2348 Shelley St #4 · Clearwater, FL 33765

$114,000

2 bd · 1.0 ba · 870 sqft · Condo public records · 67 Days on market

Built 1968 $430/mo HOA · 24% of rent

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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 +25.8/30.0
• 1% rule +10.0/10.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible opportunity to buy a 2 Bedroom Condo. This condo features oversized rooms, spacious floorplan, and great appeal!! Located close to schools, shopping, and interstate!! Do not let this pass you by!This property is approved for HomePath Renovation and Homepath Mortgage Financing. Contact HomePath for details.

Key facts

• Non flood zone
• First floor condo
• Close to shopping

Tags

• FIRST FLOOR CONDO
• UPDATED BATHROOM
• WALK IN SHOWER
• SCREENED IN PATIO
• NON FLOOD ZONE
• CLOSE TO SHOPPING

Property features AI

Finance

• Other: Property is furnished; Third-party listing
• Financial info: Total monthly fees listed as $430; total annual fees listed as $5,160; Lease restrictions apply
• HOA & community: Monthly HOA $430 (includes insurance, grounds maintenance, pest control, sewer, trash, water); Association approval required; Association name: Faith Baker; Senior community; Pets not allowed

Exterior

• Parking: Parking details not provided
• Utilities: Public water; Public sewer; Electricity connected; High-speed/BB internet available
• Home design: Condominium; Residential property; One-level unit (floor 1); Faces south; Two-story building
• Construction: Block construction; Shingle roof; Block and slab foundation; Built-in building name: SHELLEY GARDENS CONDO III
• Exterior features: Asphalt road access; No waterfront or water access

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heat; Central air conditioning
• Interior features: Ceiling fans; Elevator not in building
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $114k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• Recommended offer: $107k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 falling (-4.6%/yr); 83 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 31% of the median local income ($69k/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 $788 of loan paydown is wiped out by about $3k 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 67 days — a 6% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask is 9440% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $107,160 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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: 1.55% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 5.4

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: -5.1%
• Equity multiple: 0.82×
• Total profit: $-5,835
• Equity at exit: $16,998

10-year hold

• IRR: -0.8%
• Equity multiple: 0.95×
• Total profit: $-1,481
• Equity at exit: $9,857

Cash invested: $31,920 (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 33765

• Home prices YoY: -31.8%
• Rents YoY: -4.6%
• Active inventory: 83
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,762 high
• Mortgage (P&I): −$598
• Tax from tax record: −$41 /mo · $489/yr
• Insurance: −$48
• HOA: −$430
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $276

Break-even live

Break-even rent $1,413

Max offer price $114,000

Occupancy floor 79%

Sensitivity live

Price	-10% $340	-5% $308	+0% $276	+5% $244	+10% $211
Rent	-10% $137	-5% $206	+0% $276	+5% $346	+10% $415
Rate	-1.0pp $333	-0.5pp $305	base $276	+0.5pp $246	+1.0pp $216

