1306 Golfview Dr #1306

Tarpon Springs, FL 34689

$145,000D

2 bd · 2.0 ba · 1,240 sqft · Built 1983 · SingleFamily · Pending · 241 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,060/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$744
• Vac / Maint / Mgmt: −$433
• Net cashflow: $-119/mo
• Annual: $-1,424/yr
• Cap rate: 5.31%
• Cash-on-cash: -3.51%
• DSCR: 0.84
• 1% rule: 1.42%
• Cash to close: $40,600

Investor read

• This is a 2-bed/2.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (11.8% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 241 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#502 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: employment C-, amenities F, commute F.
• 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: Tarpon Springs Elementary School (math 57% / reading 41%, grade D, #1,134 of 2,144 statewide, top 54%, 506 students, 80% FRL); Tarpon Springs Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 644 students, 50% FRL); Tarpon Springs High School (math 30% / reading 47%, grade F, #321 of 667 statewide, top 49%, 1,139 students, 46% FRL).
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents soft (-1.2%/yr); 404 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $70k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.3% vs local median 3.3% in Tarpon Springs — 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 33% of the median local income ($75k/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 241 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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.