16305 Enclave Village Dr #102

Tampa, FL 33647

$159,000D

2 bd · 2.0 ba · 1,270 sqft · Built 2000 · Condo · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,840/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$265
• HOA: −$645
• Vac / Maint / Mgmt: −$386
• Net cashflow: $-290/mo
• Annual: $-3,479/yr
• Cap rate: 4.10%
• Cash-on-cash: -7.82%
• DSCR: 0.65
• 1% rule: 1.16%
• Cash to close: $44,520

Investor read

• This is a 2-bed/2.0-bath condo listed at $159k. Condition is rated fair.
• At list price, monthly cash flow is $-290 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (26.4% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• It's been on market 142 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (26.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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: Tampa Palms Elementary School (math 66% / reading 68%, grade B+, #450 of 2,144 statewide, top 22%, 778 students, 46% FRL); Liberty Middle School (math 53% / reading 51%, grade C+, #217 of 571 statewide, top 40%, 1,081 students, 45% FRL); Freedom High School (math 23% / reading 39%, grade F, #429 of 667 statewide, top 65%, 1,837 students, 54% FRL) — zoned schools at 48% FRL track the district average.
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents soft (-1.2%/yr); 583 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 28d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $13k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.1% vs local median 2.8% in Tampa — 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.

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 142 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Dated appearance
• Moderate: Bathtubs and sinks — Dated appearance
• Minor: Paint — Slight wear