5316 Venetian Blvd NE, Saint Petersburg, FL 33703 — 37.8% Cash-on-Cash

About this property

5316 Venetian Blvd NE is a 4-bedroom, 3-bath single-family property in Saint Petersburg's 33703 zip code, listed at $425,000 strictly for its lot value — not the structure on it.

The listing is transparent about what you're buying: the existing structure has been deemed substantially damaged and is priced as land. Power has already been disconnected, and the seller describes the property as ready for immediate teardown. That framing matters for underwriting — there's no ambiguity about the condition, and no expectation of a habitable structure at closing.

What makes this lot unusual is what's already in the ground. A 22-by-14-foot in-ground pool — structurally sound, per the listing — and a 30-by-12-foot L-shaped tiki bar are intact and designed to integrate into a new build. The seller estimates this saves a buyer more than $60,000 in pool excavation costs alone. The lot itself measures roughly 94 by 130 feet, just under 0.3 acres, which is oversized for the zip.

The sale also includes permit-ready architectural plans for an elevated 3-bedroom, 3-bath, 2,500-square-foot home designed specifically for this parcel. Those plans are described as ready for immediate municipal submission, eliminating the design-and-approval lag that typically adds months to a ground-up project. The property has been on the market 20 days, is non-owner occupied, and the listing price reflects no change from the original ask. Tax-assessed value sits at $709,935 — a notable premium to the $425,000 ask.

The investment case

The financial metrics here are outliers — a 37.8% cash-on-cash return and 15.4% cap rate that aren't just strong for Saint Petersburg, they're the highest in ZIP 33703.

List Price

$425,000

Monthly Payment (PITI+HOA)

$2,905

Principal & Interest

$2,122

Property Tax

$641

Insurance

$142

HOA

$0

PMI

$0

Est. Monthly Rent

$5,585

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

37.8%

Cap Rate

15.4%

Monthly Cash Flow

$2,680

Gross Rent Multiplier

6.3

DSCR

2.6

At a $425,000 purchase price and a 6.52% 30-year fixed rate, the monthly principal and interest payment comes to $2,122. Add property tax at $641 per month — reflecting the city's 1.81% effective rate — and insurance at $142, and total monthly carrying cost lands at $2,905. There's no HOA and no PMI in this scenario.

Against an estimated monthly rent of $5,585, that produces a monthly cash flow of $2,680 and a net operating income of $5,443 per month. The debt service coverage ratio of 2.6 means the property generates more than twice the income needed to cover its debt obligations — a margin most lenders consider very comfortable.

The cash-on-cash return of 37.8% compares to a 9.6% average for other listings in 33703 and a city-wide average of just 4.6%. The gross rent multiplier of 6.3 reflects how quickly gross rents cover the purchase price. The cap rate of 15.4% is well above what most institutional buyers would require for a single-family asset in Florida.

One critical caveat: the listing specifies cash or hard money only. Conventional financing isn't available on a substantially damaged, power-disconnected structure. That limits the buyer pool and means the leverage assumptions above are illustrative of the post-construction scenario, not the acquisition. Figures exclude depreciation tax benefits, which vary by individual tax situation.

The numbers are compelling, but they're only realizable after a complete rebuild — the acquisition itself is a cash-only land purchase.

5-year return outlook

The projected 55.7% total five-year ROI is driven almost entirely by cash flow, not appreciation — which is an unusual and investor-friendly structure.

Breaking down the 55.7% total return: cash flow contributes 37.8 percentage points, appreciation an estimated 14.0 points, and mortgage paydown 3.9 points. Cash flow is doing the heavy lifting by a wide margin. That matters because appreciation is the least reliable component — city appreciation is estimated at approximately 2.8% annually, and that figure carries inherent uncertainty rather than being derived from a tracked transaction dataset.

The paydown contribution of 3.9% reflects the equity built through amortization over five years at the stated loan terms. It's the smallest component but also the most predictable. Combined with the cash flow dominance, this return profile is relatively defensive — you're not depending on price appreciation to make the numbers work.

