817 E 6th St

Englewood, FL 34223

$232,000B-

2 bd · 2.0 ba · 768 sqft · Built 1969 · SingleFamily · Pending · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,462/mo
• Mortgage (P&I): −$1,217
• Tax + insurance: −$684
• HOA: −$0
• Vac / Maint / Mgmt: −$517
• Net cashflow: $45/mo
• Annual: $535/yr
• Cap rate: 8.73%
• Cash-on-cash: 8.70%
• DSCR: 1.39
• 1% rule: 1.06%
• Cash to close: $64,960

Investor read

• This is a 2-bed/2.0-bath single-family listed at $232k.
• At list price, monthly cash flow is $45 ($535/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $232k).
• It's been on market 142 days — a 12% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#321 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, health & safety A; Watch: employment C-, 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: Lemon Bay High School (math 50% / reading 56%, grade C-, #148 of 667 statewide, top 23%, 1,360 students, 28% FRL) — zoned schools average 28% FRL vs 54% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+9.0%/yr); 717 active listings in the ZIP; 7 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.
• 7 sale attempts since 9y ago; this cycle's ask has dropped $13k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $232k implies a 55% 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 8.7% vs local median 3.8% in Englewood — 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 ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?
• 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 A-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?
• 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.