2367 Flanders Way Unit D · Safety Harbor, FL 34695

$199,000

3 bd · 2.0 ba · 1,230 sqft · Condo public records · 11 Days on market

Built 1984 $674/mo HOA · 29% of rent

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Why this score? — see what drove the D 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 +9.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +4.4/5.0
• Rent growth +4.3/5.0
• Schools +4.3/10.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SAFETY HARBOR !! Gleaming hardwood floors greet you in this 3 bedroom 2 bathroom totally remodeled condo. There are 2 spacious balconies , one fully screened. Convenient ensuite bathroom and walk-in closet in master bedroom. There is a full size laundry room. 2 storage unit, 1 covered parking space, community pool and clubhouse are just some of the amenities!! Enjoy a stroll to Philippe Park or a bike ride to downtown Safety Harbor for a great dinner !! Tennis and basketball courts also just down the street !!

Key facts

• Mature oak trees
• Spacious kitchen
• Large pantry

Tags

• QUIET PRIVATE SETTING
• MATURE OAK TREES
• SPLIT-BEDROOM FLOOR PLAN
• SPACIOUS KITCHEN
• LARGE PANTRY
• INSIDE LAUNDRY ROOM

Property features AI

Finance

• Other: Association contact listed as Suzanne MacDonald
• Financial info: Monthly fees total $674; total annual fees $8,088; Lease restrictions apply
• HOA & community: Monthly HOA fee of $674 covering cable TV, common area taxes, pool, escrow reserves fund, insurance, internet, structure maintenance, grounds maintenance, recreational facilities, sewer, trash and water; Association required with buyer approval required; Community clubhouse, pool, sidewalks, street lights, community mailbox, deed restrictions, association-owned recreation; Pets allowed (max ~25 lbs)

Exterior

• Parking: Has carport (1 space)
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Water connected
• Home design: Residential condominium; 2-story building; unit on 2nd floor; Faces west; Completed condition
• Construction: Block foundation; Block and stucco construction; Shingle roof; Built with building number 2367
• Exterior features: Covered, enclosed and screened patio/porch; Balcony; Sliding doors; Outdoor storage; Paved road access; Mature landscaping

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Living room/dining room combo; Thermostat; Walk-in closet(s); Aluminum-framed windows; Smoke detector(s)
• Laundry & utility: Inside laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $199k.

Deal economics

• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (11.0% below list).
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $177k (11.0% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 2.7% in Safety Harbor — 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 87/100 on livability (#8 in FL, #296 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F.
• 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.
• Zoned schools: Safety Harbor Elementary School (math 63% / reading 66%, grade B, #525 of 2,144 statewide, top 26%, 657 students, 49% FRL); Safety Harbor Middle School (math 45% / reading 43%, grade D, #327 of 571 statewide, top 57%, 974 students, 50% FRL); Countryside High School (math 25% / reading 45%, grade F, #379 of 667 statewide, top 58%, 1,741 students, 44% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 171 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y 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 $135k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,152 (11.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.16% ✓
• Cap rate: 5.55%
• Cash-on-cash: -2.66%
• DSCR: 0.88
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.34% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.48×
• Total profit: $-29,173
• Equity at exit: $29,672

10-year hold

• IRR: 2.7%
• Equity multiple: 1.24×
• Total profit: $13,438
• Equity at exit: $17,206

Cash invested: $55,720 (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 34695

• Home prices YoY: -30.2%
• Rents YoY: 7.3%
• Active inventory: 171
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,317 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$154 /mo · $1,843/yr
• Insurance: −$83
• HOA: −$674
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $-124

Break-even live

Break-even rent $2,474

Max offer price $177,152

Occupancy floor —

Sensitivity live

Price	-10% $-11	-5% $-67	+0% $-124	+5% $-180	+10% $-236
Rent	-10% $-307	-5% $-215	+0% $-124	+5% $-32	+10% $59
Rate	-1.0pp $-23	-0.5pp $-73	base $-124	+0.5pp $-175	+1.0pp $-228

