17596 Spanish Oak Loop

Odessa, FL 34638

$289,990F

3 bd · 2.5 ba · 1,463 sqft · Built 2026 · Townhouse · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,374/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$354
• HOA: −$94
• Vac / Maint / Mgmt: −$499
• Net cashflow: $-199/mo
• Annual: $-2,389/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.75%
• DSCR: 0.88
• 1% rule: 0.77%
• Cash to close: $86,844

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $290k.
• At list price, monthly cash flow is $-199 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (18.1% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $237k (18.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#389 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, amenities D-, commute F.
• Pasco (suburban): math 50% / reading 52% proficiency, ranked #32 of 73 in FL (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wesley Chapel Elementary School (math 67% / reading 68%, grade B+, #435 of 2,144 statewide, top 21%, 828 students, 37% FRL); Wesley Chapel High School (math 52% / reading 58%, grade C, #135 of 667 statewide, top 20%, 1,826 students, 40% FRL).
• Market conditions: Rents falling (-3.8%/yr); 712 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Cap rate 5.5% vs local median 3.3% in Odessa — 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.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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.