611 Patricia Ave · Dunedin, FL 34698

$275,000

3 bd · 2.0 ba · 1,914 sqft · SingleFamily public records · 1 Days on market

Built 1959 7,806 sqft lot

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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 +27.2/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• 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

Under contract-accepting backup offers. Welcome to paradise; where location, lifestyle, and livability come together in the heart of Dunedin. This solid block, single-family home offers 3 bedrooms, 2 bathrooms, and a 2-car garage. This property provides space to breathe both inside and out. Perfect for weekend lounging, entertaining friends, or cooling off after a day downtown or at the beach. With no HOA and located in Flood Zone X, this home offers flexibility and peace of mind. The gives you room for outdoor living or simply enjoying your own slice of Dunedin sunshine. Tucked into an established neighborhood yet close to everything Dunedin is known for—charming downtown, great rest

Key facts

• Waterfront parks
• Flood zone x
• No hoa

Tags

• NO HOA
• FLOOD ZONE X
• OUTDOOR LIVING
• ESTABLISHED NEIGHBORHOOD
• CLOSE TO DOWNTOWN
• WATERFRONT PARKS

Property features AI

Finance

• Other: Lot approximately 0.18 acres (75 x 104, paved road)
• HOA & community: No HOA association indicated

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Public sewer; Public utilities
• Home design: Single family residence; One story; Northeast-facing entry
• Construction: Block construction; Shingle roof; Slab foundation; Built as a single-story home
• Exterior features: Sidewalk; Other exterior features

Interior

• Kitchen: Convection oven; Dishwasher
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Split bedroom layout; Walk-in closets
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $784 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 9.7% vs local median 2.8% 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.
• Market conditions: Rents rising (+2.7%/yr); 478 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $3,075/mo this rent would consume 50% of the median local household income ($74k/yr) (locally 1390% 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 $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1959 — 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 $275,000

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.12% ✓
• Cap rate: 9.71%
• Cash-on-cash: 12.21%
• DSCR: 1.54
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $650,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
677 Pinewood Dr	0.24mi	3/2.0	1,844 (-4%)	2mo	$375,000	$203	81
917 Michele Cir	0.62mi	3/2.0	1,935 (+1%)	4mo	$599,000	$310	66
960 Lakewood Dr	0.25mi	3/2.0	2,056 (+7%)	14mo	$520,000	$253	64
630 Magnolia St	0.45mi	3/2.0	1,752 (-8%)	3mo	$900,000	$514	62
930 S Lyndhurst St	0.09mi	3/2.0	1,645 (-14%)	13mo	$599,000	$364	62
1154 Sarah Ct	0.68mi	3/2.0	1,999 (+4%)	1mo	$660,000	$330	60
1240 Bluffs Cir	0.51mi	3/2.0	1,670 (-13%)	1mo	$590,000	$353	54
554 Louden Ave	0.60mi	2/2.0 (-1)	1,806 (-6%)	5mo	$614,000	$340	54
698 Roanoke St	0.61mi	3/1.0	1,768 (-8%)	3mo	$300,000	$170	52
884 Michele Cir	0.66mi	3/2.0	1,733 (-10%)	2mo	$625,000	$361	51
456 Chicago Ave	0.74mi	4/2.0 (+1)	1,960 (+2%)	7mo	$1,265,000	$645	51
2480 Treemont Way	0.72mi	4/2.0 (+1)	2,076 (+8%)	8mo	$490,000	$236	41

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $4,277
• Equity at exit: $41,003

10-year hold

• IRR: 10.8%
• Equity multiple: 1.83×
• Total profit: $63,639
• Equity at exit: $23,777

Cash invested: $77,000 (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: 478
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $3,075 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$89 /mo · $1,067/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $784

Break-even live

Break-even rent $2,083

Max offer price $275,000

Occupancy floor 70%

Sensitivity live

Price	-10% $939	-5% $861	+0% $784	+5% $706	+10% $628
Rent	-10% $541	-5% $662	+0% $784	+5% $905	+10% $1,026
Rate	-1.0pp $922	-0.5pp $854	base $784	+0.5pp $712	+1.0pp $640

