3221 138th Pl · Largo, FL 33771

$275,000

3 bd · 2.0 ba · 1,344 sqft · SingleFamily public records · 7 Days on market

Built 1986 5,184 sqft lot Est $383k · 28% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• Schools +4.3/10.0
• DSCR +4.1/10.0
• Livability +4.1/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the market! Great 3/2 home with over sized one car garage. Lots of renovations recently done. Be the first to enjoy a new kitchen with brand new cabinets, 2 new kitchen windows, porcelain counter top, ceramic tile floors and more! New ceramic tiles floors in all three bedrooms, master bath and even the lanai by the new patio doors. Master bathroom completely redone! Even the lanai has all new screening! New ceiling fans in the living room as well as the master bedroom, both with remote controls. Freshly painted. Air conditioner was replaced 2012. Please come see this great home now!

Key facts

• Updated kitchen
• 5,184 sq ft lot
• 2 garage spots

Tags

• NEWER LAMINATE FLOORS
• UPDATED KITCHEN

Property features AI

Finance

• Other: Unfurnished; Directions provided to the property
• Financial info: No lease restrictions indicated; Homestead exemption indicated
• HOA & community: Pets allowed

Exterior

• Parking: Attached garage; 2-car garage
• Utilities: Public water; Public sewer; Cable available; Electricity connected
• Home design: Single family residence; Residential property; One story; Faces south
• Construction: Stucco and frame construction; Other construction materials; Shingle roof; Slab foundation; Built area reported (per public records)
• Exterior features: Asphalt road access; Lot approximately 0.12 acres

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Eat-in kitchen; High ceilings
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $18 ($218/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (17.9% below list).
• Recommended offer: $226k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.3% in Largo — 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 (#82 in FL, #1,240 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: Southern Oak Elementary School (math 63% / reading 49%, grade C+, #832 of 2,144 statewide, top 40%, 556 students, 61% FRL); Largo Middle School (math 38% / reading 35%, grade F, #405 of 571 statewide, top 72%, 882 students, 66% FRL); Largo High School (math 30% / reading 50%, grade F, #296 of 667 statewide, top 45%, 2,055 students, 53% FRL).
• Market conditions: Rents soft (-1.1%/yr); 225 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $2,258/mo this rent would consume 45% of the median local household income ($60k/yr) (locally 1243% 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 $2k of loan paydown is wiped out by about $8k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $65k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $175k; list at $275k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $225,841 (17.9% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.82% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.28%
• DSCR: 1.01
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $383,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3317 Whispering Dr S	0.11mi	3/2.0	1,348 (+0%)	5mo	$384,000	$285	90
1706 Whispering Dr E	0.19mi	3/2.0	1,348 (+0%)	5mo	$360,000	$267	87
2147 Coral Way	0.31mi	3/2.0	1,265 (-6%)	2mo	$222,000	$175	74
1716 Pinecone Way	0.25mi	3/2.0	1,258 (-6%)	7mo	$389,900	$310	72
3106 Whispering Dr S	0.09mi	3/2.0	1,193 (-11%)	12mo	$355,000	$298	67
2745 Whispering Dr N	0.34mi	3/2.0	1,228 (-9%)	5mo	$370,000	$301	66
3159 138th Pl	0.04mi	3/2.0	1,169 (-13%)	14mo	$357,500	$306	65
1734 Pinecone Way	0.24mi	3/2.0	1,169 (-13%)	7mo	$377,500	$323	61
1472 Belcher Rd S	0.58mi	4/3.0 (+1)	1,349 (+0%)	10mo	$305,000	$226	55
1100 Belcher Rd S #781	0.53mi	2/2.0 (-1)	1,442 (+7%)	15mo	$139,500	$97	45
1100 Belcher Rd S #187	0.53mi	2/2.0 (-1)	1,208 (-10%)	16mo	$130,000	$108	40
1100 Belcher Rd S #706	0.53mi	2/2.0 (-1)	1,160 (-14%)	14mo	$181,000	$156	35

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.1%
• Equity multiple: 0.35×
• Total profit: $-50,070
• Equity at exit: $41,003

10-year hold

• IRR: -18.8%
• Equity multiple: 0.12×
• Total profit: $-67,882
• Equity at exit: $23,777

