31661 Ocean Breeze Dr

San Antonio, FL 33576

$275,990D+

3 bd · 2.5 ba · 1,419 sqft · Built 2026 · Townhouse · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,399/mo
• Mortgage (P&I): −$1,302
• Tax + insurance: −$414
• HOA: −$212
• Vac / Maint / Mgmt: −$504
• Net cashflow: $-33/mo
• Annual: $-391/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.97
• 1% rule: 0.97%
• Cash to close: $69,531

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $276k.
• At list price, monthly cash flow is $-33 ($-391/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (11.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (13.1% below list).
• It's been on market 113 days — a 9% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $240k (13.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.3%/yr); year-one equity from $2k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#454 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety D-.
• 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: Pasco High School (math 40% / reading 40%, grade F, #296 of 667 statewide, top 45%, 1,639 students, 66% FRL) — zoned schools average 66% FRL vs 48% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 364 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 6.1% vs local median 3.4% in San Antonio — 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.
• This rent runs 38% of the median local income ($76k/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 113 days. Have you received any prior offers? Is the seller open to a 13% 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 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.