183 Philadelphia Blvd #22

Palm Harbor, FL 34684

$214,000D

2 bd · 2.0 ba · 864 sqft · Built 1969 · Manufactured · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,899/mo
• Mortgage (P&I): −$1,122
• Tax + insurance: −$217
• HOA: −$110
• Vac / Maint / Mgmt: −$399
• Net cashflow: $51/mo
• Annual: $607/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• 1% rule: 0.89%
• Cash to close: $59,920

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $214k.
• At list price, monthly cash flow is $51 ($607/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (11.3% below list).
• It's been on market 138 days — a 12% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (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 $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#95 in FL, #1,470 nationally) — a professional / high-income tenant draw. Strengths: housing A+, commute A, crime A-; Watch: 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.
• Zoned schools: Highland Lakes Elementary School (math 67% / reading 65%, grade B+, #492 of 2,144 statewide, top 23%, 529 students, 44% FRL); Tarpon Springs Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 644 students, 50% FRL); Tarpon Springs High School (math 30% / reading 47%, grade F, #321 of 667 statewide, top 49%, 1,139 students, 46% FRL) — zoned schools at 47% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents falling (-5.2%/yr); 378 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 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.
• Current owner paid $75k; list at $214k implies a 185% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major 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 6.9% vs local median 3.1% in Palm Harbor — 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 32% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?
• 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.
• Schools are A-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?