32206 Turtle Grace Loop

Wesley Chapel, FL 33545

$275,000D-

3 bd · 3.0 ba · 1,758 sqft · Built 2023 · Townhouse · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,396/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$641
• HOA: −$220
• Vac / Maint / Mgmt: −$503
• Net cashflow: $-410/mo
• Annual: $-4,921/yr
• Cap rate: 4.50%
• Cash-on-cash: -6.39%
• DSCR: 0.72
• 1% rule: 0.87%
• Cash to close: $77,000

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $275k. Condition is rated good.
• At list price, monthly cash flow is $-410 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (26.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (12.9% below list).
• It's been on market 102 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (26.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#143 in FL, #2,137 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: commute F.
• 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: Watergrass Elementary School (math 50% / reading 62%, grade C+, #832 of 2,144 statewide, top 40%, 865 students, 41% FRL); Thomas E. Weightman Middle School (math 48% / reading 53%, grade C, #246 of 571 statewide, top 44%, 1,250 students, 40% FRL); Wesley Chapel High School (math 52% / reading 58%, grade C, #135 of 667 statewide, top 20%, 1,826 students, 40% FRL).
• Market conditions: Rents soft (-2.7%/yr); 712 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 49d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.5% vs local median 3.6% in Wesley Chapel — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 102 days. Have you received any prior offers? Is the seller open to a 26% 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 B-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?
• 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.