3919 Cape Haze Dr #505

Rotonda, FL 33947

$183,900C-

2 bd · 2.0 ba · 1,141 sqft · Built 2007 · Condo · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,611/mo
• Mortgage (P&I): −$964
• Tax + insurance: −$800
• HOA: −$743
• Vac / Maint / Mgmt: −$548
• Net cashflow: $-445/mo
• Annual: $-5,340/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.43%
• DSCR: 0.98
• 1% rule: 1.42%
• Cash to close: $51,492

Investor read

• This is a 2-bed/2.0-bath condo listed at $184k.
• At list price, monthly cash flow is $-445 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (42.7% below list).
• Meets the 1% rule at list price ($3k rent vs $184k).
• It's been on market 98 days — a 9% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (42.7% below list) — sets the bar for cash-flow.
• In year one you build about $4k of equity ($1k loan paydown + $2k appreciation (1.2% local appreciation)).
• Location reads 67/100 on livability (#548 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A-, cost of living B+; Watch: amenities F, commute F, health & safety D-.
• Charlotte (suburban): math 54% / reading 54% proficiency, ranked #22 of 73 in FL (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Vineland Elementary School (math 74% / reading 67%, grade A-, #333 of 2,144 statewide, top 16%, 579 students, 45% FRL); Lemon Bay High School (math 50% / reading 56%, grade C-, #148 of 667 statewide, top 23%, 1,360 students, 28% FRL) — zoned schools average 37% FRL vs 54% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $427/mo; HOA is 28% of rent.
• Market conditions: Rents soft (-0.2%/yr); 863 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,585 units permitted in Charlotte County in 2024 (703 in 5+ unit buildings).
• Charlotte County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $13k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 5→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 3.1% in Rotonda — 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.
• This rent runs 39% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
• 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?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?