14933 56th St N

South Highpoint, FL 33760

$289,900D

4 bd · 2.0 ba · 1,098 sqft · Built 1972 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,300/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$262
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $35/mo
• Annual: $422/yr
• Cap rate: 6.71%
• Cash-on-cash: 1.50%
• DSCR: 1.07
• 1% rule: 0.79%
• Cash to close: $81,172

Investor read

• This is a 4-bed/2.0-bath single-family listed at $290k.
• At list price, monthly cash flow is $35 ($422/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (20.7% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $230k (20.7% below list) — sets the bar for 1% rule.
• 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 75/100 on livability (#267 in FL, #4,332 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: amenities F, employment D-.
• 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: High Point Elementary School (math 54% / reading 48%, grade C-, #1,043 of 2,144 statewide, top 49%, 609 students, 80% FRL); Fitzgerald Middle School (math 50% / reading 47%, grade C-, #274 of 571 statewide, top 50%, 1,033 students, 62% FRL); Pinellas Park High School (math 28% / reading 35%, grade F, #424 of 667 statewide, top 64%, 1,919 students, 57% FRL) — zoned schools average 66% FRL vs 48% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents falling (-7.1%/yr); 129 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 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.
• Current owner paid $98k; list at $290k implies a 197% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 40% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1972 — 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.