1250 S Pinellas Ave #910

Tarpon Springs, FL 34689

$89,000C-

1 bd · 1.0 ba · 669 sqft · Built 1974 · Condo · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,432/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$178
• HOA: −$412
• Vac / Maint / Mgmt: −$301
• Net cashflow: $75/mo
• Annual: $902/yr
• Cap rate: 7.31%
• Cash-on-cash: 3.62%
• DSCR: 1.16
• 1% rule: 1.61%
• Cash to close: $24,920

Investor read

• This is a 1-bed/1.0-bath condo listed at $89k.
• At list price, monthly cash flow is $75 ($902/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• It's been on market 17 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k 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: Sunset Hills Elementary School (math 72% / reading 72%, grade A-, #288 of 2,144 statewide, top 15%, 451 students, 52% 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) — zoned schools at 49% FRL track the district average.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents soft (-1.2%/yr); 404 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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.
• 2 sale attempts; this cycle's ask has dropped $36k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $89k implies a 178% gain — meaningful room to come down on a strong offer.
• Cap rate 7.3% 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.

Questions for listing agent

• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.