10530 77th Ter #323

Seminole, FL 33772

$119,900D+

1 bd · 1.0 ba · 720 sqft · Built 1973 · Condo · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,517/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$264
• HOA: −$390
• Vac / Maint / Mgmt: −$318
• Net cashflow: $-85/mo
• Annual: $-1,021/yr
• Cap rate: 6.11%
• Cash-on-cash: -0.66%
• DSCR: 0.97
• 1% rule: 1.26%
• Cash to close: $33,572

Investor read

• This is a 1-bed/1.0-bath condo listed at $120k.
• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (12.5% below list).
• Meets the 1% rule at list price ($2k rent vs $120k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $105k (12.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#5 in FL, #174 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• 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 26% of rent.
• Market conditions: Rents flat; 209 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 14y ago; this cycle's ask has dropped $100k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $120k implies a 93% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 3.8% in Seminole — 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?
• Built in 1973 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?