23368 Mayville Ave

Port Charlotte, FL 33980

$359,970F

4 bd · 2.5 ba · 1,840 sqft · Built 2025 · Land · Pending · 170 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,474/mo
• Mortgage (P&I): −$1,888
• Tax + insurance: −$1,026
• HOA: −$0
• Vac / Maint / Mgmt: −$520
• Net cashflow: $-960/mo
• Annual: $-11,514/yr
• Cap rate: 4.52%
• Cash-on-cash: -6.35%
• DSCR: 0.72
• 1% rule: 0.69%
• Cash to close: $100,792

Investor read

• This is a 4-bed/2.5-bath land listed at $360k.
• At list price, monthly cash flow is $-960 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (38.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (31.3% below list).
• It's been on market 170 days — a 12% lower offer ($317k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (38.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#655 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• 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: Kingsway Elementary School (math 55% / reading 53%, grade C, #936 of 2,144 statewide, top 44%, 596 students, 58% FRL); Port Charlotte Middle School (math 59% / reading 50%, grade B-, #183 of 571 statewide, top 34%, 877 students, 55% FRL); Charlotte High School (math 44% / reading 46%, grade D-, #228 of 667 statewide, top 35%, 1,994 students, 41% FRL) — zoned schools at 51% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents falling (-4.0%/yr); 603 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 4y 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 $15k; list at $360k implies a 2300% 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,474/mo this rent would consume 47% of the median local household income ($64k/yr) (locally 612% 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?
• It's been on market 170 days. Have you received any prior offers? Is the seller open to a 39% 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.