1960 Union St #28

Clearwater, FL 33763

$164,900D

2 bd · 2.0 ba · 1,049 sqft · Built 1979 · Condo · Pending · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,940/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$149
• HOA: −$608
• Vac / Maint / Mgmt: −$407
• Net cashflow: $-89/mo
• Annual: $-1,068/yr
• Cap rate: 5.65%
• Cash-on-cash: -2.31%
• DSCR: 0.90
• 1% rule: 1.18%
• Cash to close: $46,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $165k.
• At list price, monthly cash flow is $-89 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (9.5% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 59 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $149k (9.5% 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 82/100 on livability (#60 in FL, #988 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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: Garrison-Jones Elementary School (math 66% / reading 58%, grade B, #608 of 2,144 statewide, top 29%, 593 students, 46% FRL); Dunedin High School (math 36% / reading 45%, grade F, #294 of 667 statewide, top 44%, 1,203 students, 48% FRL) — zoned schools at 47% FRL track the district average.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents soft (-2.6%/yr); 292 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $84k; list at $165k implies a 96% 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 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 3.0% in Clearwater — 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.
• This rent runs 42% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 59 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.