7803 46th Ave N #39 · West Lealman, FL 33709

$125,000

2 bd · 2.0 ba · 1,233 sqft · Manufactured public records · 188 Days on market

Built 2005 Est $174k · 28% under $180/mo HOA · 9% of rent ↓ 38% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

YOU OWN THE LAND !! 2005 double wide with new Central Air AC !!! Wrap around screen porch ~ Amazing quiet community with heated pool and jacuzzi, plus recreation room for dancing and community get togethers, also work out room !! Washer and Dryer in unit ~ Has dining room, office area (could be a 3rd bedroom) comes fully furnished No pet community ~ 3 month min rentals allowed ~ Call for more info

Key facts

• Bonus room
• Wrap-around deck
• Non-flood zone

Tags

• NO LOT RENT COMMUNITY
• INDOOR WASHER AND DRYER
• BONUS ROOM
• WRAP-AROUND DECK
• 10X8 STORAGE SHED
• NON-FLOOD ZONE

Property features AI

Finance

• Other: Furnished; Directions available from Park St and Tyrone Blvd to Melody Gardens Mobile Home Park
• Financial info: Total monthly fees: $180; Total annual fees: $2,160; Lease restrictions apply
• HOA & community: Has HOA (Melody Gardens ROC / Cat Gates); Monthly association fee of $180; Association fee includes pool, sewer, water, trash, management, maintenance of grounds, recreational facilities, escrow reserves fund; Association amenities: clubhouse, laundry, shuffleboard court, fitness center, pool; Buyer approval required; Deed restrictions; Senior community; Pets not allowed

Exterior

• Parking: Carport with 1 space
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Manufactured double-wide home; Single-story; East-facing
• Construction: Vinyl siding; Shingle roof; Pillar/post/pier foundation; Built as manufactured home
• Exterior features: Deck; Sliding doors; Paved road access

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Open floor plan; Walk-in closets; Den/Library/Office
• Laundry & utility: Washer and dryer included; Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $632 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 1.9% 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: 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.
• Zoned schools: Seventy-Fourth St. Elementary (math 30% / reading 22%, grade F, #2,015 of 2,144 statewide, top 94%, 444 students, 72% FRL); Dixie M. Hollins High School (math 30% / reading 40%, grade F, #379 of 667 statewide, top 58%, 1,822 students, 56% FRL) — zoned schools average 64% FRL vs 48% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 51% district-wide (-20 pts) — the specific schools serving this property underperform the Pinellas average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 311 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $2,015/mo this rent would consume 45% of the median local household income ($54k/yr) (locally 712% 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 $864 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.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 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.

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 $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.61% ✓
• Cap rate: 12.36%
• Cash-on-cash: 21.68%
• DSCR: 1.96
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $173,853
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5254 Yellow Pine St N	0.35mi	3/1.5 (+1)	1,056 (-14%)	11mo	$149,000	$141	43

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 · 0.99% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.46×
• Total profit: $16,110
• Equity at exit: $18,638

10-year hold

• IRR: 19.1%
• Equity multiple: 2.44×
• Total profit: $50,499
• Equity at exit: $10,808

Cash invested: $35,000 (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 33709

• Rents YoY: 1.0%
• Active inventory: 311
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,015 high
• Mortgage (P&I): −$656
• Tax from tax record: −$72 /mo · $868/yr
• Insurance: −$52
• HOA: −$180
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $632

Break-even live

Break-even rent $1,215

Max offer price $125,000

Occupancy floor 64%

Sensitivity live

Price	-10% $703	-5% $668	+0% $632	+5% $597	+10% $562
Rent	-10% $473	-5% $553	+0% $632	+5% $712	+10% $792
Rate	-1.0pp $695	-0.5pp $664	base $632	+0.5pp $600	+1.0pp $567

