000 Active 7 DOM
7. 2026-06-10
   days on market $865,000 Active 5 DOM
8. 2026-06-09
   days on market $865,000 Active 4 DOM
9. 2026-06-08
   days on market $865,000 Active 3 DOM
10. 2026-06-07
    remarks 677-char remark
11. 2026-06-07
    listed $865,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,476
• − Mortgage interest: −$48,453
• − Property taxes: −$12,975
• − Insurance: −$9,444
• − Repairs & maintenance: −$7,558
• − Management: −$7,558
• − Depreciation: −$25,164
• Taxable loss: −$16,676
• Est. tax savings @ 24.0%: +$4,002
• After-tax cash flow: $1,786/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 2 photos

Excellent 95/100 None rehab

This fully renovated triplex is move-in ready with excellent condition and modern updates, ideal for both resale and rental.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and property value
• Both Interior updates — Modernizes the space and attracts more buyers/renters

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and property value ↑
• Both Interior updates — Modernizes the space and attracts more buyers/renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Charlotte
• NCES district ID: 1200240
• Math proficiency: 54% ▼ -6.00%
• Reading proficiency: 54% ▼ -1.00%
• Median HH income: $44,864
• Composite: 45.62/100
• National rank: #2586
• State rank: #22 of 73 in FL

Livability — Grove City

• Score: 63/100
• State rank: #713
• US rank: #15171

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment C- Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grove City, FL
• County: Charlotte County · 196,994 people
• Metro: Punta Gorda, FL
• Population (ZIP): 15,536
• Household income: $57,281
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 329.0

Population outlook (Charlotte County) Hauer SSP2

• Today (2025): 198,646 people
• By 2030: 210,507 · +6.0%
• By 2040: 230,857 · +16.2%
• By 2050: 247,148 · +24.4%
• By 2075: 281,777 · +41.8%
• By 2100: 293,609 · +47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3% Asian 1%
• Common ancestry: Romanian 4% Slovak 4% Lithuanian 4%
• Foreign-born: 9% · Canada
• Languages at home: 92% English-only · Other Indo-European 2% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Charlotte

• 2024 margin: Solid R (+34.0) · D 32.7% · R 66.7%
• 2008→2024 swing: -26.7pp toward R · 2008: -7.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+26.6 2016: R+27.8 2012: R+14.3 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.76%
• Current HPI: 325.0345
• Rent YoY: ▼ -0.11%
• Metro: Punta Gorda, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+174.6% since first listed

11 events — show timeline

• 2026-06-05 Listed $865,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-06 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-03-19 Price Changed $945,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-12 Listed $995,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-04 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-01-16 Price Changed $1,199,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-06 Listed $1,399,000 Stellar MLS as Distributed by MLS Grid
• 2022-12-26 Relisted — Stellar MLS as Distributed by MLS Grid
• 2022-09-26 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-09-15 Listed $499,000 Stellar MLS as Distributed by MLS Grid
• 2013-08-09 Listed $315,000 Stellar MLS as Distributed by MLS Grid