5725 12th Ave N Unit 201D

St. Petersburg, FL 33710

$115,000D

2 bd · 2.0 ba · 1,029 sqft · Built 1969 · Condo · Pending · 187 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,995/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$83
• HOA: −$966
• Vac / Maint / Mgmt: −$419
• Net cashflow: $-76/mo
• Annual: $-912/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.83%
• DSCR: 0.87
• 1% rule: 1.74%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $115k.
• At list price, monthly cash flow is $-76 ($-912/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (11.7% below list).
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 187 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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.
• Watch-outs: HOA is 48% of rent.
• Market conditions: Rents soft (-0.5%/yr); 313 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $30k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $51k; list at $115k implies a 125% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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 5.5% 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.
• This rent runs 30% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?