10806 Whitecap Dr

Riverview, FL 33579

$379,000D-

4 bd · 3.0 ba · 1,927 sqft · Built 2015 · SingleFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,579/mo
• Mortgage (P&I): −$1,988
• Tax + insurance: −$232
• HOA: −$47
• Vac / Maint / Mgmt: −$542
• Net cashflow: $-229/mo
• Annual: $-2,746/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• 1% rule: 0.68%
• Cash to close: $106,120

Investor read

• This is a 4-bed/3.0-bath single-family listed at $379k.
• At list price, monthly cash flow is $-229 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $339k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (31.9% below list).
• It's been on market 73 days — a 6% lower offer ($356k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $258k (31.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.4%/yr); year-one equity from $3k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#134 in FL, #2,000 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment B+; Watch: amenities 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: Summerfield Crossings Elementary School (math 43% / reading 45%, grade F, #1,330 of 2,144 statewide, top 63%, 869 students, 53% FRL); East Bay High School (math 24% / reading 35%, grade F, #447 of 667 statewide, top 68%, 1,995 students, 51% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 467 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 73 days. Have you received any prior offers? Is the seller open to a 32% 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 B-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?
• 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.