6339 Pontiac Ln

North Port, FL 34287

$259,000D

3 bd · 2.0 ba · 1,481 sqft · Built 1962 · SingleFamily · Pending · 368 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,266/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$474
• HOA: −$0
• Vac / Maint / Mgmt: −$476
• Net cashflow: $-42/mo
• Annual: $-503/yr
• Cap rate: 6.41%
• Cash-on-cash: 0.41%
• DSCR: 1.02
• 1% rule: 0.88%
• Cash to close: $72,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $259k.
• At list price, monthly cash flow is $-42 ($-503/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (12.5% below list).
• It's been on market 368 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $227k (12.5% 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 $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#252 in FL, #3,975 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute 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.
• Zoned schools: Lamarque Elementary School (math 61% / reading 58%, grade B-, #690 of 2,144 statewide, top 34%, 1,073 students, 68% FRL); North Port High School (math 44% / reading 57%, grade D+, #171 of 667 statewide, top 26%, 2,562 students, 54% FRL) — zoned schools average 61% FRL vs 42% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents flat; 852 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Current owner paid $65k; list at $259k implies a 298% 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; moderate wildfire risk; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% vs local median 3.6% in North Port — 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 43% of the median local income ($63k/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?
• It's been on market 368 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1962 — 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?
• 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.
• Schools are B-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?