Florida Seller Financing Deal Lab

Tampa Bay multifamily acquisition underwriting

PINELLAS · PASCO · HILLSBOROUGH

Underwrite the terms

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Choose your working depthUse Quick Call while speaking with a seller, then switch to Full Underwrite without losing your numbers.
Pinellas · Pasco · Hillsborough · non-owner-occupied investment property only
Phone-friendly Quick Call: the calculator works on mobile, but the complete Full Underwrite workspace is easiest to review on a desktop or tablet.
INVESTMENT OCCUPANCY LOCKED: Every acquisition and refinance is modeled as non-owner occupied. No homestead, FHA, VA, USDA, second-home, or owner-occupied conventional financing assumptions are used.
Start with what you knowLeave unknown fields blank—the calculator will keep running and treats blank optional amounts as zero or ignores that test until you add an assumption.
Quick Call is active. The essential deal terms stay visible. Detailed expenses, taxes, closing cash, and refinance assumptions remain in the model and are available in Full Underwrite.

Property & structure

2–4 unit residential multifamily
units
All are rentals: 2–4 units use residential investment-property financing rules; 5+ use commercial multifamily rules.
$
County changes the official tax resource and context. Millage stays editable because it varies by municipality and taxing district.

Seller note

Price minus cash down and first-loan balance
%
$
%
years
years

Unit rent roll

Optional · use only what you know
UnitStatusCurrent rentMarket rentConcessionsDelinquentLease ends
Underwritten rent—
Current rent—
Market potential—
Loss to market—
$/mo
%

Data confidence

Unknown never means confirmed zero
Preliminary numbersMaterial inputs still need confirmation.
0 verified
Operating expenses and capital reserve

Operating expenses

Optional · blanks are treated as $0
%
%
$/yr
$/yr
$/yr
$/mo
$/mo
$/mo
$/mo
$/mo
$/mo
$/mo
$/mo
$/mo
$/mo
Roof, HVAC, plumbing, paving, and other long-lived items. Deducted from cash flow, not NOI.

Post-transfer property tax

Do not copy the seller’s current bill
$
$
Do not enter a buyer homestead exemption; the acquisition is modeled as non-owner occupied.
mills
$/yr
Open Pinellas County’s official tax estimatorUse the parcel or location-specific result; millage and non-ad valorem assessments vary within the county.
Estimated annual tax = taxable value × millage ÷ 1,000 + non-ad valorem assessments. The county selection does not overwrite your millage assumption.

Contract, diligence & loan servicing

Optional planning estimates · replace with quotes
The residential “As Is” form is not automatically assumed for 5+ unit commercial multifamily.
days
Enter the negotiated contract period. Do not rely on a calculator default for a deadline.
$
Credited toward closing—not added again as a separate acquisition cost.
$
Pre-closing cash that may be spent even if the deal does not close.
$
$
Separate from title, recording, and the closing agent. Complex commercial or wrap structures may be materially higher.
$
$/mo
Applied below NOI and debt service so property NOI and lender-style DSCR remain comparable.
%
The seller’s share reduces modeled seller proceeds instead.
Residential “As Is” contract workflowFor 2–4 units, the current form provides a negotiated inspection period and a deposit-return mechanism when the buyer timely terminates under its inspection right. Have counsel confirm the form, riders, seller-financing documents, and deadlines.Florida Realtors contract guidance

Cash at closing

Buyer-side screening estimate
Statewide promulgated premium estimate; eligibility and closing-agent charges must be confirmed.
$
Keep separate from your attorney’s seller-finance drafting and review fee.
$
$
$
Optional quote for the seller-financing lender policy, simultaneous issue, and endorsements.
% price
$
$
% price
$

