1904 6th Ave W · Memphis, FL 34221

$234,900

2 bd · 1.0 ba · 1,063 sqft · SingleFamily public records · 1 Days on market

Built 1955 10,376 sqft lot Est $225k · at est.

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.8/30.0
• DSCR +6.3/10.0
• ARV discount +5.6/15.0
• Schools +4.4/10.0
• 1% rule +4.0/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

FIXER UPPER! Seller will provide a new roof, but there are other places to add your personal touches to make this your home! 3 bedrooms 2 baths, GREAT LOT in a location that is close to shopping and schools.

Key facts

• 0.24 acre lot
• Built 1955

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/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 $211k (10.0% below list).
• Recommended offer: $211k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 4.5% in Memphis — 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.

Location & tenants

• Location reads 63/100 on livability (#745 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-3.0%/yr); 1160 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• This rent runs 33% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,389 (10.0% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 7.72%
• Cash-on-cash: 5.09%
• DSCR: 1.23
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $225,356
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1904 6th Ave W	0.00mi	2/1.0	1,063 (0%)	1mo	$225,000	$212	99
1511 11th Ave W	0.46mi	2/1.0	1,086 (+2%)	12mo	$165,000	$152	65
707 13th St W	0.41mi	3/1.0 (+1)	984 (-7%)	9mo	$200,000	$203	56
448 Kaiser Dr	0.47mi	2/1.0	1,018 (-4%)	21mo	$107,500	$106	54
311 Peace Mnr	0.58mi	2/2.0	1,056 (-1%)	22mo	$88,000	$83	50
203 16th St W	0.42mi	3/2.0 (+1)	1,150 (+8%)	14mo	$395,000	$343	46
1243 DR Martin Luther King JR Pl	0.48mi	3/2.0 (+1)	1,117 (+5%)	18mo	$278,000	$249	45
3 Shady Ln	0.72mi	2/2.0	1,113 (+5%)	16mo	$112,000	$101	41
2312 4th Ave E	0.68mi	3/2.0 (+1)	1,110 (+4%)	14mo	$277,900	$250	40
107 11th Street Ct W	0.68mi	3/2.0 (+1)	1,116 (+5%)	16mo	$270,000	$242	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.60×
• Total profit: $-26,612
• Equity at exit: $35,024

10-year hold

• IRR: -6.7%
• Equity multiple: 0.62×
• Total profit: $-24,698
• Equity at exit: $20,310

Cash invested: $65,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 34221

• Rents YoY: -3.0%
• Active inventory: 1160
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,114 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$61 /mo · $737/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $279

Break-even live

Break-even rent $1,761

Max offer price $234,900

Occupancy floor 82%

Sensitivity live

Price	-10% $412	-5% $345	+0% $279	+5% $212	+10% $146
Rent	-10% $112	-5% $195	+0% $279	+5% $362	+10% $446
Rate	-1.0pp $397	-0.5pp $339	base $279	+0.5pp $218	+1.0pp $156

