1655 S Highland Ave Unit D138 · Largo, FL 33756

$124,900

2 bd · 2.0 ba · 1,270 sqft · Condo public records · 52 Days on market

Built 1971 $640/mo HOA · 29% of rent

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Why this score? — see what drove the C+ 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 +24.9/30.0
• 1% rule +10.0/10.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Under contract-accepting backup offers. Welcome home! This ground floor 55+ condo in Penthouse Groves is now available! Condo features convenient reserved carport parking, spacious 1,270 sqft, 2 full bathrooms, ceramic tile throughout, washer/dryer inside and Florida room with storage closet. Primary bedroom has large walk-in closet. Rear sliding glass door leads to a small patio and a large community greenspace with oak trees and sidewalk. Community is well maintained featuring a pool, clubhouse and recreational activities. Close to shopping centers and Publix. Low condo fee. Non-flood zone. Schedule your private showing today!

Key facts

• Ground floor condo
• Florida room
• Community greenspace

Tags

• GROUND FLOOR CONDO
• RESERVED CARPORT PARKING
• CERAMIC TILE THROUGHOUT
• WASHER DRYER INSIDE
• FLORIDA ROOM
• COMMUNITY GREENSPACE

Property features AI

Finance

• Financial info: Lease restrictions apply
• HOA & community: Has HOA; Monthly condo fee of $640 (total monthly fees $640; total annual fees $7,680); Association approval required; Association fees cover cable TV, escrow reserves, insurance, structure maintenance, grounds maintenance, recreational facilities, sewer, and trash; Community amenities: clubhouse, pool, sidewalks; Senior community; Pets allowed

Exterior

• Parking: Carport with 1 space
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected
• Home design: Condominium; Residential property; Single-story; Entry on first floor; Faces south
• Construction: Block and frame construction; Membrane roof; Slab foundation; Building/Unit in building D
• Exterior features: Private mailbox; Sidewalk; Landscaped grounds; Level lot; Street dead-end; Paved surfaces; Asphalt road

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms (1st floor)
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Thermostat; 3 total rooms
• Laundry & utility: Washer; Dryer; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $267 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.2% 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.
• Market conditions: Rents soft (-2.2%/yr); 355 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 43% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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 52 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $94k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• 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 $121,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.79% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.17%
• DSCR: 1.41
• GRM: 4.6

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: -7.6%
• Equity multiple: 0.73×
• Total profit: $-9,365
• Equity at exit: $18,623

10-year hold

• IRR: -5.5%
• Equity multiple: 0.72×
• Total profit: $-9,891
• Equity at exit: $10,799

Cash invested: $34,972 (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 33756

• Rents YoY: -2.2%
• Active inventory: 355
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,241 high
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• HOA: −$640
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $267

