3356 Avenue Q NW

Inwood, FL 33881

$297,000C

2 bd · 1.0 ba · 1,488 sqft · Built 1980 · MultiFamily · Active · 281 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,247/mo
• Mortgage (P&I): −$1,558
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$682
• Net cashflow: $536/mo
• Annual: $6,431/yr
• Cap rate: 8.46%
• Cash-on-cash: 7.73%
• DSCR: 1.34
• 1% rule: 1.09%
• Cash to close: $83,160

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $297k.
• At list price, monthly cash flow is $536 ($6k/yr) — positive. Per door: $268/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $297k).
• It's been on market 281 days — a 12% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#594 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F, employment F.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fred G. Garner Elementary School (math 29% / reading 31%, grade F, #1,882 of 2,144 statewide, top 88%, 901 students, 62% FRL); Westwood Middle School (math 19% / reading 26%, grade F, #546 of 571 statewide, top 96%, 878 students, 70% FRL); Auburndale Senior High School (math 25% / reading 31%, grade F, #464 of 667 statewide, top 70%, 1,716 students, 53% FRL) — zoned schools at 62% FRL track the district average.
• Zoned-school proficiency averages 27% at this address vs 41% district-wide (-14 pts) — the specific schools serving this property underperform the Polk average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.1%/yr); 495 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 14 sale attempts since 18y ago; this cycle's ask has dropped $18k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $159k; list at $297k implies a 87% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,247/mo this rent would consume 68% of the median local household income ($57k/yr) (locally 1270% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 281 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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.