Palms of Cortez Condo — Bradenton, FL

Deal: Long-Term Rental (Condo) Status: Stabilized • Tenant Occupied

Thesis: Acquire a condo in a desirable Bradenton community with strong rental demand, leverage lender credits to reduce entry costs, and stabilize as a long-term rental while holding for appreciation.

Monthly Rent
$1,575
Monthly PITI
≈ $1,525
Monthly Cash Flow
≈ $50
Palms of Cortez Condo
Palms of Cortez, Bradenton

Acquisition Details

  • Purchase Price: $175,000
  • Lender Credit: $13,000 at closing
  • Monthly Mortgage P&I: ≈ $1,225
  • Taxes & Insurance: ≈ $300/month
  • Total PITI: ≈ $1,525/month

Financials

Tenant Rent$1,575 / month
Monthly Expenses (PITI)≈ $1,525
Monthly Cash Flow≈ $50
Annual Cash Flow≈ $600

Low cash flow by design; positioned as a long-term hold with appreciation upside.

Strategy & Timeline

Acquisition: Purchased with lender credit to reduce entry costs.
Stabilization: Tenant placed at $1,575/month.
Plan: Hold for long-term appreciation in a desirable Bradenton submarket while maintaining positive cash flow coverage.

Risk Register

  • Thin Cash Flow: ~+$50/month → covered by stable tenant demand and appreciation outlook.
  • HOA/Community Costs: Potential assessments mitigated by reserves.
  • Tenant Turnover: Risk reduced by screening for long-term renters.

Outcome

  • Stabilized tenant at $1,575/month
  • Positive, though slim, cash flow (~$50/month)
  • Lender credit reduced acquisition costs
  • Long-term hold play in appreciating Bradenton market

Lessons Learned

  • ✅ Lender credits can significantly offset upfront costs
  • ✅ Even thin-margin rentals can be worthwhile as appreciation plays
  • ⚠️ Ensure adequate reserves for HOA/tax/insurance increases