405 S Orion Ave · Clearwater, FL 33765

$775,000

16 bd · 3.0 ba · 2,463 sqft · MultiFamily public records · 136 Days on market

Built 1955 8,777 sqft lot

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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 +25.8/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Incredible income producing opportunity in the heart of Clearwater, Florida which is one of the top destinations in the country. This is an amazing fourplex in Skycrest with the following components: Unit A (studio), Unit B (2 bed/1 bath), and Units C and D are both 1 bed/bath. The interior units recently received tasteful updates including fresh interior paint, appliances and flooring. The seller increased the curb appeal by completing renovations on the landscaping on the side and back of the home. There is also a functional storage shed in the backyard. All units have central A/C, block & stucco construction, and a fenced lot. Great location — walkable to amenities, Clear

Key facts

• Recent updates
• Fourplex in skycrest
• Central a/c

Tags

• FOURPLEX IN SKYCREST
• RECENT UPDATES
• CENTRAL A/C
• FENCED LOT
• WALKABLE TO AMENITIES

Property features AI

Finance

• Other: Property type: Residential income (quadruplex); Total acreage: 0 to less than 1/4 acre
• Financial info: Annual net income reported: $68,400; Unit pro forma rents (examples): Studio $1,350; 1-bedroom units $1,350 and $1,500; 2-bedroom $1,500
• HOA & community: No association

Exterior

• Parking: Driveway parking
• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: Residential income property (quadruplex); Single building (four units)
• Construction: Block and stucco construction; Slate roof; Slab foundation; Built on one building
• Exterior features: Fenced; French doors; City limits location; Level lot; Asphalt road access

Interior

• Bedrooms: 4 bedrooms (total building unit mix includes studios, 1-bedroom and 2-bedroom units)
• Bathrooms: Each unit includes one bathroom
• Heating & cooling: Central heating; Ductless heating; Central air conditioning; Wall/window AC units
• Interior features: Open floorplan; Inside utility
• Laundry & utility: Laundry closet; Outdoor laundry access

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $775k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $473/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $775k).
• Recommended offer: $682k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 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 falling (-4.6%/yr); 83 active listings in the ZIP; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $8,713/mo this rent would consume 151% of the median local household income ($69k/yr) (locally 604% 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 $5k of loan paydown is wiped out by about $23k 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 136 days — a 12% lower offer ($682k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 17y ago; this cycle's ask has dropped $75k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $450k; list at $775k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• 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 $682,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% 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 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.12% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 7.4

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: -3.9%
• Equity multiple: 0.86×
• Total profit: $-30,676
• Equity at exit: $115,555

10-year hold

• IRR: 2.2%
• Equity multiple: 1.14×
• Total profit: $29,437
• Equity at exit: $67,008

Cash invested: $217,000 (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 33765

• Home prices YoY: -31.8%
• Rents YoY: -4.6%
• Active inventory: 83
• Price-to-rent: 29.7×

Monthly cashflow live

• Estimated rent: $8,713 medium
• Mortgage (P&I): −$4,064
• Tax from tax record: −$604 /mo · $7,244/yr
• Insurance: −$323
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,830
• Net cashflow: $1,892

Break-even live

Break-even rent $6,317

Max offer price $775,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$8,712
Total (4 units)			$8,713