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2348 Shelley St #9 Clearwater, FL	2.0	1.0	950	$2,200	$2.32	25d	1	0.01mi
2353 Shelley St #11 Clearwater, FL	1.0	1.0	585	$1,150	$1.97	25d	1	0.03mi
2366 Shelley St Clearwater, FL	1.0	1.0	585	$1,425	$2.44	15d	2	0.05mi
2366 Shelley St #12 Clearwater, FL	1.0	1.0	585	$1,550	$2.65	25d	1	0.05mi
2370 Chaucer St Clearwater, FL	3.0	1.0	1100	$2,500	$2.27	5d	1	0.05mi
2381 Chaucer St Clearwater, FL	2.0	1.0	1000	$1,950	$1.95	2d	1	0.05mi
2 N Fernwood Ave #14 Clearwater, FL	2.0	1.0	800	$1,550	$1.94	13d	1	0.24mi
2 N Fernwood Ave Clearwater, FL	2.0	1.0	800	$1,650	$2.06	25d	1	0.24mi
2346 Druid Rd #1106 Clearwater, FL	2.0	2.0	1008	$1,495	$1.48	17d	1	0.34mi
25 N Belcher Rd Clearwater, FL	1.0–2.0	1.0–2.0	780	$2,026	$2.60	2d	12	0.37mi
101 S Old Coachman Rd Clearwater, FL	3.0	1.0–2.0	983	$2,296	$2.34	4d	16	0.48mi
2168 Druid Rd E Clearwater, FL	1.0–3.0	1.0–2.0	1049	$2,532	$2.41	4d	20	0.55mi
308 Gunn Ave Unit 308 Clearwater, FL	1.0	1.0	650	$1,400	$2.15	18d	1	0.64mi
300 Gunn Ave Unit 7 Clearwater, FL	1.0	1.0	525	$1,150	$2.19	11d	1	0.65mi
300 Gunn Ave Unit 9 Clearwater, FL	1.0	1.0	525	$1,130	$2.15	25d	1	0.65mi
20000 US Highway 19 N Unit 610 Clearwater, FL	1.0	1.0	800	$1,150	$1.44	25d	1	0.66mi
20000 US Highway 19 N #612 Clearwater, FL	2.0	2.0	800	$1,300	$1.62	25d	1	0.69mi
411 S Nimbus Ave Unit 3 Clearwater, FL	1.0	1.0	700	$1,395	$1.99	18d	1	0.76mi
2025 Rogers St Clearwater, FL	1.0–3.0	1.0–2.0	985	$1,874	$1.90	11d	10	0.80mi
730 N Old Coachman Rd Clearwater, FL	2.0	2.0	950	$1,705	$1.79	3d	3	0.82mi
1001 Pearce Dr #302 Clearwater, FL	1.0	1.5	1048	$1,750	$1.67	5d	1	0.94mi
2600 W Grand Reserve Cir Clearwater, FL	1.0–3.0	1.0–2.0	1097	$2,145	$1.96	2d	36	0.96mi
2690 Drew St Clearwater, FL	1.0–3.0	1.0–2.0	974	$1,500	$1.54	2d	12	0.97mi
2236 Morningside Dr Clearwater, FL	2.0	1.5	902	$2,200	$2.44	4d	1	0.98mi
1330 Moreland Dr Clearwater, FL	2.0	2.0	1192	$2,125	$1.78	25d	3	0.98mi
2430 Harn Blvd Unit 7 Clearwater, FL	1.0	1.0	725	$1,500	$2.07	4d	1	1.01mi
2430 Harn Blvd Unit 14 Clearwater, FL	1.0	1.0	725	$1,400	$1.93	25d	1	1.01mi
2060 Marilyn St #207 Clearwater, FL	1.0	1.0	750	$1,350	$1.80	18d	1	1.02mi
2060 Marilyn St #127 Clearwater, FL	1.0	1.0	750	$1,350	$1.80	25d	1	1.04mi
530 Fairwood Ave Clearwater, FL	2.0–3.0	1.0–2.0	1042	$1,309	$1.26	3d	27	1.08mi
601 N Hercules Ave #508 Clearwater, FL	2.0	2.0	945	$1,650	$1.75	25d	1	1.09mi
311 S Arcturas Ave Unit 3 Clearwater, FL	1.0	1.0	775	$1,200	$1.55	11d	1	1.11mi
309 S Arcturas Ave #6 Clearwater, FL	1.0	1.0	650	$1,200	$1.85	3d	1	1.11mi
310 S Arcturas Ave Unit 3 Clearwater, FL	2.0	1.0	840	$1,599	$1.90	25d	1	1.15mi
2481 NE Coachman Rd Clearwater, FL	1.0–2.0	1.0–2.0	762	$2,023	$2.65	2d	14	1.18mi
1903 Rainbow Dr Unit 10 Clearwater, FL	2.0	1.0	850	$1,500	$1.76	25d	1	1.18mi
2729 Seville Blvd Clearwater, FL	1.0–3.0	1.0–2.0	1057	$2,432	$2.30	2d	33	1.19mi
1433 S Belcher Rd Clearwater, FL	1.0–2.0	1.0–2.0	748	$2,450	$3.27	20d	2	1.22mi
1433 S Belcher Rd Unit F9 Clearwater, FL	2.0	2.0	855	$2,450	$2.87	2d	1	1.26mi
19355 US Highway 19 N Clearwater, FL	1.0–3.0	1.0–2.0	1093	$2,489	$2.28	4d	13	1.31mi

