1235 S Highland Ave Unit 1-102 · Clearwater, FL 33756

$127,000

2 bd · 1.0 ba · 972 sqft · Condo public records · 77 Days on market

Built 1968 $587/mo HOA · 33% of rent

---

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).

• 1% rule +8.8/10.0
• Cash flow +8.7/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Under contract-accepting backup offers. Move right in to this beautifully maintained first-floor 2-bedroom, 1-bath condominium in the highly desirable Kalmia 55+ Community — Unit 1-102. Ideally located next to the parking lot for easy access, this unit offers both convenience and comfort from the moment you arrive. Inside, you’ll find a spacious and inviting layout featuring a new tile floor installed throughout the entire unit. The updated kitchen boasts shaker-style cabinetry, granite countertops, pantry storage, and a cozy eat-in area. The open living room provides ample space for relaxing or entertaining guests. Both the primary and secondary bedrooms are generously sized an

Key facts

• Private patio
• Granite countertops
• New tile floor

Tags

• FIRST-FLOOR CONDOMINIUM
• NEW TILE FLOOR
• SHAKER-STYLE CABINETRY
• GRANITE COUNTERTOPS
• PRIVATE PATIO
• ASSIGNED COVERED PARKING

Property features AI

Finance

• Other: Association name: Scott Fisher
• Financial info: Total annual fees $7,044; Lease restrictions apply
• HOA & community: Monthly HOA fee of $587; HOA includes cable TV, common area taxes, pool, reserves, insurance, internet, grounds maintenance, management, pest control, sewer, trash, and water; Association amenities: Clubhouse, Fitness Center, Laundry, Racquetball, Other; Association approval required; Pets allowed with breed restrictions; Senior community

Exterior

• Parking: Asphalt road access
• Utilities: Public water; Public sewer; Cable available and connected; Other utilities
• Home design: Residential condominium; One story; Faces south; Unit on floor 1
• Construction: Block construction; Shingle roof; Slab foundation; Built with other foundation details
• Exterior features: Sidewalk; Sliding doors; Tennis courts; Other exterior features; Private in-ground pool

Interior

• Kitchen: Dishwasher; Range
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $127k.

Deal economics

• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (14.9% below list).
• Meets the 1% rule at list price ($2k rent vs $127k).
• Recommended offer: $108k (14.9% below list) — sets the bar for cash-flow.
• Cap rate 5.3% 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 soft (-2.2%/yr); 355 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 34% 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 $878 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 77 days — a 6% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $49k; list at $127k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• 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 $108,077 (14.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.38% ✓
• Cap rate: 5.28%
• Cash-on-cash: -3.61%
• DSCR: 0.84
• GRM: 6.0

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: -28.2%
• Equity multiple: 0.10×
• Total profit: $-32,142
• Equity at exit: $18,936

10-year hold

• IRR: -67.4%
• Equity multiple: -0.55×
• Total profit: $-55,014
• Equity at exit: $10,981

Cash invested: $35,560 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,756 high
• Mortgage (P&I): −$666
• Tax from tax record: −$188 /mo · $2,261/yr
• Insurance: −$53
• HOA: −$587
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $-107

Break-even live

Break-even rent $1,892

Max offer price $108,077

Occupancy floor —

Sensitivity live

Price	-10% $-35	-5% $-71	+0% $-107	+5% $-143	+10% $-179
Rent	-10% $-246	-5% $-176	+0% $-107	+5% $-38	+10% $32
Rate	-1.0pp $-43	-0.5pp $-75	base $-107	+0.5pp $-140	+1.0pp $-174

