Grand Central District Income Property — St. Petersburg, FL Duplex | Strong Cash Flow | Separate Meters | No Shared Walls This is the kind of property seasoned investors look for and rarely find — a true cash flowing duplex in one of St. Petersburg's most actively developing corridors, priced for the savvy buyer who understands value over aesthetics. The Property Two fully independent units with no shared walls — a layout that keeps tenant relations simple and turnover low. The property features two spacious 3 bed / 2 bath units with a market rent of $2,500/month each. Currently being used as a program for young adults to grow and strive. The current gross rent for Unit B in this program is $4800. Program can be transferred to new owner. Unit A is empty but approved for the same program, and is currently on waiting list for residents; projected for August. When unit A becomes fully occupied, it can bring in another $4800-$6000/month. There is also a 1bd/1ba owner's suite as well that can bring in another $1200. Total potential gross rent is $12,000. No carpet anywhere — durable, low maintenance flooring throughout that tenants respect and landlords appreciate. One unit sits above the garage offering complete privacy and separation. The second unit is adjacent to the garage at ground level. A fully fenced private patio completes the outdoor space — a feature that attracts long term tenants and keeps vacancy low. The Numbers --- Current gross rent for Unit B — $4,800/month Potential Rent by August for Unit A -- $4800-$6000 Potential Rent for owner's suite -- $1200 Total Potential Rent --- $12000 Tenants cover all utilities — separate electric and water meters for both units Low overhead — low maintenance — strong tenant retention history The Mechanicals One new full HVAC system One new mini split unit Decent overall condition — solid bones — consistently tenant ready The Location — This Is Where The Money Is Centrally located in St. Petersburg's Grand Central District — one of the city's most actively evolving neighborhoods. Major commercial redevelopment has been approved along 34th Street between 22nd Ave N and 22nd Ave S — bringing new businesses, foot traffic, and long term appreciation to the immediate area. Surrounding improvements are already underway and values in this corridor are moving in one direction. This is not a flip. This is not a project. This is a durable, easy to manage, cash flowing asset in a market that is actively being invested in at the municipal and commercial level. Long term tenants, low turnover, and a location that gets better every year. Ideal for: First time investors using the house hack strategy Experienced investors adding a turnkey cash flowing asset Buyers seeking strong ROI in an appreciating St. Pete corridor
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.