Targets and refinance exit

Non-owner occupied only · reviewed Sep. 11, 2026
×
×
%
% / yr
% / yr
No owner-occupied programs are offered. Automatic uses investment-property limited cash-out for 2–4 units and a Fannie-style multifamily screen for 5+.
Only applies when Freddie Small Balance is selected. Confirm the property’s current market tier and transaction-specific terms with the lender.
Defaults are screening ceilings or conservative assumptions, never an approval.
%
%
%
years
years
Use the amortization period for a fully amortizing loan; use the quoted shorter term for a commercial balloon.
×
%
Optional lender-specific 5+ constraint. Leave at 0 to ignore; there is no universal minimum.
% loan
For 2–4 units, Automatic uses a residential-style appreciation estimate. Borrower qualification and the future appraisal are not modeled.
%
months
$
Optional. For 2–4 units, actual capacity is borrower-income/DTI and credit driven. Enter a lender amount when known.
$
$
Optional screen for programs that evaluate sponsor net worth.
$
properties
$
Used only for the Fannie-style 1–4 unit additional-reserve screen.

Offer comparison

Test three seller-financing structures against the same property operations. Apply the strongest one to the full calculator.

SAME PROPERTY · DIFFERENT TERMS

Florida guardrails, separated from the return math

A profitable projection does not make a structure compliant or closeable. These flags are issue-spotters for a Florida real-estate attorney, title agent, tax adviser, insurance agent, and—when consumer-purpose credit is involved—a licensed mortgage professional.

PRIMARY SOURCES REVIEWED
OCTOBER 8, 2026

Your current structure

Flags change with the inputs above

2–4 versus 5+ units

Every property is non-owner occupied. Two-to-four units use residential investment-property limits plus borrower qualification; five or more use commercial property income, LTV, DSCR, and any entered debt-yield constraint.

Tampa Bay property taxes

Pinellas, Pasco, and Hillsborough rates vary by municipality, fire district, and other taxing authorities. Non-ad valorem items may sit outside a millage-only estimate. Use the selected county’s official estimator and the property’s actual location.

Refinance capacity

The 5+ unit exit uses the lowest applicable LTV-, DSCR-, debt-yield-, or program-cap amount, net of entered costs. The 2–4 unit conventional exit uses investment-property LTV, conforming limits, and an optional borrower-qualified cap—not property DSCR as approval.

Investment-purpose credit

Every deal in this tool is assumed to be a non-owner-occupied rental acquisition—the business-purpose starting point under Regulation Z. This assumes no personal occupancy beyond the regulatory rental-property threshold; document actual use and keep the transaction documents consistent. CFPB official commentary

Existing loan: consent first

A transfer, wrap, or subject-to arrangement can implicate due-on-sale provisions. Review the complete loan documents, payoff, consent requirements, lien position, and the consequences of acceleration before agreeing to terms. 12 U.S.C. §1701j-3

Florida closing taxes & title

Documentary stamp tax on the modeled recorded note/mortgage is estimated at $0.35 per $100 or fraction without applying the promissory-note-only cap. Nonrecurring intangible tax is 0.2%, capped here at the modeled Florida collateral value. Confirm the actual instruments, allocation, title-rate eligibility, and taxes with the closing agent.

Seller conversation & diligence checklist

Turn a verbal yes into terms that can survive closing

On the first call

  • Ask whether price, cash now, monthly income, tax timing, or certainty matters most.
  • Confirm down payment, payment, rate, amortization, maturity, and first-payment date.
  • Ask about prepayment, late fees, default interest, guarantees, extensions, and transfer rights.
  • Ask what debt, liens, municipal balances, or assessments must be paid or retained at closing.

Verify the operations

  • Collect leases, amendments, deposits, estoppels, delinquency history, and a current rent roll.
  • Reconcile the trailing 12 months, bank deposits, tax returns, and seller operating statement.
  • Separate recurring repairs from capital replacements and deferred maintenance.
  • Use bindable property, wind, liability, and flood quotes.

Before agreeing on structure

  • Get every existing note, mortgage, statement, payoff, and lender-consent requirement.
  • Confirm lien position and whether financing is a first, second, wrap, or assumption.
  • Order title, municipal, permit, code, judgment, tax, HOA, and lien searches.
  • Have Florida counsel review the contract, deed, note, mortgage, assignment of rents, guarantees, and balloon disclosure.

