2440 Enterprise Rd #2

Clearwater, FL 33763

$164,500D

2 bd · 2.0 ba · 915 sqft · Built 1983 · Condo · Active · 302 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,693/mo
• Mortgage (P&I): −$863
• Tax + insurance: −$180
• HOA: −$323
• Vac / Maint / Mgmt: −$355
• Net cashflow: $-28/mo
• Annual: $-341/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.74%
• DSCR: 0.97
• 1% rule: 1.03%
• Cash to close: $46,060

Investor read

• This is a 2-bed/2.0-bath condo listed at $164k.
• At list price, monthly cash flow is $-28 ($-341/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (3.0% below list).
• Meets the 1% rule at list price ($2k rent vs $164k).
• It's been on market 302 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (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 $5k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#60 in FL, #988 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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: Leila Davis Elementary School (math 66% / reading 69%, grade B+, #435 of 2,144 statewide, top 21%, 665 students, 35% FRL); Safety Harbor Middle School (math 45% / reading 43%, grade D, #327 of 571 statewide, top 57%, 974 students, 50% FRL); Countryside High School (math 25% / reading 45%, grade F, #379 of 667 statewide, top 58%, 1,741 students, 44% FRL).
• Market conditions: Rents soft (-2.6%/yr); 293 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $47k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $102k; list at $164k implies a 61% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 2.9% in Clearwater — 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 37% of the median local income ($55k/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 302 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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.