1132 Martin Luther King JR Ave · Dunedin, FL 34698

$244,573

3 bd · 2.5 ba · 1,420 sqft · Townhouse public records · 58 Days on market

Built 2018 3,363 sqft lot Est $479k · 49% under $500/mo HOA · 18% of rent ↓ 26% since listing

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Why this score? — see what drove the C 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 +15.5/30.0
• ARV discount +15.0/15.0
• 1% rule +6.3/10.0
• DSCR +4.8/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* Income Restrictions * No Renters * Land Lease * Live the Downtown Dunedin Lifestyle: Solar-Powered & Turn-Key! Experience the ultimate in coastal living with this rare 3-bedroom, 3-bathroom townhouse located right in the heart of Downtown Dunedin. Leave the car in your 1-car garage—you are steps away from the Pinellas Trail, award-winning breweries, boutique shopping, and the vibrant marina sunsets that make this golf-cart-friendly community famous. This “as good as new” home, built in 2018, is as smart as it is stylish. Enjoy massive utility savings with a fully paid solar system and sleep soundly through any season thanks to hurricane-impact windows throu

Key facts

• Private sanctuary
• Solar powered
• Golf cart friendly

Tags

• SOLAR POWERED
• FULLY PAID SOLAR SYSTEM
• HURRICANE IMPACT WINDOWS
• FULLY FENCED YARD
• PRIVATE SANCTUARY
• GOLF CART FRIENDLY

Property features AI

Finance

• Other: Furnished; Community features: playground, sidewalks, street lights, golf carts allowed, reclaimed water irrigation, park; Pets allowed with breed restrictions
• Financial info: Land lease amount $25 (if applicable); Total annual fees $6,000 (monthly $500)
• HOA & community: Has HOA (monthly fee $500); Association amenities include park; Association fee covers common area taxes, insurance, maintenance (structure & grounds), pest control, private road, sewer, trash, water, escrow reserves

Exterior

• Parking: 1-car garage (garage faces rear) with garage door opener; Driveway; Curb parking; On-street parking; Guest parking; Open parking at ground level
• Security: Deed restrictions (community); Community mailboxes
• Utilities: Public water; Public sewer; Electricity connected; Cable connected; Water connected; Sewer connected; Underground utilities
• Home design: Townhouse; Two stories; East-facing; End unit
• Construction: Block and cement siding construction; Shingle roof; Slab foundation; Built as residential townhouse
• Exterior features: Rear porch; Outdoor grill; Exterior lighting; Rain gutters; Sidewalk; Vinyl fencing; Irrigation equipment; Trees and landscaped vegetation; Corner lot in city limits; Paved roads / paved lot; Street lights

Interior

• Kitchen: Disposal; Microwave; Range; Refrigerator; Stone counters; Solid wood cabinets
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile; Laminate; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating (electric); Solar heating; Central air conditioning
• Interior features: Ceiling fans; High ceilings; Living room/dining room combo / Open floorplan; Solid wood cabinets; Stone counters; Thermostat; Window treatments
• Laundry & utility: Washer; Dryer; Electric water heater; Inside laundry in upper-level laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $245k.