Calculation method

Transparent assumptions for fast underwriting

MetricMethod usedWhat it tells you
As-is rentoccupied current rent − concessions − delinquencyWhat occupied units appear to collect now; vacant-unit upside is excluded.
Stabilized rentoccupied current rent + vacant market rent − concessions − delinquencyA stabilized starting rent before the separate vacancy assumption.
NOIeffective income − operating expensesProperty earnings before debt service, financing administration, income taxes, depreciation, and capital expenditures.
Cash flowNOI − all debt service − capital reserve − buyer-paid servicingPre-tax cash remaining after financing, recurring CapEx reserve, and the buyer’s servicing share.
Earnest moneycredited against closing cash; never added twiceShows cash committed before closing and reduces the estimated amount still needed at the closing table.
Total acquisition cashdown + closing + taxes + diligence + rehab + reservesIncludes inspection and legal estimates; earnest money is already part of the credited closing funds.
Post-transfer tax(just value − reductions) × millage ÷ 1,000 + non-ad valorem assessmentsA screening estimate linked to official Pinellas, Pasco, or Hillsborough resources.
Refinance capacitylowest applicable LTV, DSCR, debt-yield, program, and borrower-qualified cap; less costsResidential investment loans and 5+ commercial loans use different sizing paths.
Debt yieldprojected NOI ÷ refinance loan amountAn optional 5+ lender screen that does not change with the interest rate or amortization.
Cash-on-cashannual cash flow ÷ total acquisition cashShown as N/M when modeled cash invested is zero, so it does not create a false failure.
Seller benefitdown + debt relief + scheduled note payments + balloon − seller costs and servicing shareGross and net-before-income-tax negotiation views.
VerdictAs-is + stabilized + cash-on-cash + stress + refinance gatesA conversation filter. Legal, title, insurance, physical, tax, and lender diligence remain separate.

Sources & references

Primary and official materials

  1. Pinellas County Property Appraiser: Tax Estimator.
  2. Pasco County Property Appraiser: Estimate Taxes.
  3. Hillsborough County Property Appraiser: Tax Estimator.
  4. Florida DOR: Property Tax Information for Taxpayers.
  5. Florida DOR: Documentary Stamp Tax.
  6. Florida DOR: Nonrecurring Intangible Tax.
  7. Florida DFS: Title Insurance Overview.
  8. Fla. Admin. Code 69O-186.003: Title premium schedules.
  9. CFPB: Regulation Z Official Commentary §1026.3.
  10. Fla. Stat. §697.05: Balloon Mortgages.
  11. 12 U.S.C. §1701j-3: Due-on-Sale Clauses.
  12. Freddie Mac Multifamily: underwriting and operating-data conventions.
  13. Fannie Mae Selling Guide: 1–4 unit rental income and appraisal context.
  14. IRS Publication 537: Installment Sales.

Important: This is an educational screening and negotiation tool, not an appraisal, lender approval, legal opinion, tax return, insurance quote, or commitment to lend. It does not model depreciation, federal income taxes, transaction-specific APR and finance charges, lender seasoning, appraisal adjustments, escrow timing, or every exemption. Verify current facts with Florida-licensed professionals before signing or funding a transaction.

Current refinance references

Official program materials checked October 8, 2026

Investment occupancy and commercial sizing

What the financing screens intentionally include

Non-owner occupied means investment property

Fannie Mae defines an investment property as owned but not occupied by the borrower. This calculator excludes primary-residence and second-home limits, and keeps borrower qualification separate from property performance. Fannie Mae occupancy types

Debt yield is lender-specific

Debt yield equals NOI divided by loan amount and is independent of rate, amortization, and cap rate. The OCC treats it as one prudent CRE risk measure alongside DSCR and LTV—not a universal approval threshold—so this calculator leaves the minimum optional. OCC Commercial Real Estate Lending

Refinancing may create another balloon

The future-loan term is separate from amortization. A shorter commercial term leaves a balance at the next maturity; the new output makes that second refinance risk visible instead of treating the first refinance as the end of the story.

Deal brief copied