Investor opportunity in Largo featuring a 4-unit income-producing property with immediate cash flow and strong upside potential. The property consists of two separate block buildings, each containing two 1-bedroom, 1-bathroom units, situated on a 11,622 sq ft lot. One building totals approximately 1,256 sq ft, while the second building totals approximately 1,480 sq ft including two attached garages, bringing the total building size to approximately 2,736 sq ft. Currently three units are occupied and one unit is vacant, allowing a buyer the opportunity to immediately place a tenant at market rent or occupy the unit if desired. Current rents are $1,500/month, $1,300/month, and $1,100/month, with the vacant unit projected to rent for approximately $1,145/month. With minor optimization and turnover improvements, similar units in the area suggest potential rents of approximately $1,400–$1,450 per month, presenting strong upside for investors looking to increase cash flow over time. The property offers multiple value-add opportunities. Two single-car garages (180 sq ft each) currently provide additional flexibility. One unit currently utilizes a garage without additional rent, while the second garage is available and could generate additional income estimated at $100+/month per garage. Each garage also includes laundry also, creating the possibility for coin-operated laundry income for tenants. Additional features include separate electric meters for tenants on the building that has the two garages , shared electric on the othere, separate water heaters for each unit, off-street parking, and long-term tenants currently on annual leases. Two tenants are currently supported through the local housing authority program, offering additional payment stability. Water is currently paid by the landlord but may offer an opportunity for investors to implement a RUBS (Ratio Utility Billing System) to further improve operating income. The property has also seen recent improvements, including a new roof installed in December 2024 on one building, while the other roof was installed in October 2017. Most units have recently been cleaned and refreshed to maximize rental potential, and one unit includes a private fenced yard area, adding additional tenant appeal. Constructed in 1955 and 1957, the property is believed to be block construction (to be verified by the buyer) and is located in Flood Zone X. For investors seeking a stable multi-family asset with immediate income and clear pathways to increase revenue, this property offers an excellent addition to a rental portfolio. Professional management is currently in place and can continue managing the property if desired, allowing for a seamless transition for the new owner.
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
