285 Boca Ciega Point Blvd N #3009

St. Petersburg, FL 33708

$239,000D+

2 bd · 2.0 ba · 1,400 sqft · Built 1973 · Condo · Active · 224 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,656/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$825
• HOA: −$1,124
• Vac / Maint / Mgmt: −$558
• Net cashflow: $-1,104/mo
• Annual: $-13,247/yr
• Cap rate: 2.89%
• Cash-on-cash: -12.15%
• DSCR: 0.46
• 1% rule: 1.11%
• Cash to close: $66,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $239k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $79k (66.8% below list).
• Meets the 1% rule at list price ($3k rent vs $239k).
• It's been on market 224 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (66.8% 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 $7k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Orange Grove Elementary School (math 82% / reading 72%, grade A, #170 of 2,144 statewide, top 9%, 435 students, 43% FRL); Osceola Middle School (math 48% / reading 45%, grade D+, #297 of 571 statewide, top 52%, 1,009 students, 52% FRL); Seminole High School (math 26% / reading 47%, grade F, #351 of 667 statewide, top 54%, 1,546 students, 39% FRL) — zoned schools at 45% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo; HOA is 42% of rent.
• Market conditions: Rents soft (-1.8%/yr); 674 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 41d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 39% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 224 days. Have you received any prior offers? Is the seller open to a 67% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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?
• 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?
• 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.