7803 46th Ave N #49 · West Lealman, FL 33709

$59,900

1 bd · 1.0 ba · 470 sqft · Manufactured public records · 9 Days on market

Built 1960 $195/mo HOA · 14% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready and full of charm, this updated 1 bed/1 bath home sits in Melody Gardens, a resident-owned 55+ community in St. Petersburg, and the share is included. Just short distance from the heated community pool and hot tub via a direct sidewalk to the clubhouse and recreation area, the location is hard to beat. Inside you'll find updated wood-look laminate flooring, a bright open living/kitchen/dining area, a refreshed bathroom with a walkin shower, and a fully equipped kitchen with refrigerator, smooth-top range, and microwave. Two window A/C units and an updated circuit-breaker electrical panel keep things comfortable, and the home's shaded setting under mature pines and palms helps

Key facts

• Large screened lanai
• Community pool
• Built 1960

Tags

• FULLY EQUIPPED KITCHEN
• LARGE SCREENED LANAI
• ENCLOSED UTILITY ROOM
• FRESH NEW VINYL SIDING
• ROOF-OVER WITH NO LEAKS
• HEATED COMMUNITY POOL

Property features AI

Finance

• Other: Lease restrictions apply; Home is homesteaded
• Financial info: Total monthly HOA fee $195 (total annual $2,340)
• HOA & community: Melody Gardens ROC community; Monthly association fee of $195; Association approval required; Association amenities: clubhouse, fitness center, pool, spa/hot tub, laundry, shuffleboard court, recreation facilities, storage, cable TV; Association fee includes pool, grounds maintenance, recreational facilities, trash and water; Buyer approval required; Deed restrictions; Golf carts allowed; Sidewalks and street lights; Senior community; Pets not allowed

Exterior

• Parking: Driveway parking; Ground-level parking; Guest parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Phone available; Water connected; Sewer connected
• Home design: Mobile home (single wide); One story; South-facing
• Construction: Vinyl siding; Roof over; Crawlspace foundation; Built as single-wide mobile home
• Exterior features: Covered, enclosed and screened patio/porch (side porch); Patio; Storage (shed/workshop); Mature landscaping with trees; Level lot with sidewalk and paved (asphalt) road; Unincorporated location

Interior

• Kitchen: Built-in oven; Range; Microwave; Dishwasher; Refrigerator; Freezer; Exhaust fan
• Bedrooms: 1 bedroom
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Wall/window air conditioning unit(s)
• Interior features: Ceiling fans; Eat-in kitchen; Thermostat; Window treatments (blinds, drapes)
• Laundry & utility: Washer; Dryer; Inside utility / laundry room; Outside laundry access

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 15.9% vs local median 1.8% in West Lealman — 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 81/100 on livability (#84 in FL, #1,396 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, employment D+, 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.
• Market conditions: Rents flat; 309 active listings in the ZIP; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 31% of the median local income ($54k/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 $414 of loan paydown is wiped out by about $2k 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 + 1.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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 $21k; list at $60k implies a 184% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1960 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.30% ✓
• Cap rate: 15.93%
• Cash-on-cash: 34.40%
• DSCR: 2.53
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.99% rent growth · sell at horizon

5-year hold

• IRR: 27.2%
• Equity multiple: 2.09×
• Total profit: $18,324
• Equity at exit: $8,931

10-year hold

• IRR: 33.3%
• Equity multiple: 3.69×
• Total profit: $45,182
• Equity at exit: $5,179

Cash invested: $16,772 (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 33709

• Rents YoY: 1.0%
• Active inventory: 309
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,379 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$195
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $481

Break-even live

Break-even rent $771

Max offer price $59,900

Occupancy floor 60%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $195 · $2,340/yr
• Likely covers: electricpool

Listing history 7 events

1. 2026-06-18
   days on market $59,900 Active 9 DOM
2. 2026-06-17
   days on market $59,900 Active 8 DOM
3. 2026-06-16
   days on market $59,900 Active 7 DOM
4. 2026-06-15
   days on market $59,900 Active 6 DOM
5. 2026-06-13
   days on market $59,900 Active 4 DOM
6. 2026-06-10
   remarks 699-char remark
7. 2026-06-10
   listed $59,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,554
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,324
• − Management: −$1,324
• − HOA: −$2,340
• − Depreciation: −$1,743
• Taxable income: $5,269
• Est. tax owed @ 24.0%: −$1,265
• After-tax cash flow: $4,505/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 — West Lealman

• Score: 81/100
• State rank: #84
• US rank: #1396

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Lealman, FL
• County: Pinellas County · 939,478 people
• City population: 25,371
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 25,050
• Household income: $53,501
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 712.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 11% Two or more races 10% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, Jamaica
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% 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: ▼ -416.74%
• Current HPI: 391.368
• Rent YoY: ▲ 0.99%
• 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

+220.3% since first listed

4 events — show timeline

• 2026-06-09 Listed $59,900 Stellar MLS as Distributed by MLS Grid
• 2006-07-27 Listed $43,900 Stellar MLS as Distributed by MLS Grid
• 2003-09-24 Sold (Public Records) $21,100 Public Records
• 1992-06-26 Sold (Public Records) $18,700 Public Records

Property tax history

-13.2%/yr

Latest (2025): $80 · +7.0% YoY. Source: county tax records.