2983 62nd Ave N · Lealman, FL 33702

$445,000

4 bd · 4.0 ba · 1,750 sqft · MultiFamily public records · 49 Days on market

Built 1984 4,988 sqft lot Est $359k · 24% over

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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 +14.4/30.0
• DSCR +4.4/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• ARV discount +0.0/15.0
• 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

Excellent investment opportunity in the heart of St. Petersburg! This well-maintained concrete block duplex features two spacious 2-bedroom, 2-bathroom units with porcelain tile and luxury vinyl flooring throughout. A new A/C unit was recently installed in Unit 2985. Both units offer inside utility rooms with laundry facilities and private yard spaces, providing added comfort and convenience for tenants. One unit is currently occupied by a reliable long-term tenant, providing immediate rental income, while the second unit is vacant and ready for an owner-occupant or investor seeking market-rate rents. Current rental income is below market, with strong upside potential. Estimated market rent

Key facts

• Inside utility rooms
• Private yard spaces
• 4,988 sq ft lot

Tags

• CONCRETE BLOCK DUPLEX
• PORCELAIN TILE FLOORING
• LUXURY VINYL FLOORING
• INSIDE UTILITY ROOMS
• PRIVATE YARD SPACES
• SEPARATELY METERED UTILITIES

Property features AI

Finance

• Financial info: Gross income reported: $44,800; Annual net income reported: $38,000; Annual expenses reported: $6,620; Tenants pay electricity, sewer, and water

Exterior

• Parking: Assigned parking; Parking pad; Reserved parking
• Utilities: Public water; Public sewer; Electricity available and connected; Cable available and connected; BB/HS internet available; Fiber optics available; Phone available; Water connected; Sewer connected
• Home design: Residential income property; Duplex (attached); One building; R-4 zoning; Entry on 62nd Ave N corner of 29th Way
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as a multifamily duplex
• Exterior features: Fenced yard; Exterior lighting; Rain gutters; Sidewalk; Sliding doors

Interior

• Kitchen: Disposal; Microwave; Range; Range hood; Refrigerator
• Bedrooms: 4 bedrooms total; Two 2-bedroom unit types (multifamily configuration)
• Flooring: Tile
• Bathrooms: Bath count varies by unit (2 baths in the 2-bedroom unit type)
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Living room/dining room combo; Open floorplan; Thermostat; Window treatments; Blinds
• Laundry & utility: Inside laundry; Laundry closet; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $445k.

Deal economics

• At list price, monthly cash flow is $86 ($1k/yr) — positive. Per door: $43/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 $388k (12.7% below list).
• Recommended offer: $388k (12.7% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.7% in Lealman — 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 81/100 on livability (#83 in FL, #1,394 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment 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: Pinellas Park Elementary School (math 43% / reading 39%, grade F, #1,454 of 2,144 statewide, top 69%, 452 students, 74% FRL); Meadowlawn Middle School (math 29% / reading 30%, grade F, #469 of 571 statewide, top 84%, 832 students, 69% FRL); Northeast High School (math 35% / reading 47%, grade F, #289 of 667 statewide, top 44%, 1,736 students, 50% FRL) — zoned schools average 64% FRL vs 48% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 37% at this address vs 51% district-wide (-14 pts) — the specific schools serving this property underperform the Pinellas average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-2.2%/yr); 388 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $3,883/mo this rent would consume 69% of the median local household income ($67k/yr) (locally 1000% 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 $13k 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 49 days — a 3% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $120k; list at $445k implies a 271% 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $388,300 (12.7% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 13% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.87% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $358,750
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6047 & 6049 32nd St N	0.20mi	4/4.0	1,682 (-4%)	13mo	$345,000	$205	74
2763 63rd Ter N	0.21mi	4/4.0	1,992 (+14%)	1mo	$345,000	$173	67

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: -18.3%
• Equity multiple: 0.37×
• Total profit: $-78,019
• Equity at exit: $66,351

10-year hold

• IRR: -17.8%
• Equity multiple: 0.16×
• Total profit: $-104,870
• Equity at exit: $38,475

Cash invested: $124,600 (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 33702

• Rents YoY: -2.2%
• Active inventory: 388
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $3,883 high
• Mortgage (P&I): −$2,334
• Tax from tax record: −$463 /mo · $5,552/yr
• Insurance: −$185
• HOA: −$0
• Vacancy / Maint / Mgmt: −$815
• Net cashflow: $86

Break-even live

Break-even rent $3,774

Max offer price $445,000

Occupancy floor 93%

Sensitivity live

Price	-10% $338	-5% $212	+0% $86	+5% $-40	+10% $-166
Rent	-10% $-221	-5% $-68	+0% $86	+5% $239	+10% $393
Rate	-1.0pp $310	-0.5pp $199	base $86	+0.5pp $-29	+1.0pp $-147

