756 Mandalay Ave · Clearwater, FL 33767

$1,088,000

9 bd · 3.0 ba · 1,949 sqft · MultiFamily public records · 97 Days on market

Built 1948 5,924 sqft 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 +27.4/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Appreciation +5.9/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

AMAZING TRIPLEX, ONE BLOCK FROM PRIVATE BEACH ACCESS. DON'T MISS THIS!!! The property offers STRONG INCOME POTENTIAL and an unbeatable location minutes from downtown Clearwater Beach. This property is in the highly desirable North Clearwater Beach neighborhood. The area feels like a quiet coastal enclave with a strong community presence through the Clearwater Beach Association. Residents enjoy multiple direct beach access points just one block away to the sugar sand beaches of the Gulf of America. The 3 units provide excellent flexibility as a vacation rental, seasonal rental or owner occupied income property located on one of Florida's most recognized breach destinations. The triplex featu

Key facts

• On site laundry
• Private beach access
• 5,924 sq ft lot

Tags

• PRIVATE BEACH ACCESS
• STRONG INCOME POTENTIAL
• PET FRIENDLY BEACH ACCESS
• ON SITE LAUNDRY
• VIBRANT HUB FOR SHOPPING
• DIRECT ACCESS TO BEACH

Property features AI

Finance

• Other: Property type: Residential income (Triplex)
• Financial info: Annual net income reported: $144,000; Pro forma income by unit type: 2-bedroom unit $72,000; 1-bedroom unit $36,000; studio $36,000; Terms of lease: Other

Exterior

• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Residential income property (Triplex); Single-story building; One building on the lot
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built on approximately 0.14 acres
• Exterior features: Fenced yard with dog run; Paved road access

Interior

• Bedrooms: Three total units: one 2-bedroom unit, one 1-bedroom unit, and one studio
• Bathrooms: Each unit includes one bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $1.09M.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $922/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.09M).
• Recommended offer: $990k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 rising (+2.8%/yr); 424 active listings in the ZIP; high-income renter base; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).

Forward outlook

• In year one you build about $28k of equity ($8k loan paydown + $20k appreciation (1.9% local appreciation)).
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.9% appreciation + 2.8% rent growth), your $305k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$71k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($990k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 9y 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 $839k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $990,080 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 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 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.23% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.57%
• DSCR: 1.56
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.88% appreciation · 2.76% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.79×
• Total profit: $241,381
• Equity at exit: $422,229

10-year hold

• IRR: 17.3%
• Equity multiple: 3.27×
• Total profit: $690,704
• Equity at exit: $602,755

Cash invested: $304,640 (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 33767

• Home prices YoY: 0.6%
• Rents YoY: 2.8%
• Active inventory: 424
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $13,398 medium
• Mortgage (P&I): −$5,706
• Tax from tax record: −$1,234 /mo · $14,804/yr
• Insurance: −$453
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,814
• Net cashflow: $2,765

Break-even live

Break-even rent $9,898

Max offer price $1,088,000

Occupancy floor 74%

Sensitivity live

Price	-10% $3,381	-5% $3,073	+0% $2,765	+5% $2,457	+10% $2,149
Rent	-10% $1,707	-5% $2,236	+0% $2,765	+5% $3,294	+10% $3,824
Rate	-1.0pp $3,313	-0.5pp $3,042	base $2,765	+0.5pp $2,483	+1.0pp $2,197

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$13,398
Total (3 units)			$13,398