Deal economics

• At list price, monthly cash flow is $100 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $237k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 2.9% in Dunedin — 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 86/100 on livability (#15 in FL, #411 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: employment C-, amenities D.
• 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: San Jose Elementary School (math 62% / reading 62%, grade B, #608 of 2,144 statewide, top 29%, 331 students, 56% FRL); Dunedin Highland Middle School (math 53% / reading 52%, grade C+, #213 of 571 statewide, top 38%, 899 students, 53% FRL); Dunedin High School (math 36% / reading 45%, grade F, #294 of 667 statewide, top 44%, 1,203 students, 48% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: Rents rising (+2.7%/yr); 482 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 45% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 58 days — a 3% lower offer ($237k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $237,235 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $478,540
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1116 Martin Luther King JR Ave	0.02mi	3/2.5	1,420 (0%)	12mo	$299,000	$211	89
200 Main St #204	0.48mi	2/2.0 (-1)	1,416 (-0%)	10mo	$775,000	$547	62
971 Wellington Ct	0.23mi	2/1.5 (-1)	1,260 (-11%)	13mo	$425,000	$337	51
946 Highland Ave #32	0.23mi	2/2.5 (-1)	1,610 (+13%)	20mo	$640,000	$398	46
632 Edgewater Dr #838	0.66mi	2/2.0 (-1)	1,405 (-1%)	21mo	$345,000	$246	43
1515 Bayshore Blvd #43	0.49mi	2/2.5 (-1)	1,250 (-12%)	23mo	$340,000	$272	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.69% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.51×
• Total profit: $-33,859
• Equity at exit: $36,467

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-23,663
• Equity at exit: $21,146

Cash invested: $68,480 (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 34698

• Rents YoY: 2.7%
• Active inventory: 482
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,762 high
• Mortgage (P&I): −$1,283
• Tax from tax record: −$198 /mo · $2,371/yr
• Insurance: −$102
• HOA: −$500
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $100

Break-even live

Break-even rent $2,636

Max offer price $244,573

Occupancy floor 91%

Sensitivity live

Price	-10% $238	-5% $169	+0% $100	+5% $30	+10% $-39
Rent	-10% $-118	-5% $-9	+0% $100	+5% $209	+10% $318
Rate	-1.0pp $223	-0.5pp $162	base $100	+0.5pp $36	+1.0pp $-28

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: $61,143
• Closing costs: $7,337
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
525 Bay St Dunedin, FL	2.0	1.0	1104	$3,500	$3.17	6d	1	0.07mi
1235 Bass Blvd Dunedin, FL	3.0	2.0	1300	$2,550	$1.96	20d	1	0.38mi
1523 Bayshore Blvd Unit 6 Dunedin, FL	3.0	1.0	1061	$3,000	$2.83	26d	1	0.55mi
341 Albert St Dunedin, FL	3.0	2.5	1770	$8,250	$4.66	26d	1	0.62mi
1412 Gladys Cir Unit 1466152P Dunedin, FL	3.0	2.0	1097	$3,849	$3.51	0d	1	0.63mi
1579 Bayshore Blvd Dunedin, FL	3.0	2.0	1040	$3,500	$3.37	10d	1	0.65mi
559 Chicago Ave Dunedin, FL	3.0	2.0	1745	$4,499	$2.58	26d	1	0.66mi
350 President St Dunedin, FL	2.0	1.0	1000	$2,195	$2.19	0d	1	0.68mi
1479 Ruth Rd Dunedin, FL	2.0	2.0	1235	$2,700	$2.19	26d	1	0.74mi
841 Patricia Ave Dunedin, FL	2.0	1.0–2.0	904	$1,950	$2.16	19d	2	0.74mi
1388 Robin Hood Ln Unit 1141-B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	4d	1	0.76mi
1141 San Christopher Dr Apt B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	4d	1	0.76mi
1525 Ruth Rd Dunedin, FL	2.0	2.0	1379	$3,200	$2.32	6d	1	0.78mi
611 Lyndhurst St Dunedin, FL	3.0	2.0	1080	$1,995	$1.85	0d	1	0.81mi
611 Lyndhurst St Dunedin, FL	3.0	2.0	1080	$1,995	$1.85	6d	1	0.81mi
613 Lyndhurst St Dunedin, FL	3.0	2.0	1080	$1,995	$1.85	13d	1	0.81mi
613 Lyndhurst St Dunedin, FL	3.0	2.0	1080	$1,995	$1.85	0d	1	0.81mi
920 Lakewood Dr Dunedin, FL	3.0	2.0	1457	$3,000	$2.06	26d	1	0.89mi
660 Beltrees St Dunedin, FL	1.0–3.0	1.0–1.5	905	$1,645	$1.82	10d	2	0.91mi
825 Lyndhurst St Dunedin, FL	2.0	2.0	900	$1,850	$2.06	6d	1	0.93mi
825 Lyndhurst St Dunedin, FL	2.0	2.0	900	$1,850	$2.06	26d	1	0.93mi
857 Lyndhurst St Unit D Dunedin, FL	2.0	2.0	1050	$1,700	$1.62	20d	1	0.97mi
1849 San Mateo Dr Dunedin, FL	3.0	1.0	1128	$2,800	$2.48	20d	1	1.02mi
257 Milwaukee Ave Dunedin, FL	1.0–2.0	1.0–1.5	889	$1,460	$1.64	0d	8	1.06mi
253 Park Cir S Dunedin, FL	3.0	2.0	1500	$4,500	$3.00	6d	1	1.10mi
978 Cedarwood Ave Dunedin, FL	2.0	1.0	1100	$1,800	$1.64	26d	1	1.19mi
2701 Dunedin Commons Pl Dunedin, FL	1.0–2.0	1.0–2.0	932	$3,250	$3.49	0d	13	1.24mi
541 Roanoke St Dunedin, FL	2.0	2.0	912	$2,345	$2.57	16d	1	1.25mi
53 Highland Ave Dunedin, FL	2.0	1.0	1128	$1,800	$1.60	4d	1	1.31mi
21 Highland Ave Dunedin, FL	3.0	2.0	1160	$2,700	$2.33	26d	1	1.37mi
2005 McMullen Ave Dunedin, FL	2.0	2.0	1350	$2,595	$1.92	26d	1	1.40mi
2011 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,395	$1.84	4d	1	1.42mi
2015 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,295	$1.77	26d	1	1.43mi
662 Union St Unit 1A Dunedin, FL	3.0	1.0	1100	$1,749	$1.59	24d	1	1.43mi
526 Belmist Ct Dunedin, FL	3.0	2.0	1480	$2,700	$1.82	26d	1	1.44mi
2019 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,295	$1.77	20d	1	1.44mi
2013 Woodward Ave Dunedin, FL	2.0	2.0	1405	$2,400	$1.71	26d	1	1.45mi
2021 Valley Dr Dunedin, FL	3.0	2.0	1445	$4,500	$3.11	26d	1	1.48mi

