111 W Powhatan Ave

Tampa, FL 33604

$203,000C+

2 bd · 1.0 ba · 1,328 sqft · Built 1926 · SingleFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,211/mo
• Mortgage (P&I): −$1,065
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$464
• Net cashflow: $483/mo
• Annual: $5,800/yr
• Cap rate: 9.15%
• Cash-on-cash: 10.20%
• DSCR: 1.45
• 1% rule: 1.09%
• Cash to close: $56,840

Investor read

• This is a 2-bed/1.0-bath single-family listed at $203k.
• At list price, monthly cash flow is $483 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $203k).
• It's been on market 22 days — a 2% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#142 in FL, #2,135 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+.
• Hillsborough (suburban): math 47% / reading 50% proficiency, ranked #41 of 73 in FL (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Seminole Elementary School (math 37% / reading 42%, grade F, #1,513 of 2,144 statewide, top 73%, 370 students, 61% FRL); Memorial Middle School (math 30% / reading 29%, grade F, #469 of 571 statewide, top 84%, 600 students, 72% FRL); Hillsborough High School (math 30% / reading 48%, grade F, #312 of 667 statewide, top 48%, 1,891 students, 56% FRL).
• Zoned-school proficiency averages 36% at this address vs 48% district-wide (-12 pts) — the specific schools serving this property underperform the Hillsborough average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 372 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 9,053 units permitted in Hillsborough County in 2024 (4,555 in 5+ unit buildings).
• Hillsborough County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $77k; list at $203k implies a 164% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,211/mo this rent would consume 45% of the median local household income ($59k/yr) (locally 2581% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.