105 Island Way #121 · Clearwater, FL 33767

$225,000

2 bd · 2.0 ba · 1,090 sqft · Condo public records · 241 Days on market

Built 1972 $1154/mo HOA · 35% of rent

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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).

• 1% rule +9.7/10.0
• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0

Listing remarks

This is the opportunity buyers have been waiting for in the highly desirable 33767 Clearwater Beach zip code—an exceptional value in Island Estates that is truly priced to sell in this 55+ complex. Fully furnished and move-in ready, this spacious 2-bedroom, 2-bath residence offers the perfect combination of comfort, convenience, and coastal living, whether you're searching for a primary home, winter retreat, or smart investment. Situated on the second-floor end unit, the location within the building is ideal—just steps to the elevator, laundry, and stairs—while offering added privacy and natural light. The open floor plan flows seamlessly from the main living area into the

Key facts

• Light filled sunroom
• Community dock
• $1,154 HOA

Tags

• ISLAND ESTATES COMMUNITY
• SECOND FLOOR END UNIT
• LIGHT FILLED SUNROOM
• WATERFRONT HEATED POOL
• COMMUNITY DOCK
• ASSIGNED COVERED PARKING

Property features AI

Finance

• Financial info: Total annual fees shown: $13,850; Total monthly fees shown: $1,154.17; Lease restrictions apply
• HOA & community: HOA: Noble Management; Association fee: $50 annually; Monthly condo fee: $1,150 (monthly condo fees listed as $1,150); HOA includes cable TV, internet, pool, maintenance (structure & grounds), management, sewer, trash, water, common area taxes, escrow reserves; Association approval required; Association fee requirement: Optional; Community features: Pool, sidewalks, wheelchair access, buyer approval required; Senior community; Pets allowed: Cats OK

Exterior

• Parking: Assigned parking; Covered parking; Guest parking
• Security: Key card entry; Smoke detectors
• Utilities: Public water; Public sewer; Broadband/high-speed internet available; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; One story; Building name: ISLANDER; Faces south
• Construction: Block construction; Block foundation; Other roof
• Exterior features: Enclosed patio/porch; Exterior lighting; Sidewalks; On-site storage; On waterfront with Intracoastal Waterway access; Fishing pier and no-wake zone access; Paved road access

Interior

• Kitchen: Cooktop; Range; Microwave; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Eat-in kitchen; Living room/dining room combo; Open floorplan; Thermostat; Window treatments; Key card entry; Smoke detectors
• Laundry & utility: Laundry closet; Exterior/Outside laundry access; Storage rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-654 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (51.4% below list).
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $109k (51.4% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 3.0% 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 rising (+2.8%/yr); 431 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 34% of the median local income ($117k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $6k of equity ($2k loan paydown + $4k appreciation (1.9% local appreciation)).
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 241 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $24k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 35% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $109,412 (51.4% 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 241 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 1.47% ✓
• Cap rate: 5.08%
• Cash-on-cash: -4.34%
• DSCR: 0.81
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.88% appreciation · 2.76% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.57×
• Total profit: $-27,284
• Equity at exit: $87,318

10-year hold

• IRR: -2.5%
• Equity multiple: 0.66×
• Total profit: $-21,321
• Equity at exit: $124,651

Cash invested: $63,000 (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 33767

• Home prices YoY: 0.6%
• Rents YoY: 2.8%
• Active inventory: 431
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,310 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$415 /mo · $4,978/yr
• Insurance: −$94
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,154
• Vacancy / Maint / Mgmt: −$695
• Net cashflow: $-654

Break-even live

Break-even rent $4,138

Max offer price $109,412

Occupancy floor —

Sensitivity live

Price	-10% $-527	-5% $-591	+0% $-654	+5% $-718	+10% $-782
Rent	-10% $-916	-5% $-785	+0% $-654	+5% $-524	+10% $-393
Rate	-1.0pp $-541	-0.5pp $-597	base $-654	+0.5pp $-713	+1.0pp $-772