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: $193,750
• Closing costs: $23,250
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-07
   days on market $775,000 Active 136 DOM
2. 2026-06-04
   days on market $775,000 Active 133 DOM
3. 2026-06-03
   days on market $775,000 Active 132 DOM
4. 2026-06-01
   days on market $775,000 Active 130 DOM
5. 2026-05-31
   days on market $775,000 Active 129 DOM
6. 2026-05-06
   price $775,000
7. 2026-03-30
   price $825,000
8. 2026-01-22
   listed $850,000 Active
9. 2025-12-04
   historical
10. 2025-12-04
    historical
11. 2025-11-24
    price $850,000
12. 2025-11-24
    price $850,000
13. 2025-11-03
    listed $925,000 Active
14. 2025-10-09
    listed $925,000 Active
15. 2023-05-19
    soldstatus $450,000 Closed
16. 2023-03-31
    status Pending
17. 2023-02-27
    status Active
18. 2023-01-19
    listed $499,000 Active
19. 2021-11-22
    historical
20. 2021-07-23
    status Active
21. 2021-07-08
    status Pending
22. 2021-06-29
    listed $440,000 Active
23. 2019-02-20
    historical
24. 2019-01-30
    price $399,000
25. 2018-10-15
    status Active
26. 2018-08-21
    price $349,000
27. 2018-08-21
    historical
28. 2018-05-02
    status Active
29. 2018-03-09
    historical
30. 2018-02-20
    listed $299,000 Active
31. 2017-12-26
    historical
32. 2017-12-13
    price $299,900
33. 2017-11-28
    listed $369,900 Active
34. 2015-12-21
    historical
35. 2015-12-10
    status Active
36. 2015-12-08
    historical
37. 2015-10-05
    listed $299,900 Active
38. 2009-04-24
    soldstatus $203,200
39. 2009-04-21
    historical
40. 2009-03-31
    listed $278,000
41. 2009-01-12
    listed $298,000
42. 2006-02-02
    soldstatus $280,000
43. 1983-07-01
    soldstatus $80,000

ⓘ 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: $7,244 · $604/mo
• Projected year-2 tax: $7,244 · $604/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 · 26 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: $104,556
• − Mortgage interest: −$43,412
• − Property taxes: −$7,244
• − Insurance: −$3,875
• − Repairs & maintenance: −$8,364
• − Management: −$8,364
• − Depreciation: −$22,545
• Taxable income: $10,751
• Est. tax owed @ 24.0%: −$2,580
• After-tax cash flow: $20,130/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): 13,808
• Household income: $69,199
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 604.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 63% Hispanic / Latino 19% Two or more races 13% Black 8% Asian 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 22% · Canada, Jamaica, Vietnam
• Languages at home: 71% English-only · Spanish 17% Other Indo-European 6% Vietnamese 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: ▼ -146.56%
• Current HPI: 314.4864
• Rent YoY: ▼ -4.61%
• 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

+868.8% since first listed

38 events — show timeline

• 2026-05-06 Price Changed $775,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $825,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-22 Listed $850,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-04 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-12-04 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-11-24 Price Changed $850,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-24 Price Changed $850,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-03 Listed $925,000 Stellar MLS as Distributed by MLS Grid
• 2025-10-09 Listed $925,000 Stellar MLS as Distributed by MLS Grid
• 2023-05-19 Sold (MLS) $450,000 Stellar MLS as Distributed by MLS Grid
• 2023-03-31 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-02-27 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-01-19 Listed $499,000 Stellar MLS as Distributed by MLS Grid
• 2021-11-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2021-07-23 Relisted — Stellar MLS as Distributed by MLS Grid
• 2021-07-08 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-06-29 Listed $440,000 Stellar MLS as Distributed by MLS Grid
• 2019-02-20 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2019-01-30 Price Changed $399,000 Stellar MLS as Distributed by MLS Grid
• 2018-10-15 Relisted — Stellar MLS as Distributed by MLS Grid
• 2018-08-21 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2018-08-21 Price Changed $349,000 Stellar MLS as Distributed by MLS Grid
• 2018-05-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2018-03-09 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2018-02-20 Listed $299,000 Stellar MLS as Distributed by MLS Grid
• 2017-12-26 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2017-12-13 Price Changed $299,900 Stellar MLS as Distributed by MLS Grid
• 2017-11-28 Listed $369,900 Stellar MLS as Distributed by MLS Grid
• 2015-12-21 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2015-12-10 Relisted — Stellar MLS as Distributed by MLS Grid
• 2015-12-08 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2015-10-05 Listed $299,900 Stellar MLS as Distributed by MLS Grid
• 2009-04-24 Sold (Public Records) $203,200 Public Records
• 2009-04-21 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2009-03-31 Listed $278,000 Stellar MLS as Distributed by MLS Grid
• 2009-01-12 Listed $298,000 Stellar MLS as Distributed by MLS Grid
• 2006-02-02 Sold (Public Records) $280,000 Public Records
• 1983-07-01 Sold (Public Records) $80,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $7,244 · +12.4% YoY. Source: county tax records.