2613 N 21st St

Tampa, FL 33605

$275,000D+

3 bd · 2.0 ba · 1,250 sqft · Built 1918 · SingleFamily · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,206/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$545
• HOA: −$0
• Vac / Maint / Mgmt: −$463
• Net cashflow: $-245/mo
• Annual: $-2,938/yr
• Cap rate: 5.51%
• Cash-on-cash: -2.78%
• DSCR: 0.88
• 1% rule: 0.80%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $-245 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $232k (15.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (19.8% below list).
• It's been on market 100 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (19.8% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Location reads 79/100 on livability (#142 in FL, #2,135 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+.
• Hillsborough (suburban): math 47% / reading 50% proficiency, ranked #41 of 73 in FL (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Elementary School (math 32% / reading 27%, grade F, #1,896 of 2,144 statewide, top 90%, 317 students, 78% FRL); Madison Middle School (math 43% / reading 46%, grade D, #320 of 571 statewide, top 57%, 563 students, 65% FRL); Middleton High School (math 23% / reading 51%, grade F, #340 of 667 statewide, top 52%, 1,511 students, 57% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 190 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 9,053 units permitted in Hillsborough County in 2024 (4,555 in 5+ unit buildings).
• Hillsborough County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170k; list at $275k implies a 62% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; 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.
• At $2,206/mo this rent would consume 72% of the median local household income ($37k/yr) (locally 1374% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 100 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1918 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?