13770 Marseilles Ct

Feather Sound, FL 33762

$399,999C-

3 bd · 3.0 ba · 1,757 sqft · Built 1987 · Townhouse · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,013/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$908
• HOA: −$460
• Vac / Maint / Mgmt: −$843
• Net cashflow: $-296/mo
• Annual: $-3,552/yr
• Cap rate: 6.68%
• Cash-on-cash: 1.40%
• DSCR: 1.06
• 1% rule: 1.00%
• Cash to close: $112,000

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $400k.
• At list price, monthly cash flow is $-296 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $348k (13.1% below list).
• Meets the 1% rule at list price ($4k rent vs $400k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $348k (13.1% below list) — sets the bar for cash-flow.
• 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 75/100 on livability (#259 in FL, #4,144 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, commute B+; Watch: cost of living D, amenities F, health & safety 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: High Point Elementary School (math 54% / reading 48%, grade C-, #1,043 of 2,144 statewide, top 49%, 609 students, 80% FRL); Fitzgerald Middle School (math 50% / reading 47%, grade C-, #274 of 571 statewide, top 50%, 1,033 students, 62% FRL); Pinellas Park High School (math 28% / reading 35%, grade F, #424 of 667 statewide, top 64%, 1,919 students, 57% FRL) — zoned schools average 66% FRL vs 48% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents soft (-1.1%/yr); 102 active listings in the ZIP; 11 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.
• 2 sale attempts since 12y 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.
• Current owner paid $260k; list at $400k implies a 54% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 6.7% vs local median 1.8% in Feather Sound — 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 $4,013/mo this rent would consume 55% of the median local household income ($87k/yr) (locally 105% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?