4428 Ohio Ave

Tampa, FL 33616

$399,900C-

4 bd · 2.0 ba · 1,896 sqft · Built 1956 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,644/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$712
• HOA: −$0
• Vac / Maint / Mgmt: −$765
• Net cashflow: $69/mo
• Annual: $826/yr
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• 1% rule: 0.91%
• Cash to close: $111,972

Investor read

• This is a 4-bed/2.0-bath single-family listed at $400k.
• At list price, monthly cash flow is $69 ($826/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $364k (8.9% below list).
• It's been on market 19 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $364k (8.9% below list) — sets the bar for 1% rule.
• 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 79/100 on livability (#142 in FL, #2,135 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+.
• Hillsborough (suburban): math 47% / reading 50% proficiency, ranked #41 of 73 in FL (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lanier Elementary School (math 67% / reading 52%, grade B-, #690 of 2,144 statewide, top 34%, 380 students, 62% FRL); Monroe Middle Magnet School (math 31% / reading 39%, grade F, #416 of 571 statewide, top 74%, 412 students, 67% FRL); Robinson High School (math 43% / reading 63%, grade C-, #148 of 667 statewide, top 23%, 1,354 students, 41% FRL) — zoned schools at 57% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-2.9%/yr); 191 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 9,053 units permitted in Hillsborough County in 2024 (4,555 in 5+ unit buildings).
• Hillsborough County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $35k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $400k implies a 2777% 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.
• At $3,644/mo this rent would consume 47% of the median local household income ($93k/yr) (locally 728% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.