301 S Osprey Ave

Sarasota, FL 34236

$1,099,000D

16 bd · 16.0 ba · 3,320 sqft · Built 1914 · MultiFamily · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,689/mo
• Mortgage (P&I): −$5,763
• Tax + insurance: −$1,832
• HOA: −$0
• Vac / Maint / Mgmt: −$1,825
• Net cashflow: $-731/mo
• Annual: $-8,768/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.85%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $307,720

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $1.10M. Condition is rated fair.
• At list price, monthly cash flow is $-731 ($-9k/yr) — negative. Per door: $-183/mo.
• To cash-flow at today's rent, offer at most $993k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $869k (20.9% below list).
• It's been on market 145 days — a 12% lower offer ($967k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $869k (20.9% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($8k loan paydown + $21k appreciation (1.9% local appreciation)).
• Location reads 80/100 on livability (#121 in FL, #1,854 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, health & safety A+, commute A; Watch: crime F.
• Sarasota (urban): math 63% / reading 63% proficiency, ranked #7 of 73 in FL (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents falling (-5.1%/yr); 731 active listings in the ZIP; solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 5y ago; this cycle's ask has dropped $100k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$73k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $8,689/mo this rent would consume 109% of the median local household income ($96k/yr) (locally 927% 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 145 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — The cabinets appear to be outdated and in poor condition.
• Major: bathroom fixtures — The fixtures appear to be outdated and in poor condition.
• Minor: exterior siding — There is some discoloration and wear visible, but no major damage.
• Minor: interior walls — There is some discoloration and wear visible, but no major damage.
• Minor: windows — There is some discoloration and wear visible, but no major damage.