1812 Poinsettia Ave · Tarpon Springs, FL 34689

$384,900

4 bd · 2.0 ba · 1,679 sqft · MultiFamily · 32 Days on market

Built 1987 Fair condition 9,775 sqft lot

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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 +14.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• Schools +4.3/10.0
• 1% rule +3.9/10.0
• Livability +3.4/5.0
• Rent growth +2.2/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

BANK OWNED PROPERTY. EACH WITH TWO GOOD SIZE BEDROOMS AND ONE BATH. GREAT INVESTMENT OPPORTUNITY. CONVENIENTLY LOCATED NEAR THE RIVER AND DOWNTOWN. UNITS ARE THE SAME.

Key facts

• Private road
• Major renovation
• New water heaters

Tags

• PRIVATE ROAD
• MAJOR RENOVATION
• NEW CENTRAL HVAC SYSTEMS
• NEW ROOF
• BACKYARD STORAGE SHED
• NEW WATER HEATERS

Property features AI

Finance

• Other: Zoning: R-4; Lot size approximately 0.22 acre (75 x 130); Total buildings: 1; Total living area (per records): 1,679; Building area total: 1,766
• Financial info: Gross income: $38,400; Annual net income: $30,969; Annual expenses: $7,431; Tenant pays electricity and water; Two rental units (both 2-bedroom/1-bath), one unit currently occupied
• HOA & community: No association fees; Street lights in community; Pets allowed

Exterior

• Parking: Off-street parking
• Security: Security lights; Smoke detectors
• Utilities: Public water; Septic sewer; Electricity connected; Cable connected; Water available; Water - multiple meters
• Home design: Residential income duplex; One story
• Construction: Frame construction; Shingle roof; Slab foundation; Built on one level
• Exterior features: Private lot; Unincorporated area; Porch; Fence; Rain gutters; Storage (shed)

Interior

• Kitchen: Built-in oven; Range; Range hood; Refrigerator; Ice maker; Disposal; Exhaust fan; Electric water heater
• Bedrooms: 4 bedrooms total (unit breakdown: two 2-bedroom units)
• Flooring: Tile; Vinyl
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; High ceilings; Living room/dining room combo; Solid surface counters; Thermostat; Vaulted ceilings
• Laundry & utility: Laundry closet; Inside utility

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $385k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $58 ($701/yr) — positive. Per door: $29/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 $344k (10.6% below list).
• Recommended offer: $344k (10.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.3% in Tarpon Springs — 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 68/100 on livability (#502 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: employment C-, amenities F, commute 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: Tarpon Springs Elementary School (math 57% / reading 41%, grade D, #1,134 of 2,144 statewide, top 54%, 506 students, 80% FRL); Tarpon Springs Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 644 students, 50% FRL); Tarpon Springs High School (math 30% / reading 47%, grade F, #321 of 667 statewide, top 49%, 1,139 students, 46% FRL).
• Market conditions: Rents soft (-1.2%/yr); 404 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $3,441/mo this rent would consume 55% of the median local household income ($75k/yr) (locally 721% 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 $3k of loan paydown is wiped out by about $12k 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 32 days — a 3% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $65k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $385k implies a 1006% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $344,100 (10.6% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 11% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
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: 0.89% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.65%
• DSCR: 1.03
• GRM: 9.3

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: -18.7%
• Equity multiple: 0.36×
• Total profit: $-68,681
• Equity at exit: $57,390

10-year hold

• IRR: -18.7%
• Equity multiple: 0.13×
• Total profit: $-93,775
• Equity at exit: $33,279

Cash invested: $107,772 (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 34689

• Rents YoY: -1.2%
• Active inventory: 404
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $3,441 high
• Mortgage (P&I): −$2,018
• Tax est. 1.5%: −$481 /mo · $5,774/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$723
• Net cashflow: $58

Break-even live

Break-even rent $3,367

Max offer price $384,900

Occupancy floor 93%

Sensitivity live

Price	-10% $324	-5% $191	+0% $58	+5% $-75	+10% $-208
Rent	-10% $-213	-5% $-77	+0% $58	+5% $194	+10% $330
Rate	-1.0pp $252	-0.5pp $156	base $58	+0.5pp $-41	+1.0pp $-143

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,442
Total (2 units)			$3,441

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: $96,225
• Closing costs: $11,547
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
477 Sevilla Ave Tarpon Springs, FL	3.0	2.0	1141	$2,150	$1.88	0d	1	0.10mi
477 Sevilla Ave Tarpon Springs, FL	3.0	2.0	1141	$2,150	$1.88	3d	1	0.10mi
1483 Hillview Ln Tarpon Springs, FL	3.0	2.5	2158	$2,550	$1.18	26d	1	0.54mi
1132 Maybury Dr Holiday, FL	3.0	2.0	1173	$1,838	$1.57	3d	1	0.58mi
1024 Hilton Ln Holiday, FL	3.0	2.0	1320	$1,549	$1.17	26d	1	0.78mi
360 Jeru Blvd Tarpon Springs, FL	3.0	2.0	1439	$1,899	$1.32	15d	1	0.91mi
3040 Brompton Dr Holiday, FL	3.0	2.0	1639	$1,925	$1.17	0d	1	0.94mi
1438 N River Cir Tarpon Springs, FL	3.0	2.5	1890	$3,500	$1.85	0d	1	0.99mi
1050 Clairborne St Holiday, FL	3.0	1.0	1176	$1,825	$1.55	6d	1	1.05mi
3549 Westminister Ct Holiday, FL	3.0	2.0	1508	$2,350	$1.56	26d	1	1.18mi
610 N Walton Ave Tarpon Springs, FL	3.0	2.0	1280	$2,045	$1.60	26d	1	1.24mi
1254 Firecreek Ct Holiday, FL	3.0	1.0	1129	$1,500	$1.33	3d	1	1.25mi
617 Pent St Tarpon Springs, FL	4.0	2.0	1200	$1,695	$1.41	15d	1	1.38mi
3711 Redwood Dr Holiday, FL	3.0	2.0	1368	$1,795	$1.31	1d	1	1.49mi

