19184/19188 Miami Blvd

San Carlos Park, FL 33967

$389,900C+

12 bd · 6.0 ba · 1,644 sqft · Built 1984 · MultiFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,894/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$650
• HOA: −$0
• Vac / Maint / Mgmt: −$1,028
• Net cashflow: $1,172/mo
• Annual: $14,061/yr
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• 1% rule: 1.26%
• Cash to close: $109,172

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $390k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $391/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $390k).
• It's been on market 41 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $378k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#662 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; Watch: schools F, amenities F, commute F.
• Lee (suburban): math 47% / reading 50% proficiency, ranked #42 of 73 in FL (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents falling (-5.7%/yr); 226 active listings in the ZIP; solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.9% vs local median 2.4% in San Carlos Park — 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.
• At $4,894/mo this rent would consume 65% of the median local household income ($91k/yr) (locally 491% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen countertops — Cluttered and could benefit from cleaning and organization.
• Minor: bathroom fixtures — Dated and could be replaced with modern fixtures.
• Moderate: exterior siding — Shows some wear and could benefit from a fresh coat of paint.
• Minor: tile flooring — Shows some wear and could be cleaned or replaced with new tiles.
• Minor: interior walls — Show some wear and could be painted or refreshed.
• Minor: windows — Show some wear and could be replaced with energy-efficient windows.