708 W Olympia Ave

Punta Gorda, FL 33950

$299,000D

4 bd · 2.0 ba · 1,152 sqft · Built 1947 · MultiFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,651/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$839
• HOA: −$0
• Vac / Maint / Mgmt: −$557
• Net cashflow: $-312/mo
• Annual: $-3,748/yr
• Cap rate: 6.75%
• Cash-on-cash: 1.64%
• DSCR: 1.07
• 1% rule: 0.89%
• Cash to close: $83,720

Investor read

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $299k.
• At list price, monthly cash flow is $-312 ($-4k/yr) — negative. Per door: $-156/mo.
• To cash-flow at today's rent, offer at most $244k (18.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (11.3% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $244k (18.5% 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 $9k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#225 in FL, #3,567 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing B; Watch: cost of living D+, amenities D-, 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: Sallie Jones Elementary School (math 75% / reading 74%, grade A, #230 of 2,144 statewide, top 12%, 694 students, 47% 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).
• Watch-outs: flood insurance adds $427/mo; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.1%/yr); 1004 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 8 sale attempts since 10y ago; this cycle's ask is 15% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $250k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 2.8% in Punta Gorda — 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.
• This rent runs 42% of the median local income ($76k/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?
• 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?
• Built in 1947 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?