2230 Anders Dr

Lakewood Ranch, FL 34219

$439,999F

4 bd · 2.5 ba · 2,679 sqft · Built 2026 · SingleFamily · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,495/mo
• Mortgage (P&I): −$3,976
• Tax + insurance: −$1,264
• HOA: −$119
• Vac / Maint / Mgmt: −$944
• Net cashflow: $-1,807/mo
• Annual: $-21,688/yr
• Cap rate: 3.43%
• Cash-on-cash: -10.22%
• DSCR: 0.55
• 1% rule: 0.59%
• Cash to close: $212,284

Investor read

• This is a 4-bed/2.5-bath single-family listed at $440k. Condition is rated poor.
• At list price, monthly cash flow is $-2k ($-22k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $440k).
• It's been on market 99 days — a 9% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $400k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: Rents soft (-0.9%/yr); 2170 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At $4,495/mo this rent would consume 47% of the median local household income ($114k/yr) (locally 219% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Significant moss and potential water damage
• Major: exterior siding — Significant moss and potential water damage