4666 Helena St NE

St. Petersburg, FL 33703

$225,000C

2 bd · 1.0 ba · 984 sqft · Built 1952 · SingleFamily · Active · 556 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,158/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$560
• HOA: −$0
• Vac / Maint / Mgmt: −$453
• Net cashflow: $-35/mo
• Annual: $-424/yr
• Cap rate: 8.38%
• Cash-on-cash: 7.45%
• DSCR: 1.33
• 1% rule: 0.96%
• Cash to close: $63,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-35 ($-424/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (4.1% below list).
• It's been on market 556 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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 $427/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.2%/yr); 451 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $75k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $225k implies a 350% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.4% vs local median 2.6% in St. Petersburg — 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 556 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1952 — 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?
• 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.
• 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.