36750 US Highway 19 #21214

Palm Harbor, FL 34684

$135,000D

1 bd · 1.0 ba · 530 sqft · Built 1974 · Condo · Active · 190 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,536/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$497
• Vac / Maint / Mgmt: −$323
• Net cashflow: $-217/mo
• Annual: $-2,599/yr
• Cap rate: 4.37%
• Cash-on-cash: -6.88%
• DSCR: 0.69
• 1% rule: 1.14%
• Cash to close: $37,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $135k. Condition is rated good.
• At list price, monthly cash flow is $-217 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (23.2% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 190 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (23.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#95 in FL, #1,470 nationally) — a professional / high-income tenant draw. Strengths: housing A+, commute A, crime A-; Watch: amenities 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: Sutherland Elementary School (math 78% / reading 68%, grade A, #271 of 2,144 statewide, top 13%, 627 students, 42% 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 46% FRL track the district average.
• Watch-outs: HOA is 32% of rent.
• Market conditions: Rents falling (-5.2%/yr); 467 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 72d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.4% vs local median 3.0% in Palm Harbor — 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

• 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 190 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• 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?
• 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 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — Light wear and tear on the cabinets.
• Minor: kitchen countertops — Light wear and tear on the countertops.
• Minor: bathroom walls — Some discoloration on the walls.
• Minor: hallway paint — Paint appears faded in some areas.