801 83rd Ave N APT 118, Saint Petersburg, FL 33702 — 28.2% Cash-on-Cash

About this property

This is a ground-floor, 2-bedroom, 2-bathroom condominium in St. Petersburg, FL, built in 1972 and listed at $84,999 after a $5,001 price reduction.

The unit sits on the ground floor with a dedicated parking space directly outside a private sliding back door — no stairs, no elevator wait. For a rental property, that accessibility detail matters: it broadens the tenant pool to include older renters and those with mobility considerations, which aligns with the community's 80/20 age rule (buyers under 55 are permitted to purchase and reside here, subject to association approval).

At 800 square feet, the layout is compact but functional for two bedrooms and two full baths. The property is non-owner occupied per public records, meaning it's already operating in investor mode. The HOA fee of $553/month is steep relative to the purchase price, but it covers water, sewer, trash, internet, and cable TV — line items that typically come back out of a landlord's pocket on standard rentals.

The listing has been on market 27 days, which is unremarkable for the zip. The tax-assessed value of $120,224 sits well above the $84,999 ask, a gap that sometimes signals motivated seller pricing or a condition discount baked into the list price. The year built (1972) is typical for this segment of the St. Petersburg condo market.

The investment case

The financial profile here is the lead story: a 28.2% cash-on-cash return against a city average of 4.6% and a zip average of 13.6%.

List Price

$84,999

Monthly Payment (PITI+HOA)

$1,191

Principal & Interest

$482

Property Tax

$128

Insurance

$28

HOA

$553

PMI

$0

Est. Monthly Rent

$1,591

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

28.2%

Cap Rate

14.3%

Monthly Cash Flow

$400

Gross Rent Multiplier

4.5

DSCR

2.1

The math starts with a low entry price. At $84,999 with an estimated 20% down, the principal and interest payment comes to $482/month at the current 30-year fixed rate of 6.52%. Add property taxes ($128), insurance ($28), and the HOA ($553), and total monthly obligations land at $1,191.

Estimated monthly rent of $1,591 leaves $400 in monthly cash flow — $4,800 annualized on a roughly $17,000 down payment. That's where the 28.2% cash-on-cash figure comes from, and it's not a rounding artifact. The cap rate of 14.3% and a net operating income of $1,010/month confirm the underlying yield is genuine, not leveraged away.

The debt service coverage ratio of 2.1 means the property's income covers its debt obligations more than twice over. That's a meaningful cushion for vacancy or maintenance surprises. The gross rent multiplier of 4.5 — compared to the city median listing price of $375,000 — reflects how far outside the norm this price point sits.

The HOA fee deserves a second look. At $553/month, it's the single largest line item in the payment stack, exceeding principal and interest. Investors accustomed to single-family rentals will find this uncomfortable. The offset is that the fee bundles utilities and exterior maintenance, reducing the variable cost exposure a landlord typically carries. Figures exclude depreciation tax benefits, which vary by individual tax situation.

The CoC return of 28.2% is more than six times the St. Petersburg city average — driven by a purchase price that's less than a quarter of the city's median listing.

5-year return outlook

The projected 50.2% five-year total ROI breaks down across three contributors, with cash flow doing the heaviest lifting.

Cash flow accounts for 28.2 percentage points of the 50.2% total — the dominant driver by a wide margin. Mortgage paydown adds 7.9 points as the loan amortizes. Appreciation contributes an estimated 14.0 points, based on an estimated annual appreciation rate of approximately 2.8% for the St. Petersburg market.

That appreciation figure carries a soft framing caveat: it's a modeled estimate rather than a scraped market data point, so treat it as directional rather than precise. Even if appreciation runs flat, the cash flow and paydown components alone would produce a five-year return north of 36% on the invested capital — a floor that most St. Petersburg properties at the city's $375,000 median can't approach.

The risk to the outlook is rent stability. If the $1,591 rent estimate proves optimistic by even 10%, monthly cash flow compresses to roughly $240 and the CoC return drops to around 17% — still well above the zip average, but the margin for error narrows. The 80/20 age rule governing the association also limits the buyer pool on resale, which could cap appreciation relative to unrestricted condos in the same zip.