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: $31,750
• Closing costs: $3,810
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1524 Lakeview Rd Clearwater, FL	2.0	2.0	1100	$1,395	$1.27	25d	1	0.14mi
1520 Jeffords St Clearwater, FL	1.0–2.0	1.0	645	$1,500	$2.33	25d	1	0.14mi
1432 Lotus Path Clearwater, FL	2.0	1.0	900	$1,750	$1.94	11d	1	0.26mi
1009 Chester Dr Clearwater, FL	3.0	2.0	1105	$2,500	$2.26	12d	1	0.39mi
1416 Druid Rd E Clearwater, FL	2.0	1.0	864	$2,150	$2.49	4d	1	0.42mi
618 S Crest Ave Clearwater, FL	3.0	1.0	997	$2,500	$2.51	5d	1	0.45mi
1319 Boylan Ave Clearwater, FL	2.0	1.0	800	$1,550	$1.94	25d	1	0.57mi
1406 Lemon St Clearwater, FL	2.0	1.5	1020	$1,990	$1.95	25d	1	0.59mi
533 Yelvington Ave Clearwater, FL	1.0	1.0	812	$1,550	$1.91	25d	1	0.60mi
1719 Turner St Clearwater, FL	2.0	2.0	900	$2,200	$2.44	21d	1	0.71mi
600 S Betty Ln Apt 7 Clearwater, FL	1.0	1.0	680	$1,225	$1.80	25d	1	0.73mi
612 Sally Ln S Unit 14 Clearwater, FL	1.0	1.0	750	$1,500	$2.00	25d	1	0.73mi
711 S Lincoln Ave Clearwater, FL	1.0–2.0	1.0	860	$1,660	$1.93	3d	8	0.80mi
1216 S Missouri Ave Clearwater, FL	1.0–2.0	1.0–2.0	835	$2,000	$2.40	2d	6	0.80mi
1216 S Missouri Ave Clearwater, FL	1.0–2.0	1.0–2.0	835	$2,100	$2.51	25d	5	0.80mi
1477 Pierce St Clearwater, FL	2.0	1.0	650	$1,575	$2.42	25d	1	0.82mi
1224 S Missouri Ave #903 Clearwater, FL	1.0	1.0	730	$2,250	$3.08	25d	1	0.84mi
518 Florida Ave Clearwater, FL	3.0	1.0	990	$1,795	$1.81	5d	1	0.87mi
1221 Court St Unit 1 Clearwater, FL	2.0	1.0	1000	$1,800	$1.80	25d	1	0.90mi
1119 Tuskawilla Dr Clearwater, FL	2.0	1.0	603	$1,500	$2.49	2d	23	0.91mi
1485 Cleveland St Clearwater, FL	3.0	1.0	978	$2,200	$2.25	5d	1	0.92mi
1482 Cleveland St Clearwater, FL	3.0	2.0	1110	$2,750	$2.48	5d	1	0.95mi
1458 Cleveland St Clearwater, FL	1.0	1.0	750	$1,300	$1.73	5d	1	0.96mi
1458 Cleveland St Clearwater, FL	1.0	1.0	750	$1,300	$1.73	3d	1	0.96mi
701 S Madison Ave Clearwater, FL	2.0	2.0	965	$1,998	$2.07	3d	6	0.96mi
1245 S Martin Luther King Jr Ave #104 Clearwater, FL	2.0	2.0	1120	$1,495	$1.33	4d	1	0.98mi
106 S Fredrica Ave Clearwater, FL	2.0	1.0	836	$1,350	$1.61	22d	1	0.99mi
100 Waverly Way #403 Clearwater, FL	2.0	2.0	900	$1,600	$1.78	18d	1	1.01mi
27 N San Remo Ave Unit A Clearwater, FL	2.0	1.0	625	$1,297	$2.08	3d	1	1.03mi
1458 Grove St Clearwater, FL	1.0	1.0	625	$1,295	$2.07	22d	1	1.07mi
1562 S Jefferson Ave Clearwater, FL	1.0	1.0	870	$1,250	$1.44	17d	1	1.09mi
117 N Evergreen Ave Clearwater, FL	1.0	1.0	808	$1,135	$1.40	25d	2	1.11mi
117 N Evergreen Ave Clearwater, FL	1.0	1.0	800	$1,275	$1.59	12d	1	1.12mi
1100 Turner St Clearwater, FL	1.0	1.5	900	$1,750	$1.94	3d	2	1.13mi
915 Ewing Ave Clearwater, FL	2.0	1.0	752	$1,400	$1.86	25d	1	1.13mi
941 Lakeview Rd Clearwater, FL	1.0	1.0	550	$1,199	$2.18	18d	1	1.13mi
1260 Cleveland St Clearwater, FL	1.0	1.0	617	$1,432	$2.32	3d	2	1.14mi
1365 Drew St #102 Clearwater, FL	2.0	1.0	850	$1,400	$1.65	25d	1	1.14mi
1345 Drew St #16 Clearwater, FL	2.0	1.0	925	$1,500	$1.62	25d	1	1.16mi
1329 Drew St #6 Clearwater, FL	2.0	1.0	850	$1,495	$1.76	5d	1	1.16mi

HOA detail condo

• Monthly dues: $587 · $7,044/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-05-18
   status Pending
2. 2026-03-02
   listed $127,000 Active
3. 2026-02-26
   historical $1,700
4. 2026-01-08
   price $1,700
5. 2026-01-01
   listed $1,800
6. 2025-12-21
   historical $1,800
7. 2025-12-18
   listed $1,800
8. 2025-12-08
   historical $1,800
9. 2025-11-24
   listed $1,800
10. 2002-02-13
    soldstatus $49,000
11. 1989-05-15
    soldstatus $39,900

ⓘ 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: $2,261 · $188/mo
• Projected year-2 tax: $2,261 · $188/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: $21,071
• − Mortgage interest: −$7,114
• − Property taxes: −$2,261
• − Insurance: −$635
• − Repairs & maintenance: −$1,686
• − Management: −$1,686
• − HOA: −$7,044
• − Depreciation: −$3,695
• Taxable loss: −$3,048
• Est. tax savings @ 24.0%: +$732
• After-tax cash flow: $-554/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): 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

+218.3% since first listed

11 events — show timeline

• 2026-05-18 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-03-02 Listed $127,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-26 Rental Removed $1,700 STELLARMLS
• 2026-01-08 Price Changed $1,700 STELLARMLS
• 2026-01-01 Listed for Rent $1,800 STELLARMLS
• 2025-12-21 Rental Removed $1,800 STELLARMLS
• 2025-12-18 Listed for Rent $1,800 STELLARMLS
• 2025-12-08 Rental Removed $1,800 STELLARMLS
• 2025-11-24 Listed for Rent $1,800 STELLARMLS
• 2002-02-13 Sold (Public Records) $49,000 Public Records
• 1989-05-15 Sold (Public Records) $39,900 Public Records

Property tax history

+9.3%/yr

Latest (2025): $2,261 · +3.1% YoY. Source: county tax records.