1026 83rd Ter N #1026

St. Petersburg, FL 33702

$81,000B-

1 bd · 1.0 ba · 665 sqft · Built 1971 · Condo · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,393/mo
• Mortgage (P&I): −$425
• Tax + insurance: −$135
• HOA: −$314
• Vac / Maint / Mgmt: −$292
• Net cashflow: $226/mo
• Annual: $2,716/yr
• Cap rate: 9.65%
• Cash-on-cash: 11.97%
• DSCR: 1.53
• 1% rule: 1.72%
• Cash to close: $22,680

Investor read

• This is a 1-bed/1.0-bath condo listed at $81k.
• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $81k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $560 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — 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: Sawgrass Lake Elementary School (math 43% / reading 43%, grade F, #1,366 of 2,144 statewide, top 64%, 596 students, 63% FRL); Northeast High School (math 35% / reading 47%, grade F, #289 of 667 statewide, top 44%, 1,736 students, 50% FRL).
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents soft (-2.2%/yr); 385 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts 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 $25k; list at $81k implies a 224% gain — meaningful room to come down on a strong offer.
• Cap rate 9.6% vs local median 2.6% in St. Petersburg — 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

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.