HOA detail condo

• Monthly dues: $430 · $5,160/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-09
   days on market $114,000 Active 67 DOM
2. 2026-06-08
   days on market $114,000 Active 66 DOM
3. 2026-06-07
   days on market $114,000 Active 65 DOM
4. 2026-06-04
   days on market $114,000 Active 62 DOM
5. 2026-06-03
   days on market $114,000 Active 61 DOM
6. 2026-06-01
   days on market $114,000 Active 59 DOM
7. 2026-05-31
   days on market $114,000 Active 58 DOM
8. 2026-05-22
   listed $1,195
9. 2026-04-17
   price $114,000
10. 2026-04-03
    listed $115,000 Active
11. 2026-01-10
    historical $1,700
12. 2025-11-08
    listed $1,700
13. 2025-11-03
    soldstatus $111,700
14. 2025-06-30
    historical
15. 2025-04-02
    price $129,900
16. 2025-01-16
    price $139,900
17. 2025-01-03
    listed $149,900 Active
18. 2012-01-13
    soldstatus $24,000 319-char remark

    Show marketing remark (319 chars)

    Incredible opportunity to buy a 2 Bedroom Condo. This condo features oversized rooms, spacious floorplan, and great appeal!! Located close to schools, shopping, and interstate!! Do not let this pass you by!This property is approved for HomePath Renovation and Homepath Mortgage Financing. Contact HomePath for details.

19. 2011-08-24
    listed $24,900 319-char remark

    Show marketing remark (319 chars)

    Incredible opportunity to buy a 2 Bedroom Condo. This condo features oversized rooms, spacious floorplan, and great appeal!! Located close to schools, shopping, and interstate!! Do not let this pass you by!This property is approved for HomePath Renovation and Homepath Mortgage Financing. Contact HomePath for details.

20. 2010-01-08
    listed $40,000
21. 2004-09-22
    soldstatus $54,900
22. 2004-07-15
    listed $54,900
23. 1987-12-14
    soldstatus $30,000

ⓘ 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: $489 · $41/mo
• Projected year-2 tax: $946 · $79/mo
• Expected delta: +$457/yr (+$38/mo · 93.3%)

ⓘ 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,145
• − Mortgage interest: −$6,386
• − Property taxes: −$489
• − Insurance: −$570
• − Repairs & maintenance: −$1,692
• − Management: −$1,692
• − HOA: −$5,160
• − Depreciation: −$3,316
• Taxable income: $1,840
• Est. tax owed @ 24.0%: −$442
• After-tax cash flow: $2,869/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): 13,808
• Household income: $69,199
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 604.0

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 0.55)
• Race & ethnicity: White 63% Hispanic / Latino 19% Two or more races 13% Black 8% Asian 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 22% · Canada, Jamaica, Vietnam
• Languages at home: 71% English-only · Spanish 17% Other Indo-European 6% Vietnamese 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: ▼ -146.56%
• Current HPI: 314.4864
• Rent YoY: ▼ -4.61%
• 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

-96.0% since first listed

16 events — show timeline

• 2026-05-22 Listed for Rent $1,195 TURBOTENANT
• 2026-04-17 Price Changed $114,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-03 Listed $115,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-10 Rental Removed $1,700 TURBOTENANT
• 2025-11-08 Listed for Rent $1,700 TURBOTENANT
• 2025-11-03 Sold (Public Records) $111,700 Public Records
• 2025-06-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-02 Price Changed $129,900 Stellar MLS as Distributed by MLS Grid
• 2025-01-16 Price Changed $139,900 Stellar MLS as Distributed by MLS Grid
• 2025-01-03 Listed $149,900 Stellar MLS as Distributed by MLS Grid
• 2012-01-13 Sold (MLS) $24,000 Stellar MLS as Distributed by MLS Grid
• 2011-08-24 Listed $24,900 Stellar MLS as Distributed by MLS Grid
• 2010-01-08 Listed $40,000 Stellar MLS as Distributed by MLS Grid
• 2004-09-22 Sold (Public Records) $54,900 Public Records
• 2004-07-15 Listed $54,900 Stellar MLS as Distributed by MLS Grid
• 1987-12-14 Sold (Public Records) $30,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $489 · +5.8% YoY. Source: county tax records.