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 Island Way Clearwater, FL	2.0	2.0	1090	$3,400	$3.12	25d	3	0.04mi
51 Island Way Clearwater, FL	1.0–2.0	1.0–2.0	823	$2,700	$3.28	16d	2	0.04mi
121 Island Way #323 Clearwater Beach, FL	2.0	2.0	1090	$2,950	$2.71	9d	1	0.08mi
255 Dolphin Pt Clearwater, FL	1.0–2.0	1.0–2.0	1055	$2,950	$2.80	19d	4	0.25mi
333 Island Way Unit 1 Clearwater, FL	1.0	1.0	717	$2,295	$3.20	9d	1	0.28mi
400 Island Way Clearwater, FL	2.0	2.0	1315	$2,975	$2.26	25d	5	0.29mi
400 Island Way Clearwater, FL	2.0	2.0	1315	$3,075	$2.34	4d	5	0.29mi
241 Skiff Pt #1 Clearwater Beach, FL	2.0	2.0	793	$2,500	$3.15	25d	1	0.37mi
185 Brightwater Dr #4 Clearwater, FL	1.0	1.0	790	$3,100	$3.92	25d	1	0.60mi
185 Brightwater Dr #6 Clearwater, FL	2.0	2.0	1430	$3,900	$2.73	25d	1	0.60mi
610 Island Way #608 Clearwater Beach, FL	2.0	2.0	1270	$2,900	$2.28	25d	1	0.65mi
868 Bayway Blvd #312 Clearwater Beach, FL	2.0	2.0	1181	$3,000	$2.54	25d	1	0.67mi
110 Devon Dr Clearwater Beach, FL	3.0	2.0	1377	$6,500	$4.72	25d	1	0.68mi
644 Island Way #304 Clearwater Beach, FL	2.0	2.0	1335	$2,700	$2.02	25d	1	0.70mi
895 S Gulfview Blvd Clearwater, FL	2.0	2.0	1094	$3,900	$3.56	25d	2	0.72mi
855 Bayway Blvd #907 Clearwater Beach, FL	2.0	2.0	1260	$3,100	$2.46	19d	1	0.73mi
855 Bayway Blvd #806 Clearwater Beach, FL	2.0	2.0	1310	$2,600	$1.98	25d	1	0.73mi
650 Island Way Clearwater, FL	2.0	2.0	1355	$3,150	$2.32	15d	1	0.75mi
650 Island Way Clearwater, FL	2.0	2.0	1355	$3,050	$2.25	19d	2	0.75mi
851 Bayway Blvd #905 Clearwater Beach, FL	2.0	2.0	1310	$4,500	$3.44	25d	1	0.76mi
11 San Marco St #1206 Clearwater Beach, FL	2.0	2.0	1460	$7,000	$4.79	25d	1	0.78mi
830 S Gulfview Blvd #406 Clearwater Beach, FL	2.0	2.0	1310	$5,000	$3.82	25d	1	0.78mi
845 S Gulfview Blvd #101 Clearwater Beach, FL	2.0	2.0	1074	$4,000	$3.72	25d	1	0.81mi
800 S Gulfview Blvd Clearwater, FL	2.0	2.0	1285	$2,450	$1.91	16d	2	0.81mi
445 S Hamden Dr Unit 1 Clearwater, FL	2.0	2.0	1500	$3,000	$2.00	25d	1	0.90mi
690 Island Way Clearwater, FL	1.0–2.0	1.5–2.5	1150	$3,500	$3.04	4d	3	0.91mi
675 S Gulfview Blvd #902 Clearwater Beach, FL	2.0	2.0	1409	$5,750	$4.08	25d	1	0.94mi
700 Island Way #501 Clearwater Beach, FL	1.0	1.5	1235	$2,800	$2.27	25d	1	0.98mi
500 N Osceola Ave Clearwater, FL	2.0	2.0	1075	$2,275	$2.12	19d	2	0.99mi
500 N Osceola Ave #502 Clearwater, FL	2.0	2.0	1060	$2,450	$2.31	9d	1	1.01mi
440 S Gulfview Blvd #1105 Clearwater Beach, FL	2.0	2.0	1186	$2,750	$2.32	25d	1	1.01mi
440 S Gulfview Blvd #1102 Clearwater Beach, FL	2.0	2.0	1264	$5,000	$3.96	25d	1	1.01mi
450 S Gulfview Blvd Clearwater Beach, FL	2.0	2.0	1186	$2,850	$2.40	25d	1	1.02mi
450 S Gulfview Blvd Unit 1546100P Clearwater, FL	2.0	2.0	1259	$3,475	$2.76	9d	1	1.02mi
450 S Gulfview Blvd #1606 Clearwater Beach, FL	2.0	2.0	1264	$2,900	$2.29	25d	1	1.02mi
450 S Gulfview Blvd #1208 Clearwater Beach, FL	2.0	2.0	1186	$2,950	$2.49	25d	1	1.02mi
450 S Gulfview Blvd #907 Clearwater Beach, FL	2.0	2.0	1264	$4,500	$3.56	25d	1	1.02mi
450 S Gulfview Blvd #405 Clearwater Beach, FL	2.0	2.0	1186	$3,500	$2.95	25d	1	1.02mi
100 Pierce St Clearwater, FL	1.0–2.0	2.0	1479	$3,100	$2.10	5d	2	1.11mi
741 Lantana Ave Clearwater Beach, FL	2.0	1.5	1077	$3,695	$3.43	19d	1	1.16mi