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
920 Lakewood Dr Dunedin, FL	3.0	2.0	1457	$3,000	$2.06	25d	1	0.25mi
58 Arnoni Dr Dunedin, FL	4.0	3.0	2323	$3,400	$1.46	4d	1	0.55mi
526 Belmist Ct Dunedin, FL	3.0	2.0	1480	$2,700	$1.82	25d	1	0.58mi
152 Macalpine Way Dunedin, FL	1.0–3.0	1.0–2.5	943	$2,707	$2.87	2d	42	0.61mi
559 Chicago Ave Dunedin, FL	3.0	2.0	1745	$4,499	$2.58	25d	1	0.71mi
2090 Paragon Cir E Unit N/A Clearwater, FL	4.0	2.0	1899	$3,100	$1.63	5d	1	0.75mi
2090 Paragon Cir E Clearwater, FL	4.0	2.0	1899	$3,100	$1.63	8d	1	0.75mi
648 Norfolk St Dunedin, FL	4.0	2.5	2054	$3,000	$1.46	2d	1	0.76mi
2251 Springwood Cir W Clearwater, FL	3.0	2.0	1344	$3,100	$2.31	25d	1	0.82mi
341 Albert St Dunedin, FL	3.0	2.5	1770	$8,250	$4.66	25d	1	0.84mi
331 Albert St Dunedin, FL	4.0	3.5	2600	$12,000	$4.62	25d	1	0.84mi
946 Highland Ave Dunedin, FL	3.0	3.0	1970	$4,500	$2.28	4d	1	0.86mi
1632 Windsor Pl Clearwater, FL	3.0	2.0	1814	$3,300	$1.82	5d	1	0.93mi
253 Park Cir S Dunedin, FL	3.0	2.0	1500	$4,500	$3.00	5d	1	1.02mi
1235 Bass Blvd Dunedin, FL	3.0	2.0	1300	$2,550	$1.96	18d	1	1.03mi
1648 Algonquin Dr Clearwater, FL	3.0	2.0	1731	$2,850	$1.65	25d	1	1.05mi
1954 Freedom Dr Clearwater, FL	3.0	2.5	1941	$3,300	$1.70	4d	1	1.11mi
1954 Freedom Dr Unit 1 Clearwater, FL	3.0	2.0	1941	$3,300	$1.70	3d	1	1.11mi
1479 Ruth Rd Dunedin, FL	2.0	2.0	1235	$2,700	$2.19	25d	1	1.21mi
1580 Andover Dr Unit House Dunedin, FL	2.0	1.0	1241	$2,200	$1.77	25d	1	1.28mi
1525 Ruth Rd Dunedin, FL	2.0	2.0	1379	$3,200	$2.32	5d	1	1.28mi
2151 Alicia Dr Unit C Clearwater, FL	3.0	2.5	1500	$2,000	$1.33	8d	1	1.29mi
2151 Alicia Dr Unit A Clearwater, FL	3.0	2.5	1250	$2,250	$1.80	8d	1	1.29mi
2014 Pinehurst Dr Clearwater, FL	3.0	3.0	1650	$3,000	$1.82	25d	1	1.30mi
1103 Charles St Clearwater, FL	3.0	2.0	1348	$3,295	$2.44	15d	1	1.38mi
1912 Radcliffe Dr N Clearwater, FL	2.0	2.0	1340	$2,750	$2.05	25d	1	1.40mi
1973 Clarendon Rd Clearwater, FL	3.0	2.0	1248	$2,500	$2.00	4d	1	1.46mi

Listing history 2 events

1. 2026-06-07
   remarks 693-char remark
2. 2026-06-07
   listed $275,000 Pending 1 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: $1,067 · $89/mo
• Projected year-2 tax: $2,282 · $190/mo
• Expected delta: +$1,216/yr (+$101/mo · 114.0%)

ⓘ 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: $36,899
• − Mortgage interest: −$15,404
• − Property taxes: −$1,067
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,952
• − Management: −$2,952
• − Depreciation: −$8,000
• Taxable income: $5,149
• Est. tax owed @ 24.0%: −$1,236
• After-tax cash flow: $8,167/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

2 events — show timeline

• 2026-06-06 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-06-05 Listed $275,000 Stellar MLS as Distributed by MLS Grid

Property tax history

-3.6%/yr

Latest (2025): $1,067 · +7.7% YoY. Source: county tax records.