5200 28th St N #124 · Lealman, FL 33714

$119,900

1 bd · 1.0 ba · 626 sqft · Manufactured · 234 Days on market

Built 2025

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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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks

At Sawgrass Trails, you get to enjoy a beautiful new home plus a premier resort lifestyle. We mow your lawn, maintain the pickle ball court, pool, exercise center and more! Got fur babies? We allow up to 2 pets and have an active dog owner community. Brand new Skyline home has the high end finishes you want. Crown molding and baseboards, LVP floors, pocket doors, custom cabinets, closets with built-in shelving, jumbo pantry. Tall ceilings with fans in every room. Generous windows make home light bright and airy. High efficiency appliances and recessed lighting, additional insulation and 200 amps make this home as energy efficient as possible. The kitchen is a chef's dream with stainless ste

Key facts

• Custom cabinets
• Jumbo pantry
• Pickle ball court

Tags

• PICKLE BALL COURT
• EXERCISE CENTER
• CUSTOM CABINETS
• BUILT-IN SHELVING
• JUMBO PANTRY
• HIGH EFFICIENCY APPLIANCES

Property features AI

Finance

• Financial info: Listing price $119,900

Exterior

• Home design: Condo/Apartment (unit #124); Spec new construction
• Construction: Located at 5200 28th St N, St. Petersburg, FL 33714

Interior

• Bedrooms: 1 bedroom
• Bathrooms: 1 full bathroom
• Interior features: Living area of 626

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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+, schools F, 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.
• Market conditions: Rents soft (-2.1%/yr); 165 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 36% of the median local income ($47k/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 $829 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 234 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.11%
• DSCR: 1.45
• GRM: 7.1

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: -4.5%
• Equity multiple: 0.84×
• Total profit: $-5,515
• Equity at exit: $17,877

10-year hold

• IRR: 1.2%
• Equity multiple: 1.08×
• Total profit: $2,548
• Equity at exit: $10,367

Cash invested: $33,572 (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 33714

• Home prices YoY: -30.9%
• Rents YoY: -2.1%
• Active inventory: 165
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,407 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $283

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 75%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3109 54th Ave N Unit 1/2 St. Petersburg, FL	1.0	1.0	400	$1,025	$2.56	18d	1	0.25mi
3109 54th Ave N Saint Petersburg, FL	1.0	1.0	400	$1,025	$2.56	22d	1	0.25mi
3600 49th Ave N Saint Petersburg, FL	1.0–2.0	1.0	680	$1,150	$1.69	3d	8	0.42mi
4163 31st St N unit Unit D Saint Petersburg, FL	1.0	1.0	600	$1,490	$2.48	14d	1	0.57mi
2807 41st Ave N Unit 3 St. Petersburg, FL	1.0	1.0	450	$1,600	$3.56	24d	1	0.61mi
3791 58th Ave N Unit 3 St. Petersburg, FL	1.0	1.0	500	$1,430	$2.86	18d	1	0.76mi
5301 40th St N Saint Petersburg, FL	2.0	1.0	720	$1,950	$2.71	2d	1	0.78mi
3733 42nd Ave N Saint Petersburg, FL	2.0	1.0	608	$1,695	$2.79	24d	1	0.80mi
3201 36th Ave N Unit B St. Petersburg, FL	2.0	1.0	624	$1,500	$2.40	24d	1	0.91mi
2730 37th Ave N Unit B St. Petersburg, FL	1.0	1.0	560	$1,590	$2.84	24d	1	0.91mi
5475 42nd St N Unit 1 St. Petersburg, FL	—	1.0	500	$1,400	$2.80	20d	1	0.93mi
3421 35th St N Saint Petersburg, FL	—	1.0	600	$1,095	$1.82	18d	1	1.08mi
3421 35th St N Unit A St. Petersburg, FL	—	1.0	600	$1,095	$1.82	24d	1	1.08mi
3715 66th Ave N Unit B Pinellas Park, FL	2.0	1.0	750	$1,475	$1.97	22d	1	1.13mi
5850 18th St N St Petersburg, FL	1.0–2.0	1.0–2.0	727	$1,300	$1.79	24d	2	1.14mi
4481 Crestwood Dr N Saint Petersburg, FL	2.0	1.0	720	$1,950	$2.71	4d	1	1.17mi
3316 31st Ave N St. Petersburg, FL	1.0–2.0	1.0	825	$1,199	$1.45	2d	3	1.26mi
3160 36th St N #115 Saint Petersburg, FL	1.0	1.0	610	$1,300	$2.13	2d	1	1.30mi
3725 18th St N Saint Petersburg, FL	2.0	1.0	700	$1,795	$2.56	17d	1	1.32mi
2848 30th Ave N St. Petersburg, FL	2.0	1.0	736	$2,150	$2.92	24d	1	1.32mi
2846 30th St N Saint Petersburg, FL	2.0	1.0	736	$1,995	$2.71	4d	1	1.36mi
2321 1/2 30th Ave N St. Petersburg, FL	2.0	1.0	680	$1,695	$2.49	24d	1	1.42mi

Listing history 12 events

1. 2026-06-18
   days on market $119,900 Active 234 DOM
2. 2026-06-17
   days on market $119,900 Active 233 DOM
3. 2026-06-16
   days on market $119,900 Active 232 DOM
4. 2026-06-15
   days on market $119,900 Active 231 DOM
5. 2026-06-13
   days on market $119,900 Active 229 DOM
6. 2026-06-09
   days on market $119,900 Active 225 DOM
7. 2026-06-08
   days on market $119,900 Active 224 DOM
8. 2026-06-07
   days on market $119,900 Active 223 DOM
9. 2026-06-04
   days on market $119,900 Active 220 DOM
10. 2026-06-03
    days on market $119,900 Active 219 DOM
11. 2026-06-01
    days on market $119,900 Active 217 DOM
12. 2026-05-31
    days on market $119,900 Active 216 DOM

ⓘ 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 5 d/yr ≥106°F today · 19 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: $16,883
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,351
• − Management: −$1,351
• − Depreciation: −$3,488
• Taxable income: $1,579
• Est. tax owed @ 24.0%: −$379
• After-tax cash flow: $3,015/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): 19,227
• Household income: $47,487
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 915.0

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 64% Hispanic / Latino 13% Two or more races 12% Black 10% Asian 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 6% Dominican 1%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 16% · Canada, Vietnam
• Languages at home: 79% English-only · Spanish 11% Russian/Polish/Slavic 4% Vietnamese 3%

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: ▼ -179.12%
• Current HPI: 399.6253
• Rent YoY: ▼ -2.08%
• 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