3415 Clark Rd #215

Gulf Gate, FL 34231

$148,000D

1 bd · 1.0 ba · 555 sqft · Built 1974 · Condo · Active · 192 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,662/mo
• Mortgage (P&I): −$776
• Tax + insurance: −$227
• HOA: −$365
• Vac / Maint / Mgmt: −$349
• Net cashflow: $-55/mo
• Annual: $-660/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• 1% rule: 1.12%
• Cash to close: $41,440

Investor read

• This is a 1-bed/1.0-bath condo listed at $148k.
• At list price, monthly cash flow is $-55 ($-660/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (6.6% below list).
• Meets the 1% rule at list price ($2k rent vs $148k).
• It's been on market 192 days — a 12% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (12.0% 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 $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Sarasota (urban): math 63% / reading 63% proficiency, ranked #7 of 73 in FL (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Gulf Gate Elementary School (math 60% / reading 65%, grade B, #601 of 2,144 statewide, top 28%, 655 students, 54% FRL); Brookside Middle School (math 62% / reading 55%, grade B, #148 of 571 statewide, top 26%, 745 students, 66% FRL); Riverview High School (math 61% / reading 65%, grade B-, #89 of 667 statewide, top 14%, 2,597 students, 35% FRL).
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents soft (-2.1%/yr); 566 active listings in the ZIP; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $22k (13%) 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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 192 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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?
• 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?