6808 Dali Ave

Land O' Lakes, FL 34637

$260,000F

2 bd · 2.0 ba · 1,200 sqft · Built 2003 · Condo · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,652/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$826
• Vac / Maint / Mgmt: −$557
• Net cashflow: $-528/mo
• Annual: $-6,334/yr
• Cap rate: 3.86%
• Cash-on-cash: -8.70%
• DSCR: 0.61
• 1% rule: 1.02%
• Cash to close: $72,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $260k. Condition is rated poor.
• At list price, monthly cash flow is $-528 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• It's been on market 23 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-1.5%/yr); year-one equity from $2k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Watch-outs: HOA is 31% of rent.
• Market conditions: 287 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 3 sale attempts since 8y 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 $182k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant damage to the exterior siding is visible.
• Major: roof — The roof appears to be in poor condition with visible damage.
• Major: interior walls and paint — The interior walls and paint are not visible but given the overall condition, it is likely in poor shape.
• Major: HVAC/mechanicals — No HVAC or mechanical systems are visible but given the overall condition, it is likely in poor shape.
• Major: landscaping and curb appeal — The landscaping and curb appeal are not visible but given the overall condition, it is likely in poor shape.