1402 N Garden Ave · Clearwater, FL 33755

$499,000

12 bd · 3.0 ba · 1,760 sqft · MultiFamily public records · 97 Days on market

Built 1921 5,554 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.3/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Nestled in the heart of the vibrant coastal community of Clearwater, Florida, this remarkable triplex presents a unique opportunity for both investors and homeowners seeking an idyllic slice of paradise. With its prime location, spacious layout, and potential for rental income, this property embodies the essence of Florida living at its finest. * * Key Features: * * 1. * * Prime Location: * * Situated in the highly sought-after city of Clearwater, this triplex enjoys the benefits of Florida's year-round sunshine and easy access to some of the world's most renowned beaches. Clearwater Beach, with its sugar sands and azure waters, is just a short drive away, making it a perfect destina

Key facts

• Local attractions
• Modern amenities
• Investment potential

Tags

• PRIME LOCATION
• INVESTMENT POTENTIAL
• SPACIOUS LAYOUT
• MODERN AMENITIES
• OUTDOOR OASIS
• LOCAL ATTRACTIONS

Property features AI

Finance

• Other: Property classified as residential income (triplex); Total number of units: 3
• Financial info: Annual net income reported (multi-family): $47,388; Pro forma rents by unit type: one 2-bedroom unit approx. $1,700; two 1-bedroom units approx. $1,250 each; Lease restrictions apply
• HOA & community: No association

Exterior

• Utilities: Public water; Public sewer; Broadband/high-speed internet available; Electricity available; Sewer connected; Water connected
• Home design: Residential income property (Triplex); One building containing all units; Lot roughly 0.13 acres (approx. 47 x 116)
• Construction: Vinyl siding and frame construction; Shingle roof; Concrete perimeter and pillar/post/pier foundation; Building area about 1,924 sq ft
• Exterior features: Concrete road access; Other exterior features

Interior

• Kitchen: Convection oven; Dishwasher; Microwave; Refrigerator
• Bedrooms: Total of 4 bedrooms across units (individual unit counts: one 2-bedroom unit; two 1-bedroom units)
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Electric heating; Mini-split cooling units
• Interior features: Open floorplan; Stone counters; Thermostat
• Laundry & utility: Upper-level laundry; Mini-split cooling units; Electric heating

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $531/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $499k).
• Recommended offer: $454k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 2.9% in Clearwater — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#60 in FL, #988 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, employment C-.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-2.2%/yr); 261 active listings in the ZIP; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $6,040/mo this rent would consume 115% of the median local household income ($63k/yr) (locally 1511% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($454k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $50k; list at $499k implies a 898% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $454,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.69%
• DSCR: 1.61
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $2,904
• Equity at exit: $74,403

10-year hold

• IRR: 7.1%
• Equity multiple: 1.46×
• Total profit: $64,564
• Equity at exit: $43,144

Cash invested: $139,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33755

• Rents YoY: -2.2%
• Active inventory: 261
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $6,040 medium
• Mortgage (P&I): −$2,617
• Tax from tax record: −$353 /mo · $4,231/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,268
• Net cashflow: $1,594

Break-even live

Break-even rent $4,022

Max offer price $499,000

Occupancy floor 69%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$6,039
Total (3 units)			$6,040

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-04
   days on market $499,000 Active 97 DOM
2. 2026-06-03
   days on market $499,000 Active 96 DOM
3. 2026-06-01
   days on market $499,000 Active 94 DOM
4. 2026-05-31
   days on market $499,000 Active 93 DOM
5. 2026-02-27
   listed $499,000 Active
6. 2025-04-11
   historical
7. 2025-03-16
   price $559,000
8. 2025-02-21
   price $579,000
9. 2025-02-12
   listed $599,000 Active
10. 2023-12-12
    historical
11. 2023-11-13
    price $520,000
12. 2023-10-30
    price $570,000
13. 2023-10-15
    price $590,000
14. 2023-10-06
    listed $620,000 Active
15. 2023-10-03
    listed $620,000 Active
16. 2023-10-03
    historical
17. 2019-06-20
    soldstatus $50,000
18. 2019-06-20
    soldstatus $85,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $4,231 · $353/mo
• Projected year-2 tax: $4,231 · $353/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,480
• − Mortgage interest: −$27,952
• − Property taxes: −$4,231
• − Insurance: −$2,495
• − Repairs & maintenance: −$5,798
• − Management: −$5,798
• − Depreciation: −$14,516
• Taxable income: $11,689
• Est. tax owed @ 24.0%: −$2,805
• After-tax cash flow: $16,326/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pinellas
• NCES district ID: 1201560
• Math proficiency: 51% ▼ -5.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $46,270
• Composite: 43.27/100
• National rank: #3046
• State rank: #31 of 73 in FL

Livability — Clearwater

• Score: 82/100
• State rank: #60
• US rank: #988

Category grades

Amenities B Commute A+ Cost of living A- Crime B+ Employment C- Housing A+ Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clearwater, FL
• County: Pinellas County · 939,478 people
• City population: 170,933
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 27,476
• Household income: $62,886
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 1511.0

Population outlook (Pinellas County) Hauer SSP2

• Today (2025): 1,027,532 people
• By 2030: 1,063,586 · +3.5%
• By 2040: 1,125,020 · +9.5%
• By 2050: 1,168,637 · +13.7%
• By 2075: 1,265,188 · +23.1%
• By 2100: 1,260,357 · +22.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 54% Black 22% Hispanic / Latino 17% Two or more races 10% Asian 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 5% Cuban 1%
• Common ancestry: Romanian 2% Italian 2% Arab 1%
• Foreign-born: 15% · Canada
• Languages at home: 78% English-only · Spanish 13% Other Indo-European 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Pinellas

• 2024 margin: Lean R (+5.2) · D 46.9% · R 52.1%
• 2008→2024 swing: -13.5pp toward R · 2008: 8.3pp · 2024: -5.2pp
• All cycles: 2024: R+5.2 2020: D+0.2 2016: R+1.1 2012: D+5.6 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -472.62%
• Current HPI: 351.4973
• Rent YoY: ▼ -2.20%
• Metro: Tampa-St. Petersburg-Clearwater, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+898.0% since first listed

14 events — show timeline

• 2026-02-27 Listed $499,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-11 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-03-16 Price Changed $559,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-21 Price Changed $579,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-12 Listed $599,000 Stellar MLS as Distributed by MLS Grid
• 2023-12-12 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-11-13 Price Changed $520,000 Stellar MLS as Distributed by MLS Grid
• 2023-10-30 Price Changed $570,000 Stellar MLS as Distributed by MLS Grid
• 2023-10-15 Price Changed $590,000 Stellar MLS as Distributed by MLS Grid
• 2023-10-06 Listed $620,000 Stellar MLS as Distributed by MLS Grid
• 2023-10-03 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-10-03 Listed $620,000 Stellar MLS as Distributed by MLS Grid
• 2019-06-20 Sold (Public Records) $85,000 Public Records
• 2019-06-20 Sold (Public Records) $50,000 Public Records

Property tax history

+11.5%/yr

Latest (2025): $4,231 · +39.7% YoY. Source: county tax records.