Cash invested: $77,000 (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 33771

• Home prices YoY: -30.2%
• Rents YoY: -1.1%
• Active inventory: 225
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,258 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$209 /mo · $2,511/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $18

Break-even live

Break-even rent $2,235

Max offer price $275,000

Occupancy floor 94%

Sensitivity live

Price	-10% $174	-5% $96	+0% $18	+5% $-60	+10% $-137
Rent	-10% $-160	-5% $-71	+0% $18	+5% $107	+10% $197
Rate	-1.0pp $157	-0.5pp $88	base $18	+0.5pp $-53	+1.0pp $-126

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3030 Whispering Dr N Largo, FL	3.0	2.0	1348	$3,600	$2.67	26d	1	0.17mi
3331 Whispering Dr N Largo, FL	2.0	2.0	1053	$2,190	$2.08	25d	1	0.19mi
1601 Palm Way Largo, FL	3.0	1.0	1084	$1,950	$1.80	26d	1	0.27mi
2820 S Pines Dr #132 Largo, FL	2.0	1.5	1048	$1,800	$1.72	0d	1	0.32mi
2871 S Pines Dr #24 Largo, FL	2.0	1.5	1048	$1,800	$1.72	26d	1	0.32mi
3717 137th Ave Largo, FL	3.0	2.0	1308	$2,650	$2.03	0d	1	0.34mi
8775 Christie Dr Largo, FL	2.0	3.0	1300	$2,198	$1.69	19d	1	0.35mi
779 34th St SE Unit 1319966P Largo, FL	2.0	1.0	990	$2,941	$2.97	9d	1	0.74mi
636 Lake Palms Dr Unit Stylish Largo, FL	3.0	2.0	1000	$2,200	$2.20	26d	1	0.83mi
14875 Cromwell Dr Clearwater, FL	3.0	2.0	1485	$2,195	$1.48	18d	1	0.88mi
960 Starkey Rd #8402 Largo, FL	2.0	2.0	1324	$2,200	$1.66	26d	1	0.90mi
7360 Ulmerton Rd Unit NA Largo, FL	2.0	2.0	1155	$2,050	$1.77	26d	1	0.90mi
3135 Pine Tree Ave Unit A Largo, FL	2.0	1.0	923	$1,395	$1.51	23d	1	0.90mi
3135 Pine Tree Ave Largo, FL	2.0	1.0	923	$1,395	$1.51	12d	1	0.90mi
960 Starkey Rd #8206 Largo, FL	3.0	2.0	1836	$2,700	$1.47	26d	1	0.92mi
960 Starkey Rd #5105 Largo, FL	2.0	2.0	1324	$2,295	$1.73	26d	1	0.94mi
960 Starkey Rd #10305 Largo, FL	2.0	2.0	1324	$2,200	$1.66	16d	1	1.00mi
11310 92nd St Largo, FL	3.0	2.0	1600	$3,100	$1.94	6d	1	1.02mi
7298 Ulmerton Rd Largo, FL	1.0–3.0	1.0–2.0	977	$2,000	$2.05	0d	4	1.02mi
7298 Ulmerton Rd Largo, FL	1.0–3.0	1.0–2.0	977	$2,000	$2.05	19d	4	1.02mi
1200 Country Club Dr #3302 Largo, FL	2.0	2.0	1320	$2,200	$1.67	5d	1	1.02mi
1200 Country Club Dr #1502 Largo, FL	2.0	2.0	1320	$2,350	$1.78	5d	1	1.02mi
1200 Country Club Dr #6204 Largo, FL	3.0	2.0	1575	$2,600	$1.65	5d	1	1.02mi
1200 Country Club Dr #4102 Largo, FL	2.0	2.0	1324	$2,100	$1.59	5d	1	1.02mi
9122 Jakes Path Largo, FL	3.0	2.5	1461	$2,600	$1.78	26d	1	1.06mi
3022 Meadow Lake Ave Largo, FL	2.0	1.0	900	$1,450	$1.61	6d	1	1.07mi
3022 Meadow Lake Ave Largo, FL	2.0	1.0	900	$1,450	$1.61	12d	1	1.07mi
13635 Forest Lake Dr Largo, FL	2.0	1.5	1250	$1,990	$1.59	26d	1	1.10mi
2505 E Bay Dr Lot 77 Largo, FL	2.0	1.5	1080	$1,395	$1.29	22d	1	1.13mi
305 Glades Cir Largo, FL	1.0–3.0	1.0–1.5	875	$1,885	$2.15	0d	36	1.13mi
7001 142nd Ave N Lot 179 Largo, FL	2.0	2.0	1100	$2,495	$2.27	18d	1	1.16mi
600 Starkey Rd Largo, FL	1.0–3.0	1.0–2.0	982	$2,199	$2.24	0d	24	1.17mi
7001 142nd Ave Largo, FL	2.0	2.0	1100	$1,700	$1.55	26d	1	1.20mi
44 Countryclub Dr #44 Largo, FL	2.0	2.0	1278	$2,300	$1.80	26d	1	1.23mi
9925 Ulmerton Rd #74 Largo, FL	2.0	1.5	1140	$1,800	$1.58	19d	1	1.26mi
3377 Sherwood Dr Unit A Largo, FL	2.0	1.0	1064	$1,650	$1.55	9d	1	1.28mi
2045 E Bay Dr Largo, FL	1.0–2.0	1.0–2.0	1114	$1,830	$1.64	0d	16	1.30mi
68 Country Club Dr Largo, FL	2.0	2.0	1396	$2,100	$1.50	26d	1	1.31mi
69 Country Club Dr Largo, FL	2.0	2.0	1278	$2,000	$1.56	26d	1	1.31mi
225 Country Club Dr #1404 Largo, FL	2.0	2.0	1440	$1,700	$1.18	5d	1	1.32mi