HOA detail condo

• Monthly dues: $1,154 · $13,848/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-18
   days on market $225,000 Active 241 DOM
2. 2026-06-17
   days on market $225,000 Active 240 DOM
3. 2026-06-16
   days on market $225,000 Active 239 DOM
4. 2026-06-15
   days on market $225,000 Active 238 DOM
5. 2026-06-13
   days on market $225,000 Active 236 DOM
6. 2026-06-09
   days on market $225,000 Active 232 DOM
7. 2026-06-08
   days on market $225,000 Active 231 DOM
8. 2026-06-07
   days on market $225,000 Active 230 DOM
9. 2026-06-04
   days on market $225,000 Active 227 DOM
10. 2026-06-03
    days on market $225,000 Active 226 DOM
11. 2026-06-01
    days on market $225,000 Active 224 DOM
12. 2026-05-31
    days on market $225,000 Active 223 DOM
13. 2026-04-19
    price $225,000
14. 2026-03-01
    price $245,000
15. 2025-10-20
    listed $249,000 Active
16. 2025-08-08
    historical
17. 2025-04-10
    price $275,000
18. 2025-01-09
    price $260,000
19. 2024-07-22
    price $270,000
20. 2024-04-23
    price $299,000
21. 2024-02-08
    listed $339,000 Active
22. 2023-12-01
    historical
23. 2023-08-04
    price $359,000
24. 2023-07-07
    price $370,000
25. 2023-03-15
    price $375,000
26. 2022-12-15
    listed $379,000 Active
27. 2020-10-01
    soldstatus $224,500
28. 2020-09-25
    soldstatus $224,500 Sold
29. 2020-08-28
    status Pending
30. 2020-08-22
    price $244,000
31. 2020-08-21
    listed $239,000 Active
32. 2003-08-27
    soldstatus $144,000

ⓘ 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: $4,978 · $415/mo
• Projected year-2 tax: $4,978 · $415/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥111°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: $39,718
• − Mortgage interest: −$12,603
• − Property taxes: −$4,978
• − Insurance: −$6,244
• − Repairs & maintenance: −$3,177
• − Management: −$3,177
• − HOA: −$13,848
• − Depreciation: −$6,545
• Taxable loss: −$10,856
• Est. tax savings @ 24.0%: +$2,605
• After-tax cash flow: $-5,246/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): 8,081
• Household income: $117,425
• Rent vs Own: 15.2% rent · 84.8% own
• Severe rent burden: 295.0

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 (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Romanian 6% Italian 3% Slovak 2%
• Foreign-born: 14% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 2% Arabic 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: ▲ 1.88%
• Current HPI: 297.7165
• Rent YoY: ▲ 2.76%
• 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

+56.2% since first listed

20 events — show timeline

• 2026-04-19 Price Changed $225,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-01 Price Changed $245,000 Stellar MLS as Distributed by MLS Grid
• 2025-10-20 Listed $249,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-08 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-10 Price Changed $275,000 Stellar MLS as Distributed by MLS Grid
• 2025-01-09 Price Changed $260,000 Stellar MLS as Distributed by MLS Grid
• 2024-07-22 Price Changed $270,000 Stellar MLS as Distributed by MLS Grid
• 2024-04-23 Price Changed $299,000 Stellar MLS as Distributed by MLS Grid
• 2024-02-08 Listed $339,000 Stellar MLS as Distributed by MLS Grid
• 2023-12-01 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-08-04 Price Changed $359,000 Stellar MLS as Distributed by MLS Grid
• 2023-07-07 Price Changed $370,000 Stellar MLS as Distributed by MLS Grid
• 2023-03-15 Price Changed $375,000 Stellar MLS as Distributed by MLS Grid
• 2022-12-15 Listed $379,000 Stellar MLS as Distributed by MLS Grid
• 2020-10-01 Sold (Public Records) $224,500 Public Records
• 2020-09-25 Sold (MLS) $224,500 Stellar MLS as Distributed by MLS Grid
• 2020-08-28 Pending — Stellar MLS as Distributed by MLS Grid
• 2020-08-22 Price Changed $244,000 Stellar MLS as Distributed by MLS Grid
• 2020-08-21 Listed $239,000 Stellar MLS as Distributed by MLS Grid
• 2003-08-27 Sold (Public Records) $144,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $4,978 · +4.4% YoY. Source: county tax records.