1403 Brigadoon Dr

Clearwater, FL 33759

$200,000D

2 bd · 1.5 ba · 896 sqft · Built 1988 · Townhouse · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,965/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$358
• HOA: −$187
• Vac / Maint / Mgmt: −$413
• Net cashflow: $-41/mo
• Annual: $-491/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.88%
• DSCR: 0.96
• 1% rule: 0.98%
• Cash to close: $56,000

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $200k.
• At list price, monthly cash flow is $-41 ($-491/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (1.7% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $193k (3.6% 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 $6k 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: schools C-, 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.
• Market conditions: Rents falling (-5.6%/yr); 116 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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.
• 2 sale attempts since 9y 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 $135k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.9% 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 35% of the median local income ($67k/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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.