1370 16th Ave SE

Ruskin, FL 33570

$359,990F

4 bd · 3.0 ba · 2,336 sqft · Built 2026 · Land · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,665/mo
• Mortgage (P&I): −$1,888
• Tax + insurance: −$478
• HOA: −$8
• Vac / Maint / Mgmt: −$560
• Net cashflow: $-269/mo
• Annual: $-3,223/yr
• Cap rate: 5.40%
• Cash-on-cash: -3.20%
• DSCR: 0.86
• 1% rule: 0.74%
• Cash to close: $100,797

Investor read

• This is a 4-bed/3.0-bath land listed at $360k.
• At list price, monthly cash flow is $-269 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $313k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (26.0% below list).
• It's been on market 114 days — a 9% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $266k (26.0% 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 $11k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#392 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute B+; Watch: amenities F, health & safety F.
• 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: Ruskin Elementary School (math 30% / reading 23%, grade F, #2,009 of 2,144 statewide, top 94%, 781 students, 77% FRL); Shields Middle School (math 29% / reading 27%, grade F, #486 of 571 statewide, top 86%, 1,867 students, 68% FRL); Lennard High School (math 30% / reading 46%, grade F, #328 of 667 statewide, top 50%, 2,404 students, 47% FRL).
• Zoned-school proficiency averages 31% at this address vs 48% district-wide (-18 pts) — the specific schools serving this property underperform the Hillsborough average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 497 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• This rent runs 44% of the median local income ($72k/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 114 days. Have you received any prior offers? Is the seller open to a 26% 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.