172 Lakeview Way #172

East Lake, FL 34677

$150,000D-

2 bd · 2.0 ba · 1,094 sqft · Built 1980 · Condo · Active · 209 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,866/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$375
• HOA: −$662
• Vac / Maint / Mgmt: −$392
• Net cashflow: $-349/mo
• Annual: $-4,193/yr
• Cap rate: 4.50%
• Cash-on-cash: -6.41%
• DSCR: 0.71
• 1% rule: 1.24%
• Cash to close: $42,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $150k. Condition is rated good.
• At list price, monthly cash flow is $-349 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (33.7% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 209 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (33.7% 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 $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#660 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: cost of living D, amenities F, commute 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: Forest Lakes Elementary School (math 74% / reading 73%, grade A, #260 of 2,144 statewide, top 13%, 498 students, 36% FRL); Joseph L. Carwise Middle School (math 66% / reading 57%, grade B+, #124 of 571 statewide, top 22%, 1,098 students, 38% FRL); East Lake High School (math 44% / reading 65%, grade C-, #138 of 667 statewide, top 21%, 2,286 students, 23% FRL) — zoned schools average 33% FRL vs 48% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 63% at this address vs 51% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Pinellas average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $125/mo; HOA is 35% of rent.
• Market conditions: Rents soft (-2.6%/yr); 375 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 52d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 3y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); 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 4.5% vs local median 2.7% in East Lake — 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 209 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — Slight wear on cabinet doors and drawers.
• Minor: bathroom fixtures — Slight wear on sink and bathtub fixtures.
• Minor: kitchen countertops — Slight wear on countertops and backsplash tiles.