SANIBEL Plan

Eagle Lake, FL 33839

$288,990D

3 bd · 2.0 ba · 1,582 sqft · Built — · SingleFamily · Active · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,308/mo
• Mortgage (P&I): −$1,515
• Tax + insurance: −$482
• HOA: −$0
• Vac / Maint / Mgmt: −$485
• Net cashflow: $-174/mo
• Annual: $-2,084/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.58%
• DSCR: 0.89
• 1% rule: 0.80%
• Cash to close: $80,917

Investor read

• This is a 3-bed/2.0-bath single-family listed at $289k.
• At list price, monthly cash flow is $-174 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (20.1% below list).
• It's been on market 112 days — a 9% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (20.1% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (1.8% local appreciation)).
• Location reads 77/100 on livability (#196 in FL, #3,096 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute 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.
• Market conditions: 167 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 6→19/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 112 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• 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.
• 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.