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1809 5th Ave W Palmetto, FL	3.0	1.0	962	$1,895	$1.97	24d	1	0.18mi
1213 15th St W Palmetto, FL	2.0	1.0	1000	$1,800	$1.80	24d	1	0.57mi
1229 11th Ave W Palmetto, FL	3.0	1.0	1072	$1,800	$1.68	2d	1	0.59mi
501 11th St W Palmetto, FL	2.0	1.0	850	$1,340	$1.58	2d	1	0.63mi
2225 14th Ave W Palmetto, FL	2.0	2.0	1120	$1,895	$1.69	24d	1	0.69mi
2225 14th Ave W Unit 204 Palmetto, FL	2.0	2.0	1120	$1,795	$1.60	24d	1	0.69mi
3222 6th Ave W Palmetto, FL	3.0	2.0	1414	$2,185	$1.55	24d	1	0.70mi
307 27th St E Palmetto, FL	2.0	2.0	980	$2,000	$2.04	24d	1	0.74mi
2320 Terra Ceia Bay Blvd #211 Palmetto, FL	2.0	2.0	978	$2,500	$2.56	24d	1	0.77mi
1514 Fairway Oaks Dr Palmetto, FL	3.0	2.0	1461	$1,540	$1.05	11d	1	0.91mi
719 23rd St E Palmetto, FL	3.0	2.0	1060	$1,800	$1.70	11d	1	0.91mi
900 21st St E Palmetto, FL	2.0–3.0	1.0	800	$1,495	$1.87	24d	1	0.97mi
626 9th Ave W Palmetto, FL	3.0	2.0	1200	$2,200	$1.83	24d	1	0.98mi
2615 9th Avenue Dr E Palmetto, FL	3.0	2.0	1369	$2,200	$1.61	24d	1	1.07mi
3115 Live Oak Ln #30 Palmetto, FL	2.0	2.0	1253	$3,695	$2.95	24d	1	1.07mi
2602 Edgewater Ct Palmetto, FL	2.0	2.0	1253	$4,000	$3.19	24d	1	1.08mi
2211 11th Ave E Palmetto, FL	3.0	2.0	1285	$2,195	$1.71	16d	1	1.10mi
507 10th Ave W Palmetto, FL	2.0	1.0	737	$1,495	$2.03	16d	1	1.11mi
2625 Terra Ceia Bay Blvd #802 Palmetto, FL	2.0	2.0	1148	$2,395	$2.09	24d	1	1.14mi
2625 Terra Ceia Bay Blvd #401 Palmetto, FL	2.0	2.0	1349	$3,495	$2.59	24d	1	1.14mi
2725 Terra Ceia Bay Blvd #102 Palmetto, FL	2.0	2.0	1256	$2,200	$1.75	16d	1	1.17mi
2725 Terra Ceia Bay Blvd #203 Palmetto, FL	1.0	2.0	1106	$3,200	$2.89	24d	1	1.17mi
2725 Terra Ceia Bay Blvd #201 Palmetto, FL	3.0	2.0	1486	$2,200	$1.48	3d	1	1.17mi
1715 9th St W Palmetto, FL	2.0	2.0	1104	$2,000	$1.81	24d	1	1.20mi
515 15th Ave W Palmetto, FL	3.0	1.0	1250	$1,699	$1.36	2d	1	1.25mi
1000 Riverside Dr Unit B103 Palmetto, FL	2.0	2.0	1435	$1,895	$1.32	24d	1	1.32mi
900 9th Ave E Unit 180 Palmetto, FL	2.0	2.0	1000	$1,650	$1.65	16d	1	1.35mi
1607 18th St E Palmetto, FL	3.0	1.0	916	$1,950	$2.13	24d	1	1.42mi
1901 6th St W Palmetto, FL	2.0	2.0	1360	$2,200	$1.62	3d	1	1.47mi

Listing history 2 events

1. 2026-03-29
   status Pending
2. 2026-03-29
   listed $234,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $737 · $61/mo
• Projected year-2 tax: $1,950 · $162/mo
• Expected delta: +$1,212/yr (+$101/mo · 164.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,367
• − Mortgage interest: −$13,158
• − Property taxes: −$737
• − Insurance: −$1,174
• − Repairs & maintenance: −$2,029
• − Management: −$2,029
• − Depreciation: −$6,833
• Taxable loss: −$595
• Est. tax savings @ 24.0%: +$143
• After-tax cash flow: $3,489/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Manatee
• NCES district ID: 1201230
• Math proficiency: 54% ▼ -6.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $49,607
• Composite: 44.43/100
• National rank: #2806
• State rank: #26 of 73 in FL

Livability — Memphis

• Score: 63/100
• State rank: #745
• US rank: #16072

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment D+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Memphis, FL
• County: Manatee County · 416,364 people
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 56,208
• Household income: $77,712
• Rent vs Own: 17.1% rent · 82.9% own
• Severe rent burden: 1193.0

Population outlook (Manatee County) Hauer SSP2

• Today (2025): 447,342 people
• By 2030: 488,911 · +9.3%
• By 2040: 567,934 · +27.0%
• By 2050: 637,995 · +42.6%
• By 2075: 781,970 · +74.8%
• By 2100: 848,272 · +89.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Hispanic / Latino 22% Black 14% Two or more races 11%
• Hispanic origin (detail): Mexican 14% Puerto Rican 3%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, Dominican Republic, Jamaica
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1%

Political lean MEDSL · Manatee

• 2024 margin: Strong R (+23.5) · D 37.9% · R 61.4%
• 2008→2024 swing: -16.5pp toward R · 2008: -7.0pp · 2024: -23.5pp
• All cycles: 2024: R+23.5 2020: R+16.1 2016: R+17.1 2012: R+12.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.53%
• Current HPI: 302.1458
• Rent YoY: ▼ -2.98%
• Metro: North Port-Sarasota-Bradenton, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

2 events — show timeline

• 2026-03-29 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-03-29 Listed $234,900 Stellar MLS as Distributed by MLS Grid

Property tax history

-2.3%/yr

Latest (2025): $737 · +6.0% YoY. Source: county tax records.