Break-even live

Break-even rent $1,903

Max offer price $124,900

Occupancy floor 83%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1657 S Lake Ave Clearwater, FL	2.0	2.0	1250	$1,550	$1.24	17d	1	0.32mi
1526 Caldera Ct Clearwater, FL	3.0	2.5	1816	$2,900	$1.60	14d	1	0.37mi
1845 S Highland Ave Clearwater, FL	2.0	2.0	904	$1,525	$1.69	2d	2	0.43mi
1310 Bayview Dr Clearwater, FL	3.0	2.0	1500	$3,300	$2.20	24d	1	0.47mi
1679 Leisure Dr Clearwater, FL	3.0	2.0	1497	$3,200	$2.14	1d	1	0.52mi
1321 Chesterfield Dr Unit 1018173P Clearwater, FL	3.0	2.0	1356	$3,967	$2.93	1d	1	0.53mi
1812 Lady Mary Dr Clearwater, FL	3.0	2.0	1531	$2,800	$1.83	3d	1	0.53mi
1523 S Fredrica Ave Clearwater, FL	3.0	2.0	1284	$2,550	$1.99	24d	1	0.59mi
1500 Laurel Cir Clearwater, FL	3.0	2.0	1530	$2,650	$1.73	3d	1	0.60mi
1406 Lemon St Clearwater, FL	2.0	1.5	1020	$1,990	$1.95	24d	1	0.61mi
1624 Fruitwood Dr Clearwater, FL	2.0	2.0	1298	$2,500	$1.93	24d	1	0.69mi
1700 Rosery Rd NE Largo, FL	2.0	2.0	1223	$2,300	$1.88	7d	1	0.71mi
1119 Breeze Dr Largo, FL	3.0	2.0	1314	$2,475	$1.88	24d	1	0.71mi
601 Rosery Rd NE Largo, FL	1.0–3.0	1.0–2.5	1192	$1,830	$1.54	1d	38	0.78mi
1619 Pinewood Dr Clearwater, FL	2.0	2.0	1507	$2,425	$1.61	24d	1	0.84mi
401 Rosery Rd NE Largo, FL	2.0	1.0–2.0	850	$1,879	$2.21	1d	31	0.86mi
1128 Belleair Rd Unit Home Clearwater, FL	3.0	1.0	1326	$1,695	$1.28	24d	1	0.94mi
1532 S Washington Ave Clearwater, FL	3.0	2.0	954	$1,500	$1.57	4d	1	0.99mi
1353 Lakeview Rd Clearwater, FL	3.0	1.0	1360	$1,995	$1.47	24d	1	0.99mi
1524 Lakeview Rd Clearwater, FL	2.0	2.0	1100	$1,395	$1.27	24d	1	0.99mi
1536 Illinois Rd Clearwater, FL	2.0	1.0	1440	$2,200	$1.53	4d	1	1.07mi
1574 Ewing Ave Clearwater, FL	3.0	2.0	1324	$2,700	$2.04	3d	1	1.08mi
516 5th Ave NE Largo, FL	3.0	2.0	1073	$2,250	$2.10	14d	1	1.09mi
516 5th Ave NE Largo, FL	3.0	2.0	1057	$2,250	$2.13	23d	1	1.09mi
1530 S Martin Luther King Jr Ave Clearwater, FL	3.0	2.0	1025	$1,950	$1.90	24d	1	1.09mi
1530 S Martin Luther King Jr Ave Clearwater, FL	3.0	2.0	1025	$1,995	$1.95	10d	1	1.09mi
221 Lake Ave NE Largo, FL	1.0–2.0	1.0–2.0	1095	$2,160	$1.97	2d	11	1.17mi
101 Imperial Palm Dr Largo, FL	1.0–2.0	1.0–2.0	907	$1,810	$1.99	2d	35	1.17mi
1192 S Duncan Ave Clearwater, FL	2.0	2.0	1395	$2,500	$1.79	3d	1	1.17mi
705 3rd Ave NE Unit C Largo, FL	3.0	2.0	1113	$2,195	$1.97	3d	1	1.20mi
1657 S Lake Dr Unit 3 Clearwater, FL	2.0	2.0	1250	$1,550	$1.24	17d	1	1.22mi
1571 S Myrtle Ave Clearwater, FL	3.0	2.0	1202	$2,400	$2.00	24d	1	1.28mi
1432 Lotus Path Clearwater, FL	2.0	1.0	900	$1,750	$1.94	10d	1	1.29mi
1581 Lotus Path Clearwater, FL	3.0	2.0	1690	$3,400	$2.01	4d	1	1.30mi
1009 Chester Dr Clearwater, FL	3.0	2.0	1105	$2,500	$2.26	11d	1	1.34mi
1552 S Myrtle Ave Clearwater, FL	3.0	2.0	900	$1,950	$2.17	7d	1	1.35mi
1119 Tuskawilla Dr Clearwater, FL	2.0	1.0	603	$1,500	$2.49	1d	23	1.36mi
821 14th Ave NW Largo, FL	3.0	1.0	900	$1,795	$1.99	24d	1	1.42mi
1216 S Missouri Ave Clearwater, FL	1.0–2.0	1.0–2.0	835	$2,100	$2.51	24d	5	1.44mi
1216 S Missouri Ave Clearwater, FL	1.0–2.0	1.0–2.0	835	$2,000	$2.40	1d	6	1.44mi

HOA detail condo

• Monthly dues: $640 · $7,680/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $124,900 Active 52 DOM
2. 2026-06-17
   days on market $124,900 Active 51 DOM
3. 2026-06-16
   days on market $124,900 Active 50 DOM
4. 2026-06-15
   status $124,900 Active 49 DOM
5. 2026-06-13
   remarks 636-char remark
6. 2026-06-13
   statusdays on market $124,900 Pending 49 DOM
7. 2026-06-09
   days on market $124,900 Active 48 DOM
8. 2026-06-08
   days on market $124,900 Active 47 DOM
9. 2026-06-07
   days on market $124,900 Active 46 DOM
10. 2026-06-04
    days on market $124,900 Active 43 DOM
11. 2026-06-03
    days on market $124,900 Active 42 DOM
12. 2026-06-01
    days on market $124,900 Active 40 DOM
13. 2026-05-31
    days on market $124,900 Active 39 DOM
14. 2026-05-13
    price $124,900
15. 2026-04-22
    listed $149,000 Active
16. 2003-08-07
    soldstatus $93,800
17. 1999-09-22
    soldstatus $64,000
18. 1995-08-31
    soldstatus $57,500

ⓘ 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 ≥108°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,890
• − Mortgage interest: −$6,996
• − Property taxes: −$1,874
• − Insurance: −$624
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − HOA: −$7,680
• − Depreciation: −$3,633
• Taxable income: $1,780
• Est. tax owed @ 24.0%: −$427
• After-tax cash flow: $2,778/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): 32,201
• Household income: $61,872
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 1868.0

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 (64%)
• Race & ethnicity: White 64% Hispanic / Latino 18% Black 11% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 16% · Canada
• Languages at home: 79% English-only · Spanish 14% 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: ▼ -438.74%
• Current HPI: 354.6792
• Rent YoY: ▼ -2.22%
• 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

+117.2% since first listed

5 events — show timeline

• 2026-05-13 Price Changed $124,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-22 Listed $149,000 Stellar MLS as Distributed by MLS Grid
• 2003-08-07 Sold (Public Records) $93,800 Public Records
• 1999-09-22 Sold (Public Records) $64,000 Public Records
• 1995-08-31 Sold (Public Records) $57,500 Public Records

Property tax history

-9.8%/yr

Latest (2025): $240 · +8.1% YoY. Source: county tax records.