250 S Port Royal Ln

Apollo Beach, FL 33572

$233,000C-

3 bd · 2.0 ba · 1,620 sqft · Built 2002 · Condo · Active · 374 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,484/mo
• Mortgage (P&I): −$1,222
• Tax + insurance: −$612
• HOA: −$242
• Vac / Maint / Mgmt: −$522
• Net cashflow: $-113/mo
• Annual: $-1,355/yr
• Cap rate: 7.91%
• Cash-on-cash: 5.77%
• DSCR: 1.26
• 1% rule: 1.07%
• Cash to close: $65,240

Investor read

• This is a 3-bed/2.0-bath condo listed at $233k.
• At list price, monthly cash flow is $-113 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (8.6% below list).
• Meets the 1% rule at list price ($2k rent vs $233k).
• It's been on market 374 days — a 12% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 72/100 on livability (#333 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, amenities F, health & safety F.
• Hillsborough (suburban): math 47% / reading 50% proficiency, ranked #41 of 73 in FL (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+3.4%/yr); 769 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 9,053 units permitted in Hillsborough County in 2024 (4,555 in 5+ unit buildings).
• Hillsborough County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 4→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 374 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• Schools are B-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?