1130 29th St S, Saint Petersburg, FL 33712 — 34.3% Cash-on-Cash

About this property

1130 29th St S is a 3-bedroom, 2-bath single-family property in Saint Petersburg's 33712 zip, listed at $170,000 with a non-owner-occupied status and a 5-day close timeline.

The listing advertises a 5-day close with a $5,000 earnest money deposit — a signal that the seller wants speed, not negotiation. That kind of urgency typically appears in distressed or estate situations, which may explain the $65,652 gap between the $170,000 ask and the $104,348 tax-assessed value. That spread is notable and warrants title and condition due diligence before committing.

The property covers 1,001 square feet on a 3,397-square-foot lot, a compact footprint that keeps maintenance overhead low. It's been on the market 34 days — longer than the 9-day pace of the highest-priced comp nearby, but not yet stale by any standard measure.

Non-owner-occupied status means it's either already a rental or vacant, which removes the tenant-in-place complication that can delay investor closings. For a buyer who wants to place a tenant quickly, that's a practical advantage. Figures exclude depreciation tax benefits, which vary by individual tax situation.

The investment case

The numbers here are outliers by any reasonable benchmark — a 34.3% cash-on-cash return against a zip average of 8.8% and a city average of 4.6% puts this property in a different category.

List Price

$170,000

Monthly Payment (PITI+HOA)

$1,217

Principal & Interest

$904

Property Tax

$256

Insurance

$57

HOA

$0

PMI

$0

Est. Monthly Rent

$2,190

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

34.3%

Cap Rate

15.1%

Monthly Cash Flow

$973

Gross Rent Multiplier

6.5

DSCR

2.4

At a $170,000 purchase price with an estimated monthly rent of $2,190, the property generates $973 in monthly cash flow after a total payment of $1,217 — covering principal and interest ($904), property tax ($256), and insurance ($57), with no HOA or PMI drag. That's a debt service coverage ratio of 2.4, meaning rental income covers the full debt obligation more than twice over. Lenders typically want 1.25; this clears that bar by a wide margin.

The cap rate of 15.1% on a net operating income of $2,133/month is equally striking. The gross rent multiplier of 6.5 means the property pays for itself in gross rents in under seven years — well below the 12-15x range that's common in competitive Florida markets.

The city median listing price is $375,000, more than double this property's ask. That price gap is the core of the return story: the rent market doesn't discount at the same rate as the sale market. A property priced at less than half the city median can still command rents that reflect the broader rental supply and demand in the metro. That asymmetry is what drives a 34.3% cash-on-cash — nearly four times the 8.8% zip average and more than seven times the city average of 4.6%.

The financial profile here is driven by acquisition price, not rent premium. That's a durable advantage as long as the rent estimate holds.

5-year return outlook

The projected 54.2% total 5-year ROI is front-loaded with cash flow, with appreciation and mortgage paydown adding meaningful but secondary contributions.

Cash flow does the heavy lifting: the 34.3% cash-on-cash component accounts for the majority of the 54.2% total return. Mortgage paydown adds 5.8%, a mechanical gain that accrues regardless of market conditions as each payment shifts equity from lender to owner.

The appreciation component contributes an estimated 14.0%, based on an estimated annual appreciation rate of approximately 2.8% for Saint Petersburg. That figure is a modeled estimate, not a market-observed rate, so it carries more uncertainty than the cash flow components, which are grounded in current rent and financing data. Investors who are skeptical of the appreciation assumption can still underwrite a 40%+ return on cash flow and paydown alone.

The 6.52% mortgage rate baked into these projections is the current 30-year fixed rate. Any refinancing opportunity over a 5-year horizon that lowers that rate would improve cash flow and total return beyond what's modeled here.

How it compares to nearby for-sale listings

Five active 3-bedroom listings in 33712 provide a clear pricing context — and they make the $170,000 ask look sharply below market.

The for-sale comp median in 33712 sits at $350,000, more than double this property's $170,000 list price. On a price-per-square-foot basis, this property lists at roughly $170/sqft. The nearest comp at 1909 19th St S asks $194,999 for 1,224 square feet — about $159/sqft — but that's a 1-bath configuration, not a 2-bath. The closest true structural match, 1145 29th St S (same street, 1,340 sqft, 3bd/2ba), is listed at $350,000, or $261/sqft. That's a 54% premium per square foot for a property 339 square feet larger.

The two highest-priced comps — $375,000 and $449,000 — are 1,200 and 1,192 square feet respectively, meaning buyers are paying $312-$376/sqft for similar bedroom counts. Against that backdrop, $170/sqft for a 2-bath property reads as a significant discount, whether driven by condition, seller motivation, or both.

Days on market across the comp set ranges from 9 to 87 days, with this property at 34 days — mid-pack. The 87-day listing at $350,000 on the same street suggests the market isn't absorbing full-priced inventory quickly, which reinforces the value of the discount embedded in this ask.

Rental demand in this zip

There are no direct rental comps available in 33712 for 3-bedroom units, which means the $2,190 estimated monthly rent carries more projection risk than a comp-supported figure would.

The absence of comparable rental listings in the zip is a double-edged signal. It could reflect low vacancy — landlords aren't listing because units are occupied — or it could mean the rental market is thin enough that the $2,190 estimate hasn't been stress-tested against real competing units. Both interpretations are plausible; neither is reassuring without additional market research.

The $2,190 figure is an automated estimate. At a 15.1% cap rate and $973/month cash flow, even a meaningful haircut to that rent projection leaves the deal financially viable. If actual market rent came in at $1,800 — an 18% reduction — monthly cash flow would drop to roughly $583, and cash-on-cash would fall to approximately 21%. Still well above the zip average, but the margin of safety narrows.

Investors underwriting this deal should pull active rental listings in adjacent zip codes and verify what 3-bed, 2-bath units in comparable condition are actually leasing for in Saint Petersburg before closing. The financial model is strong enough to absorb some rent compression, but the lack of local comp data means that stress-test is the buyer's responsibility, not a given.

Who this property suits + risks to weigh

This property fits a cash-flow-oriented investor who can move fast, tolerates condition uncertainty, and wants outsized yield relative to the Saint Petersburg market.

Best fit

The 5-day close requirement and $5,000 earnest money deposit point toward a buyer who can close with cash or a pre-approved hard money loan. Conventional financing in 5 days is unlikely. An investor already operating in the Saint Petersburg market — with a lender relationship and contractor network in place — is better positioned than a first-time out-of-state buyer trying to coordinate remotely.

The non-owner-occupied status and compact 1,001-square-foot footprint make this a straightforward single-tenant rental. Low maintenance square footage, no HOA, and a 2-bath configuration that supports a small family or roommate arrangement all support stable occupancy.

Risks to weigh

The gap between the $170,000 ask and the $104,348 tax-assessed value is the most immediate flag. Tax assessments in Florida often lag market value, but a 63% premium over assessed value on a distressed-timeline sale warrants a thorough inspection and title search. Deferred maintenance, code violations, or title encumbrances could close that gap in ways that aren't favorable to the buyer.

The rent estimate lacks local comp support. Cash flow projections depend on achieving $2,190/month — a figure that hasn't been validated against active 33712 listings. And the 1.81% effective property tax rate, applied to any future reassessment closer to purchase price, could push the $256/month tax line meaningfully higher over time.

The speed requirement is a feature for motivated sellers and a risk for buyers who skip due diligence to meet the timeline. Don't let the return metrics override the inspection process.