6935 Lennox Pl

The Meadows, FL 34201

$695,000C-

3 bd · 2.0 ba · 2,048 sqft · Built 2000 · SingleFamily · Pending · 311 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,388/mo
• Mortgage (P&I): −$3,645
• Tax + insurance: −$1,053
• HOA: −$738
• Vac / Maint / Mgmt: −$1,551
• Net cashflow: $401/mo
• Annual: $4,813/yr
• Cap rate: 6.99%
• Cash-on-cash: 2.47%
• DSCR: 1.11
• 1% rule: 1.06%
• Cash to close: $194,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $695k.
• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $695k).
• It's been on market 311 days — a 12% lower offer ($612k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $612k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.6%/yr); year-one equity from $5k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#465 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A; Watch: amenities F, commute F, health & safety F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Robert Willis Elementary School (math 83% / reading 79%, grade A+, #95 of 2,144 statewide, top 5%, 765 students, 22% FRL); Braden River High School (math 44% / reading 52%, grade D, #201 of 667 statewide, top 30%, 1,774 students, 45% FRL) — zoned schools average 33% FRL vs 51% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 64% at this address vs 52% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Manatee average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 102 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 311 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.