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,882
Total (2 units)			$3,883

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: $111,250
• Closing costs: $13,350
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6379 29th St N Saint Petersburg, FL	3.0	2.0	1323	$2,869	$2.17	26d	1	0.12mi
2612 68th Ave N Saint Petersburg, FL	5.0	2.0	1438	$3,000	$2.09	26d	1	0.45mi
5246 Neil Dr Saint Petersburg, FL	3.0	3.0	1713	$3,450	$2.01	23d	1	0.61mi
3725 57th Ave N Saint Petersburg, FL	3.0	2.0	1800	$3,200	$1.78	6d	1	0.73mi
1770 63rd Ave N Saint Petersburg, FL	3.0	2.0	1782	$3,300	$1.85	9d	1	1.02mi
6630 17th Ln N Saint Petersburg, FL	3.0	1.0	1324	$2,489	$1.88	16d	1	1.02mi
4057 71st Ter N Pinellas Park, FL	3.0	2.5	1420	$2,650	$1.87	6d	1	1.08mi
1770 73rd Ave N Saint Petersburg, FL	4.0	2.0	1484	$4,500	$3.03	6d	1	1.19mi
3110 Grand Ave Pinellas Park, FL	1.0–3.0	1.0–2.0	1104	$3,038	$2.75	0d	35	1.36mi
1416 55th Ave N St Petersburg, FL	3.0	2.0	1300	$4,600	$3.54	26d	1	1.36mi
4627 67th Ave N Pinellas Park, FL	3.0	2.5	1610	$2,500	$1.55	26d	1	1.41mi
4631 69th Pl N Pinellas Park, FL	3.0	2.5	1420	$2,595	$1.83	26d	1	1.45mi

Listing history 20 events

1. 2026-06-22
   days on market $445,000 Active 49 DOM
2. 2026-06-18
   days on market $445,000 Active 46 DOM
3. 2026-06-17
   days on market $445,000 Active 45 DOM
4. 2026-06-16
   days on market $445,000 Active 44 DOM
5. 2026-06-15
   days on market $445,000 Active 43 DOM
6. 2026-06-13
   days on market $445,000 Active 41 DOM
7. 2026-06-09
   days on market $445,000 Active 37 DOM
8. 2026-06-08
   days on market $445,000 Active 36 DOM
9. 2026-06-07
   days on market $445,000 Active 35 DOM
10. 2026-06-04
    days on market $445,000 Active 32 DOM
11. 2026-06-03
    days on market $445,000 Active 31 DOM
12. 2026-06-01
    days on market $445,000 Active 29 DOM
13. 2026-05-31
    days on market $445,000 Active 28 DOM
14. 2026-05-18
    status Pending
15. 2026-04-26
    listed $445,000 Active
16. 2004-06-22
    soldstatus $120,000
17. 2001-10-10
    soldstatus $86,500
18. 2001-01-22
    soldstatus $76,000
19. 1993-03-02
    soldstatus $62,200
20. 1987-12-01
    soldstatus $65,100

ⓘ 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: $5,552 · $463/mo
• Projected year-2 tax: $5,552 · $463/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 ≥106°F today · 24 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,596
• − Mortgage interest: −$24,927
• − Property taxes: −$5,552
• − Insurance: −$2,225
• − Repairs & maintenance: −$3,728
• − Management: −$3,728
• − Depreciation: −$12,945
• Taxable loss: −$6,509
• Est. tax savings @ 24.0%: +$1,562
• After-tax cash flow: $2,592/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 — Lealman

• Score: 81/100
• State rank: #83
• US rank: #1394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lealman, FL
• County: Pinellas County · 939,478 people
• City population: 20,103
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 31,294
• Household income: $67,463
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 1000.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 12% Two or more races 10% Black 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2%
• Common ancestry: Lithuanian 4% Romanian 3% Slovak 2%
• Foreign-born: 12% · Canada, Vietnam, Jamaica
• Languages at home: 83% English-only · Spanish 8% Russian/Polish/Slavic 3% Other Indo-European 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: ▼ -516.17%
• Current HPI: 347.1781
• 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

+583.6% since first listed

7 events — show timeline

• 2026-05-18 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-26 Listed $445,000 Stellar MLS as Distributed by MLS Grid
• 2004-06-22 Sold (Public Records) $120,000 Public Records
• 2001-10-10 Sold (Public Records) $86,500 Public Records
• 2001-01-22 Sold (Public Records) $76,000 Public Records
• 1993-03-02 Sold (Public Records) $62,200 Public Records
• 1987-12-01 Sold (Public Records) $65,100 Public Records

Property tax history

+9.4%/yr

Latest (2025): $5,552 · +9.5% YoY. Source: county tax records.