HOA detail

• Monthly dues: $500 · $6,000/yr

Listing history 4 events

1. 2026-05-31
   status $244,573 Pending 58 DOM
2. 2026-05-06
   price $244,573
3. 2026-05-01
   price $299,950
4. 2026-04-01
   listed $329,950 Active

ⓘ 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: $2,371 · $198/mo
• Projected year-2 tax: $2,371 · $198/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 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 26 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: $33,140
• − Mortgage interest: −$13,700
• − Property taxes: −$2,371
• − Insurance: −$1,223
• − Repairs & maintenance: −$2,651
• − Management: −$2,651
• − HOA: −$6,000
• − Depreciation: −$7,115
• Taxable loss: −$2,571
• Est. tax savings @ 24.0%: +$617
• After-tax cash flow: $1,813/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 — Dunedin

• Score: 86/100
• State rank: #15
• US rank: #411

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunedin, FL
• County: Pinellas County · 939,478 people
• City population: 38,171
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 38,171
• Household income: $74,078
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 1390.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Hispanic / Latino 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Slovak 3% Romanian 3%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -515.66%
• Current HPI: 387.4694
• Rent YoY: ▲ 2.69%
• 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

-25.9% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $244,573 Stellar MLS as Distributed by MLS Grid
• 2026-05-01 Price Changed $299,950 Stellar MLS as Distributed by MLS Grid
• 2026-04-01 Listed $329,950 Stellar MLS as Distributed by MLS Grid

Property tax history

+23.1%/yr

Latest (2025): $2,371 · +6.3% YoY. Source: county tax records.