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4653 78th Ln N St Petersburg, FL	3.0	2.0	1312	$2,695	$2.05	25d	1	0.08mi
8002 48th Ave N Saint Petersburg, FL	1.0	1.0	1050	$2,000	$1.90	4d	1	0.25mi
5217 81st St N #22 Saint Petersburg, FL	2.0	1.0	1010	$1,700	$1.68	25d	1	0.40mi
4930 72nd St N Saint Petersburg, FL	2.0	1.0	1352	$1,950	$1.44	5d	1	0.45mi
5287 81st St N #26 Saint Petersburg, FL	2.0	2.0	1010	$1,500	$1.49	5d	1	0.45mi
5357 81st St N #14 Saint Petersburg, FL	2.0	2.0	1110	$1,550	$1.40	25d	1	0.46mi
5257 81st Ln N #6 Saint Petersburg, FL	1.0	1.0	745	$1,375	$1.85	25d	1	0.51mi
5521 80th St N #312 Saint Petersburg, FL	1.0	1.0	1055	$1,500	$1.42	5d	1	0.51mi
5530 80th St N Unit C204 Saint Petersburg, FL	1.0	1.0	880	$1,450	$1.65	25d	1	0.57mi
4801 71st St N St Petersburg, FL	2.0	1.0	726	$1,900	$2.62	19d	1	0.58mi
4801 71st St N Saint Petersburg, FL	2.0	1.0	726	$1,900	$2.62	5d	1	0.58mi
3855 39th Ave N St Petersburg, FL	2.0	2.5	1100	$1,850	$1.68	23d	1	0.61mi
7249 Parkside Villas Dr N Saint Petersburg, FL	2.0	2.0	956	$1,950	$2.04	25d	1	0.66mi
5725 80th St N #210 Saint Petersburg, FL	2.0	2.0	1125	$1,900	$1.69	25d	1	0.67mi
7238 55th Ave N Saint Petersburg, FL	2.0	2.0	1085	$1,899	$1.75	19d	1	0.69mi
5750 80th St N St Petersburg, FL	1.0–2.0	1.0–1.5	987	$1,800	$1.82	25d	2	0.70mi
4711 Sunnydale Ln N Unit A St. Petersburg, FL	2.0	1.0	800	$1,750	$2.19	25d	1	0.71mi
7140 55th Ave N Saint Petersburg, FL	3.0	2.0	1085	$2,000	$1.84	23d	1	0.75mi
4390 68th St N Saint Petersburg, FL	3.0	1.0	864	$1,950	$2.26	25d	1	0.78mi
5980 80th St N #205 St Petersburg, FL	2.0	2.0	1100	$1,950	$1.77	5d	1	0.79mi
5410 70th Way N Saint Petersburg, FL	3.0	1.0	1354	$2,100	$1.55	4d	1	0.79mi
5410 70th Way N Saint Petersburg, FL	3.0	1.0	1160	$2,100	$1.81	5d	1	0.79mi
3451 79th St N Saint Petersburg, FL	2.0	2.0	1150	$2,500	$2.17	25d	1	0.81mi
5136 68th St N Unit B St. Petersburg, FL	3.0	1.0	1302	$1,900	$1.46	5d	1	0.84mi
5136 68th St N Unit C St. Petersburg, FL	2.0	1.0	957	$1,700	$1.78	5d	1	0.84mi
4701 68th St N Saint Petersburg, FL	1.0	1.0	700	$1,099	$1.57	25d	1	0.84mi
3501 Boca Ciega Dr N Saint Petersburg, FL	2.0	2.0	1144	$3,400	$2.97	5d	1	0.86mi
6366 71st St N Pinellas Park, FL	2.0	2.0	970	$2,200	$2.27	25d	1	1.14mi
6468 Bonnie Bay Cir N Pinellas Park, FL	2.0	2.0	970	$1,800	$1.86	15d	1	1.16mi
6398 Woodland Blvd Unit 1366035P Pinellas Park, FL	3.0	2.0	1367	$5,922	$4.33	18d	1	1.19mi
6522 54th Ave N Saint Petersburg, FL	1.0–3.0	1.0–2.0	892	$1,600	$1.79	3d	10	1.20mi
3000 70th Ln N Saint Petersburg, FL	2.0	1.0	875	$1,600	$1.83	23d	1	1.23mi
6524 54th Ave N Unit 2 St. Petersburg, FL	2.0	1.0	840	$1,360	$1.62	25d	1	1.24mi
9071 47th Ave N St. Petersburg, FL	2.0	2.0	1100	$2,000	$1.82	25d	1	1.26mi
7045 30th Ave N Saint Petersburg, FL	1.0–2.0	1.0–2.0	825	$1,595	$1.93	9d	1	1.27mi
8086 28th Ave N Saint Petersburg, FL	2.0	1.0	848	$2,200	$2.59	25d	1	1.30mi
3980 64th St N Saint Petersburg, FL	1.0–2.0	1.0–2.0	707	$1,500	$2.12	4d	6	1.38mi
8036 25th Ave N Saint Petersburg, FL	3.0	2.0	1250	$2,600	$2.08	5d	1	1.45mi
2500 Park St N Saint Petersburg, FL	2.0	1.0	1022	$2,700	$2.64	25d	1	1.45mi

