1965 Rainbow Dr · Clearwater, FL 33765

$539,900

12 bd · 2.0 ba · 1,659 sqft · MultiFamily public records · 106 Days on market

Built 1953 0.25 ac lot

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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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

Key facts

• Convenient access
• Private fenced yard
• 0.25 acre lot

Tags

• TRIPLEX INVESTMENT OPPORTUNITY
• SEPARATELY RENTED UNITS
• PRIVATE FENCED YARD
• CONVENIENT ACCESS

Property features AI

Finance

• Other:
• Financial info: Annual net income reported: $55,800; Pro forma rents: one 2-bedroom unit at $1,800; two 1-bedroom units at $1,450 each
• HOA & community: No association

Exterior

• Parking: One garage space (has garage)
• Security:
• Utilities: Public water; Public sewer; Fire hydrant on utilities
• Home design: Residential income property (triplex)
• Construction: Block construction; Shingle roof; Crawlspace foundation; Built as multi-unit: three units (one 2-bedroom, two 1-bedroom)
• Exterior features: Asphalt road access; Two lots (88 x 125) totaling about 0.25 acres; Two total buildings on the property; Additional parcels included

Interior

• Kitchen:
• Bedrooms: Four bedrooms total
• Flooring:
• Bathrooms: Three bathrooms total (one in each unit)
• Heating & cooling: Electric heat; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Outdoor laundry area

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $540k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $603/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $540k).
• Recommended offer: $491k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $6,920/mo this rent would consume 120% of the median local household income ($69k/yr) (locally 604% 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 $4k of loan paydown is wiped out by about $16k 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 106 days — a 9% lower offer ($491k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y 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 $164k; list at $540k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $491,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.28% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.35%
• DSCR: 1.64
• GRM: 6.5

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $7,435
• Equity at exit: $80,501

10-year hold

• IRR: 7.7%
• Equity multiple: 1.51×
• Total profit: $76,609
• Equity at exit: $46,681

Cash invested: $151,172 (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: 19.5×

Monthly cashflow live

• Estimated rent: $6,920 medium
• Mortgage (P&I): −$2,831
• Tax from tax record: −$603 /mo · $7,232/yr
• Insurance: −$225
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,453
• Net cashflow: $1,808

Break-even live

Break-even rent $4,632

Max offer price $539,900

Occupancy floor 69%

Sensitivity live

Price	-10% $2,113	-5% $1,961	+0% $1,808	+5% $1,655	+10% $1,502
Rent	-10% $1,261	-5% $1,534	+0% $1,808	+5% $2,081	+10% $2,355
Rate	-1.0pp $2,080	-0.5pp $1,945	base $1,808	+0.5pp $1,668	+1.0pp $1,526

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$6,918
Total (3 units)			$6,920

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: $134,975
• Closing costs: $16,197
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $539,900 Active 106 DOM
2. 2026-06-17
   days on market $539,900 Active 105 DOM
3. 2026-06-16
   days on market $539,900 Active 104 DOM
4. 2026-06-15
   days on market $539,900 Active 103 DOM
5. 2026-06-13
   days on market $539,900 Active 101 DOM
6. 2026-06-09
   days on market $539,900 Active 97 DOM
7. 2026-06-08
   days on market $539,900 Active 96 DOM
8. 2026-06-07
   days on market $539,900 Active 95 DOM
9. 2026-06-04
   days on market $539,900 Active 92 DOM
10. 2026-06-03
    days on market $539,900 Active 91 DOM
11. 2026-06-01
    days on market $539,900 Active 89 DOM
12. 2026-05-31
    days on market $539,900 Active 88 DOM
13. 2026-03-30
    status Active
14. 2026-03-23
    status Pending
15. 2026-02-25
    listed $539,900 Active
16. 2015-10-01
    soldstatus $164,000
17. 2015-09-30
    soldstatus $164,000 Sold 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

18. 2015-09-16
    status Pending 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

19. 2015-08-23
    price $174,900 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

20. 2015-08-11
    status Active 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

21. 2015-07-31
    status Pending 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

22. 2015-07-20
    status Active 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

23. 2015-07-07
    status Pending 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

24. 2015-06-17
    price $179,800 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

25. 2015-06-10
    price $179,900 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

26. 2015-05-20
    listed $189,900 Active 316-char remark

    Show marketing remark (316 chars)

    Great investment opportunity! This Clearwater triplex is in good shape. The property consists of two, 1/1 units and a 2/1. Each unit will need some minor work, but nothing too much. Located right off Gulf to Bay, close to the beaches, restaurants, shopping, and other amenities. Not a short sale - can close quickly.

27. 2008-03-24
    listed $299,000
28. 2000-09-14
    soldstatus $115,000

ⓘ 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: $7,232 · $603/mo
• Projected year-2 tax: $7,232 · $603/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $83,040
• − Mortgage interest: −$30,243
• − Property taxes: −$7,232
• − Insurance: −$2,700
• − Repairs & maintenance: −$6,643
• − Management: −$6,643
• − Depreciation: −$15,706
• Taxable income: $13,873
• Est. tax owed @ 24.0%: −$3,329
• After-tax cash flow: $18,365/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

+369.5% since first listed

16 events — show timeline

• 2026-03-30 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-02-25 Listed $539,900 Stellar MLS as Distributed by MLS Grid
• 2015-10-01 Sold (Public Records) $164,000 Public Records
• 2015-09-30 Sold (MLS) $164,000 Stellar MLS as Distributed by MLS Grid
• 2015-09-16 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-08-23 Price Changed $174,900 Stellar MLS as Distributed by MLS Grid
• 2015-08-11 Relisted — Stellar MLS as Distributed by MLS Grid
• 2015-07-31 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-07-20 Relisted — Stellar MLS as Distributed by MLS Grid
• 2015-07-07 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-06-17 Price Changed $179,800 Stellar MLS as Distributed by MLS Grid
• 2015-06-10 Price Changed $179,900 Stellar MLS as Distributed by MLS Grid
• 2015-05-20 Listed $189,900 Stellar MLS as Distributed by MLS Grid
• 2008-03-24 Listed $299,000 Stellar MLS as Distributed by MLS Grid
• 2000-09-14 Sold (Public Records) $115,000 Public Records

Property tax history

+10.9%/yr

Latest (2025): $7,232 · +9.0% YoY. Source: county tax records.