1257 Drew St #1 · Clearwater, FL 33755

$118,500

2 bd · 1.0 ba · 1,055 sqft · Condo public records · 7 Days on market

Built 1964 $535/mo HOA · 30% 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 +19.3/30.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 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

Listing remarks MLS

INVESTOR and renovation project PROPERTY NEAR BEACHES and downtown Clearwater! It has been vacant since Oct. 2023 and is now available for purchase. FYI: This is a co-op condo. Sought after ground floor corner unit co-op condo located 10 minutes from Clearwater Beach. Access to Golf course, shopping, dining and bus stops. The area around this small 2 story complex is GROWING FAST. Price values are increasing with the areas new growth. GREAT INCOME POTENTIAL for leasing and future sale. Good size Bedroom #1 w/ reach in closet and 2nd back Bedroom w/ walk in closet and storage. Larger Bedroom #2 is on the corner- lots of light and has adjacent Sunroom porch with back door access. Locked and secure laundry facility is onsite just outside the walkway for convenience. TLC and renovations are needed for this condo- needs new carpet/flooring/paint. The front window needs to be replaced upon purchase. A/C is 12 years old but still running well. Water and cable included in low HOA fee. Block construction. All HOA documents are attached. Note: highest and best offers only.

Key facts

• Remodeled
• Private parking lot
• Bonus room

Tags

• REMODELED
• BONUS ROOM
• TURKISH MARBLE FLOORS
• WALK IN CLOSET
• PRIVATE PARKING LOT
• WALKABLE NEIGHBORHOOD

Property features AI

Finance

• Other: Third party listing; Home warranty not provided
• Financial info: Total monthly fees shown as $535; total annual fees shown as $6,420; No lease restrictions reported
• HOA & community: Monthly HOA fee of $535 (includes insurance, structure and grounds maintenance, management, sewer, trash and water); Association requires approval; Association amenities include laundry; Association name listed; Buyer approval required; Street lights in community; Pets allowed (max ~50 lbs)

Exterior

• Parking: Parking details not provided
• Security: Fire alarm; Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Fiber optics available; BB/HS internet available; Sewer connected; Water available
• Home design: Condominium; Residential property; Faces west; One level (stories listed as 2); Entry on floor 1
• Construction: Block and brick construction; Shingle roof; Slab foundation; Built area from public records
• Exterior features: Corner lot; Paved road; Other exterior features; Mature landscaping

Interior

• Kitchen: Built-in oven; Cooktop; Range; Microwave; Dishwasher; Refrigerator; Freezer; Ice maker; Exhaust fan; Solid surface counters; Solid wood cabinets
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Marble
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Living room and dining room combo; Solid surface counters; Solid wood cabinets; Walk-in closet(s); Blinds, drapes and rods; Fire alarm and smoke detectors
• Laundry & utility: Inside laundry; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $118k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Cap rate 7.6% 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; 40 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 34% of the median local income ($63k/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 $819 of loan paydown is wiped out by about $4k 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 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 $84k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• 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 $118,500

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.48% ✓
• Cap rate: 7.62%
• Cash-on-cash: 4.74%
• DSCR: 1.21
• GRM: 5.6

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: -13.8%
• Equity multiple: 0.53×
• Total profit: $-15,705
• Equity at exit: $17,669

10-year hold

• IRR: -14.2%
• Equity multiple: 0.35×
• Total profit: $-21,634
• Equity at exit: $10,246

Cash invested: $33,180 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,759 high
• Mortgage (P&I): −$621
• Tax from tax record: −$53 /mo · $632/yr
• Insurance: −$49
• HOA: −$535
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $131

Break-even live

Break-even rent $1,593

Max offer price $118,500

Occupancy floor 88%

Sensitivity live

Price	-10% $198	-5% $165	+0% $131	+5% $98	+10% $64
Rent	-10% $-8	-5% $62	+0% $131	+5% $201	+10% $270
Rate	-1.0pp $191	-0.5pp $161	base $131	+0.5pp $100	+1.0pp $69

