2625 State Road 590 #1623 · Clearwater, FL 33759

$45,000

1 bd · 1.0 ba · 700 sqft · Condo public records · 11 Days on market

Built 1976 $538/mo HOA · 35% 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 +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity to renovate and add value in a highly accessible Clearwater location. This second-floor 1-bedroom, 1-bath condo offers strong upside for investors or buyers looking for a value add property. The unit experienced water intrusion during a recent hurricane and requires repairs, including a new water heater, HVAC system and electrical updates. This is a true value-add opportunity sold in its current condition. The layout includes wood and tile flooring throughout (no carpet) and a screened-in porch, offering additional usable space. Located in Flood Zone X, no flood insurance is required, which helps reduce long-term holding costs. HOA fee of $538/month. The community features two s

Key facts

• Screened-in porch
• Electrical updates
• New water heater

Tags

• NEW WATER HEATER
• HVAC SYSTEM
• ELECTRICAL UPDATES
• WOOD AND TILE FLOORING
• SCREENED-IN PORCH
• FLOOD ZONE X

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $45k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Cap rate 15.2% 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: Mcmullen-Booth Elementary School (math 44% / reading 46%, grade D-, #1,271 of 2,144 statewide, top 60%, 458 students, 63% 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) — zoned schools at 52% FRL track the district average.
• Market conditions: Rents falling (-5.6%/yr); 116 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k 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 + 0.0% rent growth), your $13k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $25k; list at $45k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $45,000

Questions for the listing agent

1. Built in 1976 — 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 3.39% ✓
• Cap rate: 15.18%
• Cash-on-cash: 31.75%
• DSCR: 2.41
• GRM: 2.5

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: 20.6%
• Equity multiple: 1.78×
• Total profit: $9,843
• Equity at exit: $6,710

10-year hold

• IRR: 24.7%
• Equity multiple: 2.60×
• Total profit: $20,141
• Equity at exit: $3,891

Cash invested: $12,600 (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: 2.5×

Monthly cashflow live

• Estimated rent: $1,524 high
• Mortgage (P&I): −$236
• Tax from tax record: −$78 /mo · $938/yr
• Insurance: −$19
• HOA: −$538
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $333

Break-even live

Break-even rent $1,102

Max offer price $45,000

Occupancy floor 73%

Sensitivity live

Price	-10% $359	-5% $346	+0% $333	+5% $321	+10% $308
Rent	-10% $213	-5% $273	+0% $333	+5% $394	+10% $454
Rate	-1.0pp $356	-0.5pp $345	base $333	+0.5pp $322	+1.0pp $310

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2625 Florida 590 Unit 1414 Clearwater, FL	1.0	1.0	600	$1,300	$2.17	26d	1	0.04mi
1730 Audrey Dr Unit 2 Clearwater, FL	1.0	1.0	700	$2,100	$3.00	26d	1	0.24mi
2481 NE Coachman Rd Clearwater, FL	1.0–2.0	1.0–2.0	762	$1,314	$1.72	0d	17	0.41mi
2690 Drew St Clearwater, FL	1.0–3.0	1.0–2.0	974	$1,225	$1.26	3d	12	0.80mi
2031 Glass Loop Clearwater, FL	1.0–3.0	1.0–2.0	1058	$1,798	$1.70	0d	37	0.97mi
101 S Old Coachman Rd Clearwater, FL	3.0	1.0–2.0	983	$1,927	$1.96	0d	15	1.15mi
24862 US Highway 19 N #3202 Clearwater, FL	1.0	1.0	600	$1,295	$2.16	5d	1	1.19mi
24862 U.S. 19 Unit 3202 1 Clearwater, FL	1.0	1.0	640	$1,295	$2.02	25d	1	1.21mi
2317 Nash St Unit Priv Clearwater, FL	1.0	1.0	350	$1,695	$4.84	26d	1	1.41mi
2366 Shelley St #12 Clearwater, FL	1.0	1.0	585	$1,550	$2.65	26d	1	1.45mi
2366 Shelley St Clearwater, FL	1.0	1.0	585	$1,425	$2.44	16d	2	1.45mi
25 N Belcher Rd Clearwater, FL	1.0–2.0	1.0–2.0	780	$1,449	$1.86	0d	12	1.48mi
2344 Shelley St #7 Clearwater, FL	1.0	1.0	585	$1,200	$2.05	0d	1	1.49mi

HOA detail condo

• Monthly dues: $538 · $6,456/yr
• Likely covers: waterelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-22
   days on market $45,000 Active 11 DOM
2. 2026-06-18
   days on market $45,000 Active 8 DOM
3. 2026-06-17
   days on market $45,000 Active 7 DOM
4. 2026-06-16
   days on market $45,000 Active 6 DOM
5. 2026-06-15
   days on market $45,000 Active 5 DOM
6. 2026-06-13
   statusdays on market $45,000 Active 3 DOM
7. 2026-04-02
   status Pending
8. 2026-03-31
   listed $45,000 Active
9. 1993-04-02
   soldstatus $24,900
10. 1992-08-01
    soldstatus $35,200
11. 1984-06-01
    soldstatus $33,500

ⓘ 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: $938 · $78/mo
• Projected year-2 tax: $938 · $78/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 · 28 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: $18,293
• − Mortgage interest: −$2,521
• − Property taxes: −$938
• − Insurance: −$225
• − Repairs & maintenance: −$1,463
• − Management: −$1,463
• − HOA: −$6,456
• − Depreciation: −$1,309
• Taxable income: $3,918
• Est. tax owed @ 24.0%: −$940
• After-tax cash flow: $3,061/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

+34.3% since first listed

5 events — show timeline

• 2026-04-02 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-03-31 Listed $45,000 Stellar MLS as Distributed by MLS Grid
• 1993-04-02 Sold (Public Records) $24,900 Public Records
• 1992-08-01 Sold (Public Records) $35,200 Public Records
• 1984-06-01 Sold (Public Records) $33,500 Public Records

Property tax history

+5.1%/yr

Latest (2025): $938 · -21.0% YoY. Source: county tax records.