2 bd · 1.0 ba ·
872 sqft ·
Built 1972
· Condo
· Active
· 341 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$2,559/mo
Mortgage (P&I)
−$551
Tax + insurance
−$142
HOA
−$652
Vac / Maint / Mgmt
−$537
Net cashflow
$677/mo
Annual
$8,129/yr
Cap rate
14.79%
Cash-on-cash
30.36%
DSCR
2.35
1% rule
2.44%
Cash to close
$29,400
Investor read
This is a 2-bed/1.0-bath condo listed at $105k.
At list price, monthly cash flow is $677 ($8k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($3k rent vs $105k).
It's been on market 341 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
Location reads 82/100 on livability (#82 in FL, #1,240 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, amenities 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.
Watch-outs: flood insurance adds $66/mo; HOA is 25% of rent.
Market conditions: Rents rising (+2.0%/yr); 210 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
3 sale attempts since 17y ago; this cycle's ask has dropped $45k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
Current owner paid $48k; list at $105k implies a 119% gain — meaningful room to come down on a strong offer.
At projected returns (-3.0% appreciation + 2.0% rent growth), your $29k cash investment doubles in ~5 years — after that, you're playing with house money.
Climate carrying-cost: severe flood risk; 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 14.8% vs local median 4.2% in Largo — 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 39% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.
Questions for listing agent
It's been on market 341 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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.
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.
CashFlowRE · CFR-XBVBR83M19N3DS
· Data 3 weeks agocashflowre.app · 2026-05-29