Listing history 7 events

1. 2026-06-18
   status $275,000 Pending 7 DOM
2. 2026-06-18
   days on market $275,000 Active 7 DOM
3. 2026-06-17
   days on market $275,000 Active 6 DOM
4. 2026-06-16
   days on market $275,000 Active 5 DOM
5. 2026-06-15
   days on market $275,000 Active 4 DOM
6. 2026-06-13
   remarks 322-char remark
7. 2026-06-13
   listed $275,000 Active 2 DOM

ⓘ 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: $2,511 · $209/mo
• Projected year-2 tax: $2,511 · $209/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: $27,101
• − Mortgage interest: −$15,404
• − Property taxes: −$2,511
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,168
• − Management: −$2,168
• − Depreciation: −$8,000
• Taxable loss: −$4,525
• Est. tax savings @ 24.0%: +$1,086
• After-tax cash flow: $1,304/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 — Largo

• Score: 82/100
• State rank: #82
• US rank: #1240

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: Largo, FL
• County: Pinellas County · 939,478 people
• City population: 106,311
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 27,596
• Household income: $59,993
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 1243.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 9% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 13% · Canada, Jamaica, Guatemala
• Languages at home: 82% English-only · Spanish 12% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -135.36%
• Current HPI: 313.5044
• Rent YoY: ▼ -1.06%
• 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

+301.5% since first listed

15 events — show timeline

• 2026-06-12 Price Changed $275,000 Stellar MLS as Distributed by MLS Grid
• 2026-06-11 Listed $340,000 Stellar MLS as Distributed by MLS Grid
• 2016-12-05 Sold (Public Records) $175,000 Public Records
• 2016-12-05 Sold (MLS) $175,000 Stellar MLS as Distributed by MLS Grid
• 2016-11-29 Pending — Stellar MLS as Distributed by MLS Grid
• 2016-10-14 Contingent — Stellar MLS as Distributed by MLS Grid
• 2016-10-07 Relisted — Stellar MLS as Distributed by MLS Grid
• 2016-09-20 Contingent — Stellar MLS as Distributed by MLS Grid
• 2016-08-29 Listed $179,900 Stellar MLS as Distributed by MLS Grid
• 2006-06-21 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2006-02-20 Listed $209,900 Stellar MLS as Distributed by MLS Grid
• 2003-11-13 Sold (Public Records) $100,500 Public Records
• 2000-07-14 Sold (Public Records) $96,000 Public Records
• 1989-10-03 Sold (Public Records) $75,000 Public Records
• 1986-10-01 Sold (Public Records) $68,500 Public Records

Property tax history

+2.1%/yr

Latest (2025): $2,511 · +6.1% YoY. Source: county tax records.