1250 S Pinellas Ave #506

Tarpon Springs, FL 34689

$83,500C-

1 bd · 1.0 ba · 669 sqft · Built 1974 · Condo · Pending · 143 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,447/mo
• Mortgage (P&I): −$438
• Tax + insurance: −$175
• HOA: −$450
• Vac / Maint / Mgmt: −$304
• Net cashflow: $80/mo
• Annual: $956/yr
• Cap rate: 7.44%
• Cash-on-cash: 4.09%
• DSCR: 1.18
• 1% rule: 1.73%
• Cash to close: $23,380

Investor read

• This is a 1-bed/1.0-bath condo listed at $84k.
• At list price, monthly cash flow is $80 ($956/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• It's been on market 143 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $577 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#502 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, schools A-; Watch: employment C-, amenities F, commute 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.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents soft (-1.2%/yr); 399 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 7 sale attempts since 20y ago; this cycle's ask is 6580% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $68k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.4% vs local median 3.4% in Tarpon Springs — 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

• It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.