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: $272,000
• Closing costs: $32,640
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-18
   days on market $1,088,000 Active 97 DOM
2. 2026-06-17
   days on market $1,088,000 Active 96 DOM
3. 2026-06-16
   days on market $1,088,000 Active 95 DOM
4. 2026-06-15
   days on market $1,088,000 Active 94 DOM
5. 2026-06-13
   days on market $1,088,000 Active 92 DOM
6. 2026-06-09
   days on market $1,088,000 Active 88 DOM
7. 2026-06-08
   days on market $1,088,000 Active 87 DOM
8. 2026-06-07
   days on market $1,088,000 Active 86 DOM
9. 2026-06-04
   days on market $1,088,000 Active 83 DOM
10. 2026-06-03
    days on market $1,088,000 Active 82 DOM
11. 2026-06-01
    days on market $1,088,000 Active 80 DOM
12. 2026-05-31
    days on market $1,088,000 Active 79 DOM
13. 2026-03-13
    listed $1,088,000 Active
14. 2025-10-06
    historical
15. 2025-07-05
    price $1,195,000
16. 2025-05-02
    price $1,495,000
17. 2025-02-22
    price $1,800,000
18. 2025-02-22
    listed $2,800,000 Active
19. 2023-01-10
    soldstatus $839,100
20. 2022-12-09
    soldstatus $790,000
21. 2022-10-25
    historical
22. 2022-10-14
    price $915,000
23. 2022-10-10
    price $919,000
24. 2022-10-04
    listed $935,000 Active
25. 2020-04-30
    historical
26. 2020-01-14
    price $699,900
27. 2019-10-31
    listed $727,000 Active
28. 2019-08-09
    historical
29. 2019-05-08
    status Active
30. 2019-04-30
    historical
31. 2019-01-24
    price $789,000
32. 2018-11-29
    price $869,000
33. 2018-10-31
    listed $939,000 Active
34. 2017-07-18
    soldstatus $460,000
35. 2017-07-14
    soldstatus $460,000 Sold
36. 2017-07-14
    soldstatus $460,000 Sold
37. 2017-07-03
    status Pending
38. 2017-07-03
    status Pending
39. 2017-06-20
    listed $575,000 Active
40. 2017-06-20
    listed $575,000 Active
41. 1990-09-24
    soldstatus $119,000
42. 1985-08-01
    soldstatus $119,900

ⓘ 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: $14,804 · $1,234/mo
• Projected year-2 tax: $14,804 · $1,234/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥110°F today · 29 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: $160,776
• − Mortgage interest: −$60,945
• − Property taxes: −$14,804
• − Insurance: −$10,558
• − Repairs & maintenance: −$12,862
• − Management: −$12,862
• − Depreciation: −$31,651
• Taxable income: $17,093
• Est. tax owed @ 24.0%: −$4,102
• After-tax cash flow: $29,081/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): 8,081
• Household income: $117,425
• Rent vs Own: 15.2% rent · 84.8% own
• Severe rent burden: 295.0

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 (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Romanian 6% Italian 3% Slovak 2%
• Foreign-born: 14% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 2% Arabic 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: ▲ 1.88%
• Current HPI: 297.7165
• Rent YoY: ▲ 2.76%
• 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

+807.4% since first listed

30 events — show timeline

• 2026-03-13 Listed $1,088,000 Stellar MLS as Distributed by MLS Grid
• 2025-10-06 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-07-05 Price Changed $1,195,000 Stellar MLS as Distributed by MLS Grid
• 2025-05-02 Price Changed $1,495,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-22 Price Changed $1,800,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-22 Listed $2,800,000 Stellar MLS as Distributed by MLS Grid
• 2023-01-10 Sold (Public Records) $839,100 Public Records
• 2022-12-09 Sold (Public Records) $790,000 Public Records
• 2022-10-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2022-10-14 Price Changed $915,000 Stellar MLS as Distributed by MLS Grid
• 2022-10-10 Price Changed $919,000 Stellar MLS as Distributed by MLS Grid
• 2022-10-04 Listed $935,000 Stellar MLS as Distributed by MLS Grid
• 2020-04-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2020-01-14 Price Changed $699,900 Stellar MLS as Distributed by MLS Grid
• 2019-10-31 Listed $727,000 Stellar MLS as Distributed by MLS Grid
• 2019-08-09 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2019-05-08 Relisted — Stellar MLS as Distributed by MLS Grid
• 2019-04-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2019-01-24 Price Changed $789,000 Stellar MLS as Distributed by MLS Grid
• 2018-11-29 Price Changed $869,000 Stellar MLS as Distributed by MLS Grid
• 2018-10-31 Listed $939,000 Stellar MLS as Distributed by MLS Grid
• 2017-07-18 Sold (Public Records) $460,000 Public Records
• 2017-07-14 Sold (MLS) $460,000 Stellar MLS as Distributed by MLS Grid
• 2017-07-14 Sold (MLS) $460,000 Stellar MLS as Distributed by MLS Grid
• 2017-07-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-07-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-06-20 Listed $575,000 Stellar MLS as Distributed by MLS Grid
• 2017-06-20 Listed $575,000 Stellar MLS as Distributed by MLS Grid
• 1990-09-24 Sold (Public Records) $119,000 Public Records
• 1985-08-01 Sold (Public Records) $119,900 Public Records

Property tax history

+6.4%/yr

Latest (2025): $14,804 · +4.8% YoY. Source: county tax records.