717 E Gulf Blvd

Indian Rocks Beach, FL 33785

$999,999C+

12 bd · 3.0 ba · 2,100 sqft · Built 1959 · MultiFamily · Active · 170 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,256/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$1,528
• HOA: −$0
• Vac / Maint / Mgmt: −$2,154
• Net cashflow: $1,330/mo
• Annual: $15,959/yr
• Cap rate: 8.40%
• Cash-on-cash: 7.53%
• DSCR: 1.33
• 1% rule: 1.03%
• Cash to close: $280,000

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $1000k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $443/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $1000k).
• It's been on market 170 days — a 12% lower offer ($880k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $880k (12.0% below list) — sets the bar for market timing.
• In year one you build about $18k of equity ($7k loan paydown + $11k appreciation (1.1% local appreciation)).
• Location reads 73/100 on livability (#315 in FL) — a middle-class / working-renter tenant base. Strengths: health & safety A+, commute A, crime A-; Watch: amenities F, cost of living 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: Ozona Elementary School (math 73% / reading 66%, grade A-, #364 of 2,144 statewide, top 19%, 762 students, 31% FRL); Seminole High School (math 26% / reading 47%, grade F, #351 of 667 statewide, top 54%, 1,546 students, 39% FRL).
• Watch-outs: flood insurance adds $427/mo; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 245 active listings in the ZIP; solid renter incomes; 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.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $150k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $855k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $280k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 170 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?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?