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: $29,625
• Closing costs: $3,555
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1257 Drew St #1 Clearwater, FL	2.0	1.0	1055	$1,750	$1.66	25d	1	0.02mi
200 N Betty Ln Unit 3E Clearwater, FL	1.0	1.0	875	$1,200	$1.37	4d	1	0.06mi
1221 Drew St Unit A21 Clearwater, FL	2.0	1.0	705	$1,300	$1.84	3d	1	0.07mi
1221 Drew St Clearwater, FL	1.0	1.0	777	$1,600	$2.06	22d	1	0.07mi
124 N Jefferson Ave Unit 5 Clearwater, FL	1.0	1.0	750	$1,345	$1.79	25d	1	0.14mi
124 N Jefferson Ave Unit 2 Clearwater, FL	1.0	1.0	750	$1,395	$1.86	25d	1	0.14mi
1329 Drew St #6 Clearwater, FL	2.0	1.0	850	$1,495	$1.76	5d	1	0.19mi
1345 Drew St #16 Clearwater, FL	2.0	1.0	925	$1,500	$1.62	25d	1	0.23mi
1279 Park St Unit n/a Clearwater, FL	3.0	2.5	1300	$2,450	$1.88	25d	1	0.24mi
1264 Pierce St Clearwater, FL	3.0	2.5	1436	$2,500	$1.74	22d	1	0.26mi
100 Waverly Way #403 Clearwater, FL	2.0	2.0	900	$1,600	$1.78	18d	1	0.26mi
1276 Pierce St Unit 1276 Clearwater, FL	3.0	2.5	1450	$2,550	$1.76	4d	1	0.27mi
106 S Fredrica Ave Clearwater, FL	2.0	1.0	836	$1,350	$1.61	22d	1	0.27mi
1365 Drew St #102 Clearwater, FL	2.0	1.0	850	$1,400	$1.65	25d	1	0.28mi
117 N Evergreen Ave Clearwater, FL	1.0	1.0	800	$1,275	$1.59	12d	1	0.29mi
117 N Evergreen Ave Clearwater, FL	1.0	1.0	808	$1,135	$1.40	25d	2	0.29mi
1100 Cleveland St Clearwater, FL	1.0–2.0	1.0–2.5	1168	$2,795	$2.39	3d	15	0.40mi
16 N San Remo Ave Clearwater, FL	3.0	1.0	1249	$1,795	$1.44	25d	1	0.47mi
311 Pennsylvania Ave Clearwater, FL	3.0	2.0	1220	$2,300	$1.89	25d	1	0.50mi
1458 Cleveland St Clearwater, FL	1.0	1.0	750	$1,300	$1.73	5d	1	0.52mi
1458 Cleveland St Clearwater, FL	1.0	1.0	750	$1,300	$1.73	3d	1	0.52mi
1221 Court St Unit 1 Clearwater, FL	2.0	1.0	1000	$1,800	$1.80	25d	1	0.52mi
949 Cleveland St Unit C213 Clearwater, FL	1.0	1.0	783	$2,340	$2.99	14d	1	0.54mi
949 Cleveland St Clearwater, FL	1.0–2.0	1.0–2.0	820	$2,595	$3.16	3d	50	0.54mi
949 Cleveland St Unit C309 Clearwater, FL	1.0	1.0	748	$2,345	$3.14	14d	1	0.54mi
404 Pennsylvania Ave Clearwater, FL	1.0	1.0	748	$1,275	$1.70	15d	1	0.55mi
912 Hart St Unit B Clearwater, FL	3.0	1.0	840	$1,545	$1.84	22d	1	0.56mi
1482 Cleveland St Clearwater, FL	3.0	2.0	1110	$2,750	$2.48	5d	1	0.57mi
906 Jones St Apt A Clearwater, FL	1.0	1.0	700	$1,200	$1.71	8d	1	0.58mi
905 Jones St Clearwater, FL	3.0	2.0	1072	$2,450	$2.29	25d	1	0.58mi
1485 Cleveland St Clearwater, FL	3.0	1.0	978	$2,200	$2.25	5d	1	0.59mi
1003 West Ave Clearwater, FL	2.0	1.0	800	$1,195	$1.49	3d	4	0.59mi
906 Hart St Clearwater, FL	3.0	2.0	1360	$2,336	$1.72	14d	1	0.59mi
828 Padua Ln Clearwater, FL	2.0	2.5	1231	$2,495	$2.03	25d	1	0.63mi
711 S Lincoln Ave Clearwater, FL	1.0–2.0	1.0	860	$1,660	$1.93	3d	8	0.64mi
824 Padua Ln Clearwater, FL	2.0	2.5	1231	$2,175	$1.77	25d	1	0.64mi
1009 Pine Brook Dr Unit B Clearwater, FL	2.0	2.0	1000	$2,200	$2.20	22d	1	0.65mi
1100 Turner St Clearwater, FL	1.0	1.5	900	$1,750	$1.94	3d	2	0.67mi
612 Sally Ln S Unit 14 Clearwater, FL	1.0	1.0	750	$1,500	$2.00	25d	1	0.68mi
701 S Madison Ave Clearwater, FL	2.0	2.0	965	$1,998	$2.07	3d	6	0.71mi

HOA detail condo

• Monthly dues: $535 · $6,420/yr
• Likely covers: watercable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $118,500 Active 7 DOM
2. 2026-06-17
   days on market $118,500 Active 6 DOM
3. 2026-06-16
   days on market $118,500 Active 5 DOM
4. 2026-06-15
   days on market $118,500 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $118,500 Active 2 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: $632 · $53/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$351/yr (+$29/mo · 55.6%)

ⓘ 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 · 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: $21,109
• − Mortgage interest: −$6,638
• − Property taxes: −$632
• − Insurance: −$592
• − Repairs & maintenance: −$1,689
• − Management: −$1,689
• − HOA: −$6,420
• − Depreciation: −$3,447
• Taxable income: $2
• Est. tax owed @ 24.0%: −$0
• After-tax cash flow: $1,574/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

-89.1% since first listed

10 events — show timeline

• 2026-06-12 Rental Removed $1,750 Avail
• 2026-06-11 Listed $118,500 Stellar MLS as Distributed by MLS Grid
• 2026-05-18 Price Changed $1,750 Avail
• 2026-04-06 Price Changed $1,770 Avail
• 2026-03-04 Listed for Rent $1,875 Avail
• 2024-07-30 Sold (MLS) $84,500 Stellar MLS as Distributed by MLS Grid
• 2024-06-27 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-06-23 Listed $79,900 Stellar MLS as Distributed by MLS Grid
• 2022-04-16 Price Changed $1,390 RENT.
• 1990-03-02 Sold (Public Records) $16,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $632 · +45.4% YoY. Source: county tax records.