22341 Midway Blvd

Port Charlotte, FL 33952

$214,000D-

2 bd · 1.0 ba · 1,064 sqft · Built 1962 · SingleFamily · Active · 352 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,583/mo
• Mortgage (P&I): −$1,122
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-36/mo
• Annual: $-428/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.71%
• DSCR: 0.97
• 1% rule: 0.74%
• Cash to close: $59,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $214k.
• At list price, monthly cash flow is $-36 ($-428/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (26.0% below list).
• It's been on market 352 days — a 12% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (26.0% below list) — sets the bar for 1% rule.
• 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 65/100 on livability (#655 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Charlotte (suburban): math 54% / reading 54% proficiency, ranked #22 of 73 in FL (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Neil Armstrong Elementary School (math 66% / reading 63%, grade B, #525 of 2,144 statewide, top 26%, 780 students, 63% FRL); Charlotte High School (math 44% / reading 46%, grade D-, #228 of 667 statewide, top 35%, 1,994 students, 41% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: Rents soft (-1.4%/yr); 707 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 4,585 units permitted in Charlotte County in 2024 (703 in 5+ unit buildings).
• Charlotte County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $214k implies a 138% 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 4.4% in Port Charlotte — 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 31% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 352 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.