Listing history 26 events

1. 2026-06-22
   days on market $384,900 Active 32 DOM
2. 2026-06-19
   price $384,900 Active 29 DOM
3. 2026-06-18
   pricedays on market $399,600 Active 29 DOM
4. 2026-06-17
   days on market $399,700 Active 28 DOM
5. 2026-06-16
   days on market $399,700 Active 27 DOM
6. 2026-06-15
   price $399,700 Active 26 DOM
7. 2026-06-15
   days on market $399,800 Active 26 DOM
8. 2026-06-13
   pricedays on market $399,800 Active 24 DOM
9. 2026-06-09
   days on market $419,900 Active 20 DOM
10. 2026-06-08
    days on market $419,900 Active 19 DOM
11. 2026-06-08
    price $419,900 Active 18 DOM
12. 2026-06-07
    days on market $429,900 Active 18 DOM
13. 2026-06-04
    days on market $429,900 Active 15 DOM
14. 2026-06-03
    days on market $429,900 Active 14 DOM
15. 2026-06-02
    days on market $429,900 Active 13 DOM
16. 2026-06-01
    days on market $429,900 Active 12 DOM
17. 2026-06-01
    price $429,900 Active 11 DOM
18. 2026-05-31
    days on market $444,900 Active 11 DOM
19. 2026-05-21
    listed $449,900 Active
20. 2014-03-29
    historical 167-char remark

    Show marketing remark (167 chars)

    BANK OWNED PROPERTY. EACH WITH TWO GOOD SIZE BEDROOMS AND ONE BATH. GREAT INVESTMENT OPPORTUNITY. CONVENIENTLY LOCATED NEAR THE RIVER AND DOWNTOWN. UNITS ARE THE SAME.

21. 2014-03-25
    soldstatus $34,800 Sold 167-char remark

    Show marketing remark (167 chars)

    BANK OWNED PROPERTY. EACH WITH TWO GOOD SIZE BEDROOMS AND ONE BATH. GREAT INVESTMENT OPPORTUNITY. CONVENIENTLY LOCATED NEAR THE RIVER AND DOWNTOWN. UNITS ARE THE SAME.

22. 2013-08-20
    listed $44,900 167-char remark

    Show marketing remark (167 chars)

    BANK OWNED PROPERTY. EACH WITH TWO GOOD SIZE BEDROOMS AND ONE BATH. GREAT INVESTMENT OPPORTUNITY. CONVENIENTLY LOCATED NEAR THE RIVER AND DOWNTOWN. UNITS ARE THE SAME.

23. 2008-07-28
    listed $154,900
24. 2007-05-18
    listed $189,900
25. 2007-05-18
    listed $199,900
26. 2006-10-23
    listed $199,900

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 26 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: $41,292
• − Mortgage interest: −$21,560
• − Property taxes: −$5,774
• − Insurance: −$1,924
• − Repairs & maintenance: −$3,303
• − Management: −$3,303
• − Depreciation: −$11,197
• Taxable loss: −$5,770
• Est. tax savings @ 24.0%: +$1,385
• After-tax cash flow: $2,086/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.

Condition & rehab AI · 1 photo

Fair 40/100 Moderate rehab

This multi-family property requires moderate repairs to exterior siding and interior walls, but presents a good investment opportunity with strong income potential.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major interior walls — Paint is chipped and worn

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both paint interior — Improves living space and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
interior walls · Paint is chipped and worn	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both paint interior — Improves living space and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Tarpon Springs

• Score: 68/100
• State rank: #502
• US rank: #9244

Category grades

Amenities F Commute F Cost of living A Crime B- Employment C- Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pinellas County · 939,478 people
• City population: 27,324
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 27,324
• Household income: $74,854
• Rent vs Own: 18.5% rent · 81.5% own
• Severe rent burden: 721.0

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 (80%)
• Race & ethnicity: White 80% Hispanic / Latino 10% Two or more races 7% Black 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Romanian 6% Lithuanian 3% Slovak 2%
• Foreign-born: 10% · Canada, Jamaica, Dominican Republic
• Languages at home: 84% English-only · Other Indo-European 6% Spanish 6% French/Haitian/Cajun 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: ▼ -300.96%
• Current HPI: 303.7434
• Rent YoY: ▼ -1.16%
• 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

+125.1% since first listed

8 events — show timeline

• 2026-05-21 Listed $449,900 Stellar MLS as Distributed by MLS Grid
• 2014-03-29 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2014-03-25 Sold (MLS) $34,800 Stellar MLS as Distributed by MLS Grid
• 2013-08-20 Listed $44,900 Stellar MLS as Distributed by MLS Grid
• 2008-07-28 Listed $154,900 Stellar MLS as Distributed by MLS Grid
• 2007-05-18 Listed $199,900 Stellar MLS as Distributed by MLS Grid
• 2007-05-18 Listed $189,900 Stellar MLS as Distributed by MLS Grid
• 2006-10-23 Listed $199,900 Stellar MLS as Distributed by MLS Grid