Siesta Plan

Bradenton, FL 34212

$320,990D

3 bd · 2.0 ba · 1,565 sqft · Built — · SingleFamily · Active · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,682/mo
• Mortgage (P&I): −$1,803
• Tax + insurance: −$573
• HOA: −$0
• Vac / Maint / Mgmt: −$563
• Net cashflow: $-257/mo
• Annual: $-3,086/yr
• Cap rate: 5.40%
• Cash-on-cash: -3.21%
• DSCR: 0.86
• 1% rule: 0.78%
• Cash to close: $96,261

Investor read

• This is a 3-bed/2.0-bath single-family listed at $321k. Condition is rated good.
• At list price, monthly cash flow is $-257 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $307k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $268k (16.4% below list).
• It's been on market 132 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $268k (16.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.8%/yr); year-one equity from $2k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#101 in FL, #1,528 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime D, amenities F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Gene Witt Elementary School (math 84% / reading 82%, grade A+, #65 of 2,144 statewide, top 3%, 689 students, 24% FRL); Carlos E. Haile Middle School (math 70% / reading 63%, grade A-, #84 of 571 statewide, top 16%, 737 students, 45% FRL); Lakewood Ranch High School (math 47% / reading 63%, grade C, #135 of 667 statewide, top 20%, 2,435 students, 22% FRL) — zoned schools average 30% FRL vs 51% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 68% at this address vs 52% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Manatee average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents falling (-3.4%/yr); 591 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 111d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 93% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Cap rate 5.4% vs local median 3.5% in Bradenton — 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?
• It's been on market 132 days. Have you received any prior offers? Is the seller open to a 16% 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.