2923 Sweet Pepper Way

Parrish, FL 34219

$420,597D-

4 bd · 3.0 ba · 2,267 sqft · Built 2026 · SingleFamily · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,943/mo
• Mortgage (P&I): −$2,206
• Tax + insurance: −$701
• HOA: −$0
• Vac / Maint / Mgmt: −$618
• Net cashflow: $-581/mo
• Annual: $-6,978/yr
• Cap rate: 4.63%
• Cash-on-cash: -5.92%
• DSCR: 0.74
• 1% rule: 0.70%
• Cash to close: $117,767

Investor read

• This is a 4-bed/3.0-bath single-family listed at $421k. Condition is rated good.
• At list price, monthly cash flow is $-581 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $336k (20.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $294k (30.0% below list).
• It's been on market 115 days — a 9% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $294k (30.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Gene Witt Elementary School (math 84% / reading 82%, grade A+, #65 of 2,144 statewide, top 3%, 689 students, 24% FRL); Buffalo Creek Middle School (math 59% / reading 51%, grade B-, #180 of 571 statewide, top 32%, 1,127 students, 44% FRL); Palmetto High School (math 22% / reading 36%, grade F, #456 of 667 statewide, top 68%, 2,100 students, 61% FRL).
• Market conditions: Rents soft (-0.9%/yr); 2703 active listings in the ZIP; high-income renter base; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: 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.
• This rent runs 31% of the median local income ($114k/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 115 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.