HOA detail

• Monthly dues: $180 · $2,160/yr
• Likely covers: pool

Listing history 7 events

1. 2026-04-30
   status Pending
2. 2025-10-24
   listed $125,000 Active
3. 2024-12-15
   historical 406-char remark

   Show marketing remark (406 chars)

   YOU OWN THE LAND !! 2005 double wide with new Central Air AC !!! Wrap around screen porch ~ Amazing quiet community with heated pool and jacuzzi, plus recreation room for dancing and community get togethers, also work out room !! Washer and Dryer in unit ~ Has dining room, office area (could be a 3rd bedroom) comes fully furnished No pet community ~ 3 month min rentals allowed ~ Call for more info

4. 2024-11-14
   price $145,000 406-char remark

   Show marketing remark (406 chars)

   YOU OWN THE LAND !! 2005 double wide with new Central Air AC !!! Wrap around screen porch ~ Amazing quiet community with heated pool and jacuzzi, plus recreation room for dancing and community get togethers, also work out room !! Washer and Dryer in unit ~ Has dining room, office area (could be a 3rd bedroom) comes fully furnished No pet community ~ 3 month min rentals allowed ~ Call for more info

5. 2024-09-03
   price $155,000 406-char remark

   Show marketing remark (406 chars)

   YOU OWN THE LAND !! 2005 double wide with new Central Air AC !!! Wrap around screen porch ~ Amazing quiet community with heated pool and jacuzzi, plus recreation room for dancing and community get togethers, also work out room !! Washer and Dryer in unit ~ Has dining room, office area (could be a 3rd bedroom) comes fully furnished No pet community ~ 3 month min rentals allowed ~ Call for more info

6. 2024-08-07
   price $170,000 406-char remark

   Show marketing remark (406 chars)

   YOU OWN THE LAND !! 2005 double wide with new Central Air AC !!! Wrap around screen porch ~ Amazing quiet community with heated pool and jacuzzi, plus recreation room for dancing and community get togethers, also work out room !! Washer and Dryer in unit ~ Has dining room, office area (could be a 3rd bedroom) comes fully furnished No pet community ~ 3 month min rentals allowed ~ Call for more info

7. 2024-08-01
   listed $200,000 Active 406-char remark

   Show marketing remark (406 chars)

   YOU OWN THE LAND !! 2005 double wide with new Central Air AC !!! Wrap around screen porch ~ Amazing quiet community with heated pool and jacuzzi, plus recreation room for dancing and community get togethers, also work out room !! Washer and Dryer in unit ~ Has dining room, office area (could be a 3rd bedroom) comes fully furnished No pet community ~ 3 month min rentals allowed ~ Call for more info

ⓘ 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: $868 · $72/mo
• Projected year-2 tax: $1,038 · $86/mo
• Expected delta: +$170/yr (+$14/mo · 19.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $24,186
• − Mortgage interest: −$7,002
• − Property taxes: −$868
• − Insurance: −$625
• − Repairs & maintenance: −$1,935
• − Management: −$1,935
• − HOA: −$2,160
• − Depreciation: −$3,636
• Taxable income: $6,025
• Est. tax owed @ 24.0%: −$1,446
• After-tax cash flow: $6,142/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

-37.5% since first listed

7 events — show timeline

• 2026-04-30 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-10-24 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2024-12-15 Listing Removed — SCMLS
• 2024-11-14 Price Changed $145,000 SCMLS
• 2024-09-03 Price Changed $155,000 SCMLS
• 2024-08-07 Price Changed $170,000 SCMLS
• 2024-08-01 Listed $200,000 SCMLS

Property tax history

-7.0%/yr

Latest (2025): $868 · +6.3% YoY. Source: county tax records.