4565 Duhme Rd #203

Madeira Beach, FL 33708

$109,900B-

1 bd · 1.0 ba · 780 sqft · Built 1967 · Condo · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,047/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$558
• HOA: −$576
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-93/mo
• Annual: $-1,117/yr
• Cap rate: 9.93%
• Cash-on-cash: 13.00%
• DSCR: 1.58
• 1% rule: 1.86%
• Cash to close: $30,772

Investor read

• This is a 1-bed/1.0-bath condo listed at $110k.
• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $93k (15.0% below list).
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 160 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (15.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#419 in FL) — a middle-class / working-renter tenant base. Strengths: schools A, health & safety B; Watch: crime D+, amenities F, cost of living 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.
• Watch-outs: flood insurance adds $427/mo; HOA is 28% of rent.
• Market conditions: Rents soft (-1.8%/yr); 571 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $23k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 9.9% vs local median 0.6% in Madeira Beach — 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.

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 160 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1967 — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.