208-210-212 Elizabeth Ave Unit A,B · Clearwater, FL 33759

$899,000

8 bd · 6.0 ba · 3,999 sqft · MultiFamily · 161 Days on market

Built 1985 0.34 ac lot ↓ 9% since listing

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Why this score? — see what drove the D 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 +13.5/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• DSCR +4.1/10.0
• Livability +4.1/5.0
• 1% rule +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Income-producing property with four separate units, each featuring a private entrance. Units offer tile flooring, open living areas, functional kitchens, and updated bathrooms. Mix of single- and two-story layouts. Mature trees, off-street parking, and outdoor space. Ideal for investors or owner-occupants seeking a multi-unit property. There by more picture by Friday.

Key facts

• Open living areas
• Two-story layouts
• Private entrance

Tags

• PRIVATE ENTRANCE
• TILE FLOORING
• OPEN LIVING AREAS
• FUNCTIONAL KITCHENS
• UPDATED BATHROOMS
• TWO-STORY LAYOUTS

Property features AI

Finance

• Other: Living area reported as 3,999 sq ft (public records)
• Financial info: Annual net income reported: $85,000; Pro forma monthly rents by unit types: $2,400; $2,100; $2,000; $1,600
• HOA & community: No HOA

Exterior

• Parking: No explicit parking details provided
• Security: No security features provided
• Utilities: Public water; Public sewer; Electricity available and connected; Cable available and connected; Fiber optics available; Public utilities
• Home design: Residential income property (quadruplex); 2 total buildings on the parcel; Lot dimensions roughly 150 x 100 ft; Lot acreage about 0.34 acres
• Construction: Built with block, concrete and stucco construction; Shingle roof; Foundation: crawlspace and slab
• Exterior features: Fenced lot; Asphalt road access

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: 9 total bedrooms (property-wide)
• Flooring: No flooring details provided
• Bathrooms: Multiple bathrooms across units
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.5-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $27 ($320/yr) — positive. Per door: $7/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $790k (12.1% below list).
• Recommended offer: $790k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: 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.
• Zoned schools: Eisenhower Elementary School (math 47% / reading 40%, grade F, #1,345 of 2,144 statewide, top 64%, 661 students, 74% FRL); Safety Harbor Middle School (math 45% / reading 43%, grade D, #327 of 571 statewide, top 57%, 974 students, 50% FRL); Countryside High School (math 25% / reading 45%, grade F, #379 of 667 statewide, top 58%, 1,741 students, 44% FRL).
• Market conditions: Rents falling (-5.6%/yr); 116 active listings in the ZIP; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $7,898/mo this rent would consume 140% of the median local household income ($67k/yr) (locally 1209% 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 $6k of loan paydown is wiped out by about $27k 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 161 days — a 12% lower offer ($791k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $789,800 (12.1% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.88% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.13%
• DSCR: 1.01
• GRM: 9.5

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: -19.5%
• Equity multiple: 0.34×
• Total profit: $-167,007
• Equity at exit: $134,044

10-year hold

• IRR: -20.3%
• Equity multiple: 0.08×
• Total profit: $-232,208
• Equity at exit: $77,729

Cash invested: $251,720 (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 33759

• Rents YoY: -5.6%
• Active inventory: 116
• Price-to-rent: 37.9×

Monthly cashflow live

• Estimated rent: $7,898 high
• Mortgage (P&I): −$4,714
• Tax est. 1.5%: −$1,124 /mo · $13,485/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,659
• Net cashflow: $27

Break-even live

Break-even rent $7,864

Max offer price $899,000

Occupancy floor 95%

Sensitivity live

Price	-10% $648	-5% $337	+0% $27	+5% $-284	+10% $-595
Rent	-10% $-597	-5% $-285	+0% $27	+5% $339	+10% $651
Rate	-1.0pp $479	-0.5pp $255	base $27	+0.5pp $-206	+1.0pp $-443

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$7,896
Total (4 units)			$7,898

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-22
   days on market $899,000 Active 161 DOM
2. 2026-06-22
   days on market $899,000 Active 160 DOM
3. 2026-06-18
   days on market $899,000 Active 157 DOM
4. 2026-06-17
   days on market $899,000 Active 156 DOM
5. 2026-06-16
   days on market $899,000 Active 155 DOM
6. 2026-06-15
   days on market $899,000 Active 154 DOM
7. 2026-06-13
   days on market $899,000 Active 152 DOM
8. 2026-06-09
   days on market $899,000 Active 148 DOM
9. 2026-06-08
   days on market $899,000 Active 147 DOM
10. 2026-06-07
    days on market $899,000 Active 146 DOM
11. 2026-06-04
    days on market $899,000 Active 143 DOM
12. 2026-06-03
    days on market $899,000 Active 142 DOM
13. 2026-06-01
    days on market $899,000 Active 140 DOM
14. 2026-05-31
    days on market $899,000 Active 139 DOM
15. 2026-04-29
    price $899,000
16. 2026-02-25
    price $935,000
17. 2026-01-07
    listed $990,000 Active

ⓘ 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 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 · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,776
• − Mortgage interest: −$50,358
• − Property taxes: −$13,485
• − Insurance: −$4,495
• − Repairs & maintenance: −$7,582
• − Management: −$7,582
• − Depreciation: −$26,153
• Taxable loss: −$14,879
• Est. tax savings @ 24.0%: +$3,571
• After-tax cash flow: $3,891/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): 17,557
• Household income: $67,492
• Rent vs Own: 49.1% rent · 50.9% own
• Severe rent burden: 1209.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 19% Two or more races 14% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3% Cuban 3%
• Common ancestry: Romanian 4% Slovak 3% Italian 2%
• Foreign-born: 16% · Canada, Jamaica, Vietnam
• Languages at home: 79% English-only · Spanish 12% Other Indo-European 4% 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: ▼ -249.16%
• Current HPI: 343.0721
• Rent YoY: ▼ -5.57%
• 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

-9.2% since first listed

3 events — show timeline

• 2026-04-29 Price Changed $899,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $935,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-07 Listed $990,000 Stellar MLS as Distributed by MLS Grid