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 Summerhill Ct Unit A Safety Harbor, FL	2.0	2.0	1060	$2,450	$2.31	26d	1	0.09mi
115 Coral Dr Safety Harbor, FL	3.0	2.0	1241	$3,000	$2.42	6d	1	0.45mi
2035 Philippe Pkwy Safety Harbor, FL	1.0–2.0	1.0–2.0	718	$1,920	$2.67	5d	11	0.55mi
300 Kent Pl Safety Harbor, FL	2.0	1.0	939	$1,795	$1.91	22d	1	0.78mi
313 Bay Pl Safety Harbor, FL	2.0	1.0	939	$1,695	$1.81	13d	1	0.84mi
310 7th St N Unit A Safety Harbor, FL	2.0	2.0	1250	$2,250	$1.80	26d	1	0.85mi
625 4th Ave N Safety Harbor, FL	2.0	1.0	786	$2,000	$2.54	26d	1	0.86mi
1135 7th St N Safety Harbor, FL	3.0	1.0	1125	$2,195	$1.95	16d	1	0.87mi
1135 Dover Ct Safety Harbor, FL	2.0	2.0	1013	$2,290	$2.26	16d	1	0.88mi
1155 Thayer St Safety Harbor, FL	2.0	2.0	1013	$2,050	$2.02	18d	1	0.89mi
285 Rogers Ct Safety Harbor, FL	2.0	2.0	1013	$1,795	$1.77	26d	1	0.90mi
1066 Philippe Pkwy Unit 2 Safety Harbor, FL	2.0	1.0	700	$1,595	$2.28	26d	1	0.94mi
1723 Cypress Trace Dr Safety Harbor, FL	2.0	2.0	1415	$2,395	$1.69	0d	1	1.03mi
3062 Eastland Blvd #202 Clearwater, FL	2.0	2.0	1250	$2,300	$1.84	26d	1	1.10mi
3042 Eastland Blvd Unit H110 Clearwater, FL	2.0	2.0	1030	$1,700	$1.65	26d	1	1.19mi
3038 Eastland Blvd Unit F101 Clearwater, FL	2.0	2.0	1030	$1,775	$1.72	6d	1	1.21mi
2652 N McMullen Booth Rd Clearwater, FL	1.0–3.0	1.0–2.0	1037	$2,156	$2.08	0d	15	1.22mi
337 McMullen Booth Rd Clearwater, FL	2.0	1.0	1087	$1,800	$1.66	10d	1	1.23mi
2941 Shore Dr Safety Harbor, FL	2.0	1.0	1055	$1,825	$1.73	6d	1	1.35mi
247 Short St Safety Harbor, FL	2.0	1.0	808	$1,900	$2.35	6d	1	1.36mi
2955 Bay View Dr Safety Harbor, FL	2.0	1.0	1047	$2,150	$2.05	26d	1	1.38mi
380 3rd St S Unit 4A Safety Harbor, FL	2.0	1.0	700	$2,395	$3.42	20d	1	1.39mi
500 9th Ave S Apt C1 Safety Harbor, FL	3.0	2.0	1182	$2,195	$1.86	26d	1	1.48mi
500 9th Ave S Apt B3 Safety Harbor, FL	2.0	2.0	893	$1,795	$2.01	26d	1	1.48mi

HOA detail condo

• Monthly dues: $674 · $8,088/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-22
   days on market $199,000 Active 11 DOM
2. 2026-06-18
   days on market $199,000 Active 8 DOM
3. 2026-06-17
   days on market $199,000 Active 7 DOM
4. 2026-06-16
   days on market $199,000 Active 6 DOM
5. 2026-06-15
   days on market $199,000 Active 5 DOM
6. 2026-06-13
   remarks 693-char remark
7. 2026-06-13
   listed $199,000 Active 3 DOM

ⓘ 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: $1,843 · $154/mo
• Projected year-2 tax: $1,843 · $154/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,804
• − Mortgage interest: −$11,147
• − Property taxes: −$1,843
• − Insurance: −$995
• − Repairs & maintenance: −$2,224
• − Management: −$2,224
• − HOA: −$8,088
• − Depreciation: −$5,789
• Taxable loss: −$4,507
• Est. tax savings @ 24.0%: +$1,082
• After-tax cash flow: $-402/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 — Safety Harbor

• Score: 87/100
• State rank: #8
• US rank: #296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Safety Harbor, FL
• County: Pinellas County · 939,478 people
• City population: 18,098
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 18,098
• Household income: $95,238
• Rent vs Own: 13.5% rent · 86.5% own
• Severe rent burden: 103.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Black 7% Two or more races 7% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 10% · Canada, Jamaica, Vietnam
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 1%

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: ▼ -144.72%
• Current HPI: 335.0437
• Rent YoY: ▲ 7.34%
• 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

+193.5% since first listed

10 events — show timeline

• 2026-06-10 Listed $199,000 Stellar MLS as Distributed by MLS Grid
• 2017-06-09 Sold (Public Records) $135,000 Public Records
• 2017-06-02 Sold (MLS) $135,000 Stellar MLS as Distributed by MLS Grid
• 2017-04-20 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-04-18 Price Changed $149,900 Stellar MLS as Distributed by MLS Grid
• 2017-04-06 Listed $159,900 Stellar MLS as Distributed by MLS Grid
• 2012-08-08 Sold (MLS) $87,500 Stellar MLS as Distributed by MLS Grid
• 2012-07-19 Listed $87,500 Stellar MLS as Distributed by MLS Grid
• 1992-04-22 Sold (Public Records) $64,000 Public Records
• 1984-02-01 Sold (Public Records) $67,800 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,843 · +6.6% YoY. Source: county tax records.