The practical risk to the five-year outlook is timeline. A ground-up rebuild adds months of carrying cost before rental income begins. Hard money financing — the most likely acquisition vehicle here — typically carries rates well above 6.52%, which would compress cash flow during construction. Investors should model a 6-to-12-month pre-income period before projecting the steady-state returns shown in the metrics.

How it compares to nearby for-sale listings

Five active 4-bedroom, 3-bath listings in ZIP 33703 provide a price-per-square-foot reference, though the spread is wide and the comparisons are imperfect for a lot-value deal.

The for-sale comp median in 33703 sits at $1,049,000 — more than double this property's $425,000 ask. At face value, that gap looks like a bargain. In context, it reflects the reality that this property is priced as land, while the comps are priced as finished homes.

The comp set ranges from $454,000 for a 1,472-square-foot property to $3,250,000 for a 3,109-square-foot home. The most relevant reference point for a post-construction investor is what a completed, elevated 2,500-square-foot home on this lot might be worth. The permit-ready plans call for exactly that footprint. A completed property of that size, in this zip, would likely sit well above the $665,000 entry-level comp and potentially approach the mid-range comps depending on finish level.

The tax-assessed value of $709,935 — assessed against the current, damaged structure and lot — provides a rough floor for what the county believes the land and improvements are worth even in their present state. That figure is $284,935 above the ask, which is an unusual inversion and worth flagging for due diligence. It doesn't guarantee post-construction value, but it suggests the county's own model doesn't see $425,000 as the ceiling.

Rental demand in this zip

There are no active rental comps in ZIP 33703 for 4-bedroom properties to benchmark against, which means the $5,585 monthly rent estimate carries meaningful uncertainty.

The $5,585 estimated monthly rent is the single most important assumption in this deal's cash flow model — and it's the least supported by local data. With zero comparable rentals in the zip at the 4-bedroom tier, there's no transaction-based evidence to validate or challenge that figure.

That doesn't make it wrong. A newly built, elevated 2,500-square-foot home with a pool and outdoor entertainment space in Saint Petersburg could reasonably command premium rents, particularly in the short-term or furnished rental market. But the absence of comps means an investor is underwriting a projection, not a market rate.

The debt service coverage ratio of 2.6 provides some cushion. Even if realized rent came in 20% below the estimate — at roughly $4,468 per month — the property would still cover its debt service. Cash flow would compress significantly, but the deal wouldn't go underwater on a cash-flow basis at that haircut. A 35% shortfall would start to stress the model. Investors should stress-test the rent assumption against what the local short-term rental market will actually bear for a newly constructed home, given that the existing structure generates no income and won't until construction completes.

The rent estimate is plausible but unverified — the DSCR of 2.6 gives room for error, but not unlimited room.

Who this property suits + risks to weigh

This property is built for an experienced developer or investor-builder with cash or hard money access — not a passive landlord looking for a turnkey rental.

Best fit

The ideal buyer here is someone who has managed ground-up residential construction before and has the capital to carry a non-income-producing asset through a rebuild cycle. The permit-ready plans and existing pool infrastructure genuinely reduce timeline risk compared to a raw lot purchase, but the buyer still needs to execute a full teardown and rebuild before seeing a dollar of rent. Cash or hard money is required at acquisition, which means the financing cost during construction is a real variable that the steady-state metrics don't capture.

An owner-builder who plans to occupy the finished home also fits the listing's framing — the plans are for a 3-bedroom primary residence, not a purpose-built rental. That buyer gets a below-assessed-value land price, skip the design phase, and inherit a pool and outdoor structure that would cost significantly more to install from scratch.

Risks to weigh

The cash-or-hard-money requirement is the first filter. Hard money rates typically run 10-14%, which would materially change the carrying cost during construction. The $5,585 rent estimate rests on zero local comps, so rental income projections are speculative until construction completes and the market responds. Construction cost overruns, permitting delays, and material costs in Florida's post-storm insurance environment are real execution risks. The property is in a flood-prone coastal city, and an elevated design is likely required precisely because of that — insurance costs post-construction could exceed the $142/month estimate used in the model. City appreciation is estimated at approximately 2.8% annually, which is a modest tailwind, not a rescue scenario if the build runs long or over budget.