How it compares to nearby for-sale listings

Five active 2-bedroom listings in ZIP 33702 provide pricing context, with a comp median of $250,000 — nearly three times this property's ask.

At $84,999, this property is 66% below the for-sale comp median of $250,000 in the same zip. On a price-per-square-foot basis, the gap is similarly stark: this unit prices at roughly $106/sqft against comps ranging from $162/sqft to $374/sqft for the 720-square-foot listing at $269,000.

The comp set skews toward single-family homes and larger footprints, which limits direct comparability — a 1,047-square-foot home at $169,900 and a 1,032-square-foot property at $287,000 are different products. Still, the price-per-square-foot discount here is substantial enough to hold up even accounting for the condo structure and HOA obligations.

Days on market across the comp set range from 2 to 69 days, with this property at 27 days sitting near the midpoint. Nothing in the DOM data suggests a distressed or problematic listing relative to peers. The $5,001 price reduction from the original list price is a minor adjustment — less than 6% — and doesn't read as a red flag in the current context.

For investors, the comp set is most useful as a resale reference. The restricted buyer pool (association approval, 80/20 rule) means this property won't compete directly with single-family homes on exit, and that dynamic should factor into any hold-period planning.

Rental demand in this zip

Rental comp data for 2-bedroom units in ZIP 33702 is thin, which introduces meaningful uncertainty into the $1,591 rent estimate.

The rental comp count for 2-bedroom units in ZIP 33702 is zero at the time of this analysis. That absence doesn't mean the rent estimate is wrong, but it does mean there's no local comparable evidence to validate or challenge it. The $1,591 figure should be treated as a starting benchmark, not a confirmed market rate.

What supports the estimate: the HOA fee covers water, sewer, trash, internet, and cable — utilities that, when bundled into rent, often command a premium over bare-unit leases. Ground-floor accessibility and proximity to a heated pool and community amenities add incremental appeal for the tenant profile likely to occupy this unit.

What creates uncertainty: the 80/20 age rule may limit the universe of tenants if the association applies similar restrictions to renters (investors should confirm the rental policy directly with the HOA before closing). If rental restrictions apply, demand could be narrower than a standard condo market would suggest.

At $1,591/month, the rent-to-price ratio is approximately 1.87% — a figure that, in most markets, would be considered strong. Even at $1,400/month, the property still produces positive cash flow. The DSCR of 2.1 provides a buffer that absorbs a meaningful rent shortfall before the deal turns cash-flow negative.

Who this property suits + risks to weigh

This property fits a yield-focused investor with a small capital base who can absorb HOA complexity and is comfortable with limited comparable rental data.

Best fit

The entry price of $84,999 and a down payment in the range of $17,000 make this accessible for first-time real estate investors or those building a portfolio incrementally. The 28.2% cash-on-cash return and $400/month cash flow are real numbers at current financing rates — not projections that require rent growth or aggressive assumptions to materialize. An investor who wants income now rather than appreciation later will find the yield profile compelling.

The bundled HOA (utilities, cable, exterior maintenance) also simplifies property management. For a remote or part-time landlord, fewer variable expenses mean fewer surprises. The ground-floor, accessible layout and community amenities support consistent tenant demand within the property's eligible pool.

Risks to weigh

The HOA fee of $553/month is the deal's structural vulnerability. Any increase in association dues compresses cash flow directly, and 1972-vintage buildings can carry deferred maintenance that surfaces in special assessments. Investors should request the association's reserve study and financial statements before closing.

The 80/20 rule and association approval requirement narrow both the tenant and buyer pools. On the rental side, confirm whether the association permits rentals at all and under what conditions — some 55+ communities restrict lease terms or tenant age. On the exit side, a restricted buyer universe can slow resale and cap price appreciation relative to unrestricted properties.

Zero rental comps in the zip means the $1,591 rent estimate is unvalidated by current market data. Running a conservative scenario at $1,400/month is prudent before committing.