Richmond Plan

Connerton, FL 34637

$453,690F

6 bd · 3.0 ba · 3,092 sqft · Built — · SingleFamily · Active · 391 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,948/mo
• Mortgage (P&I): −$3,292
• Tax + insurance: −$1,171
• HOA: −$0
• Vac / Maint / Mgmt: −$829
• Net cashflow: $-1,344/mo
• Annual: $-16,127/yr
• Cap rate: 3.96%
• Cash-on-cash: -8.32%
• DSCR: 0.63
• 1% rule: 0.63%
• Cash to close: $175,749

Investor read

• This is a 6-bed/3.0-bath single-family listed at $454k.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $433k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $395k (13.0% below list).
• It's been on market 391 days — a 12% lower offer ($399k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $395k (13.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.5%/yr); year-one equity from $4k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#596 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Pasco (suburban): math 50% / reading 52% proficiency, ranked #32 of 73 in FL (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Connerton Elementary School (math 48% / reading 57%, grade C-, #976 of 2,144 statewide, top 46%, 958 students, 39% FRL); Pine View Middle School (math 63% / reading 52%, grade B, #157 of 571 statewide, top 28%, 1,170 students, 32% FRL); Land O' Lakes High School (math 56% / reading 64%, grade C+, #106 of 667 statewide, top 16%, 2,248 students, 27% FRL) — zoned schools average 33% FRL vs 48% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 287 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 41% of the median local income ($115k/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 391 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 D-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.