8325 Strasse Blvd

Cleveland, FL 33982

$350,000D

5 bd · 3.0 ba · 2,035 sqft · Built 2022 · Land · Active · 521 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,826/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$502
• HOA: −$0
• Vac / Maint / Mgmt: −$594
• Net cashflow: $-104/mo
• Annual: $-1,251/yr
• Cap rate: 5.94%
• Cash-on-cash: -1.28%
• DSCR: 0.94
• 1% rule: 0.81%
• Cash to close: $98,000

Investor read

• This is a 5-bed/3.0-bath land listed at $350k.
• At list price, monthly cash flow is $-104 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $332k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $283k (19.2% below list).
• It's been on market 521 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $283k (19.2% 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 $10k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#574 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, 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: East Elementary School (math 67% / reading 68%, grade B+, #435 of 2,144 statewide, top 21%, 761 students, 52% FRL); Punta Gorda Middle School (math 54% / reading 52%, grade C+, #209 of 571 statewide, top 37%, 1,120 students, 41% FRL); Charlotte High School (math 44% / reading 46%, grade D-, #228 of 667 statewide, top 35%, 1,994 students, 41% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 1037 active listings in the ZIP; 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.
• 6 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 4.8% in Cleveland — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $2,826/mo this rent would consume 47% of the median local household income ($72k/yr) (locally 43% 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 521 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• 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 F-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.
• 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.