209 12th Ave N · St. Petersburg, FL 33704

$925,000

24 bd · 2.0 ba · 1,400 sqft · MultiFamily public records · 141 Days on market

Built 1972 6,425 sqft lot

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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 +18.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +4.9/10.0
• Schools +4.3/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 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

Prime investment opportunity in the highly desirable Old Northeast neighborhood of St. Petersburg. Located at 209 12th Ave N, this well-positioned quadplex features four rentable units, all currently occupied, providing immediate income for the next owner. Lots of room to improve the monthly income, with adjusting rents to current market rates! The property is situated just minutes from vibrant downtown St. Pete, waterfront parks, shopping, dining, and cultural attractions. Nestled on a quiet, tree-lined street, this classic Old Northeast location continues to attract strong tenant demand. Ideal for 1031 exchange buyers seeking a seamless transition into a stabilized, income-producing asse

Key facts

• Proven rental market
• Consistent occupancy
• Immediate income

Tags

• FOUR RENTABLE UNITS
• IMMEDIATE INCOME
• STRONG TENANT DEMAND
• INCOME PRODUCING ASSET
• PROVEN RENTAL MARKET
• CONSISTENT OCCUPANCY

Property features AI

Finance

• Other: Third-party listing indicated
• Financial info: Gross income reported at $51,360; Annual net income reported at $39,312; Total monthly expenses reported at $1,004; Some tenants pay electricity; Lease restrictions apply
• HOA & community: Has HOA (no association fees required; no association approval required); Pets allowed

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Residential income property; Triplex; Two total buildings on the property; Lot approximately 0.15 acres (concrete road access)
• Construction: Block and frame construction; Shingle and other roof types; Slab foundation; Building area approximately 3,200 square feet (living area reported as 2,600 sq ft)
• Exterior features: Exterior lighting; Private mailbox

Interior

• Kitchen: Kitchens in the 2-bedroom units and the above-garage apartment; no kitchen in the efficiency unit
• Bedrooms: Six total bedrooms; Three 2-bedroom units (front house and above-garage apartment); One efficiency unit (large open space, no kitchen)
• Flooring: Tile flooring; Vinyl flooring
• Bathrooms: Units include 1 bathroom per unit type listed
• Heating & cooling: Central heating; Ductless heating; Central air conditioning; Mini-split cooling units
• Interior features: Thermostat; Other interior features
• Laundry & utility: Common area laundry room

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $925k.

Deal economics

• At list price, monthly cash flow is $939 ($11k/yr) — positive. Per door: $235/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 $914k (1.2% below list).
• Recommended offer: $814k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.6% in St. Petersburg — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: North Shore Elementary School (math 42% / reading 47%, grade F, #1,288 of 2,144 statewide, top 62%, 501 students, 46% FRL); John Hopkins Middle School (math 25% / reading 27%, grade F, #506 of 571 statewide, top 89%, 723 students, 66% FRL); St. Petersburg High School (math 31% / reading 61%, grade D-, #220 of 667 statewide, top 33%, 1,723 students, 39% FRL) — zoned schools at 51% FRL track the district average.
• Zoned-school proficiency averages 39% at this address vs 51% district-wide (-12 pts) — the specific schools serving this property underperform the Pinellas average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.4%/yr); 242 active listings in the ZIP; solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $9,138/mo this rent would consume 102% of the median local household income ($108k/yr) (locally 632% 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 $6k of loan paydown is wiped out by about $28k 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 141 days — a 12% lower offer ($814k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $125k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; list at $925k implies a 895% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $814,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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 1972 — 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. 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: 0.99% ✗
• Cap rate: 7.51%
• Cash-on-cash: 4.35%
• DSCR: 1.19
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.43% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-86,067
• Equity at exit: $137,921

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $18,750
• Equity at exit: $79,977

Cash invested: $259,000 (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 33704

• Rents YoY: 3.4%
• Active inventory: 242
• Price-to-rent: 33.7×

Monthly cashflow live

• Estimated rent: $9,138 medium
• Mortgage (P&I): −$4,851
• Tax from tax record: −$1,044 /mo · $12,530/yr
• Insurance: −$385
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,919
• Net cashflow: $939

Break-even live

Break-even rent $7,950

Max offer price $925,000

Occupancy floor 85%

Sensitivity live

Price	-10% $1,462	-5% $1,200	+0% $939	+5% $677	+10% $415
Rent	-10% $217	-5% $578	+0% $939	+5% $1,300	+10% $1,661
Rate	-1.0pp $1,404	-0.5pp $1,174	base $939	+0.5pp $699	+1.0pp $455

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$9,140
Total (4 units)			$9,138

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: $231,250
• Closing costs: $27,750
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-22
   days on market $925,000 Active 141 DOM
2. 2026-06-18
   days on market $925,000 Active 138 DOM
3. 2026-06-17
   days on market $925,000 Active 137 DOM
4. 2026-06-16
   pricestatusdays on market $925,000 Active 136 DOM
5. 2026-05-05
   price $949,900
6. 2026-02-23
   price $999,000
7. 2026-01-13
   listed $1,050,000 Active
8. 2010-01-20
   listed $209,000
9. 1998-10-07
   soldstatus $93,000

ⓘ 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: $12,530 · $1,044/mo
• Projected year-2 tax: $12,530 · $1,044/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 · 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: $109,656
• − Mortgage interest: −$51,814
• − Property taxes: −$12,530
• − Insurance: −$4,625
• − Repairs & maintenance: −$8,772
• − Management: −$8,772
• − Depreciation: −$26,909
• Taxable loss: −$3,767
• Est. tax savings @ 24.0%: +$904
• After-tax cash flow: $12,168/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 — St. Petersburg

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Petersburg, FL
• County: Pinellas County · 939,478 people
• City population: 249,151
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 16,232
• Household income: $107,889
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 632.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 7% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 1%
• Common ancestry: Lithuanian 4% Slovak 4% Romanian 4%
• Foreign-born: 9% · Canada, Jamaica, Vietnam
• Languages at home: 92% English-only · Spanish 3% German/W. Germanic 1% French/Haitian/Cajun 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: ▼ -822.13%
• Current HPI: 473.0888
• Rent YoY: ▲ 3.43%
• 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

+921.4% since first listed

5 events — show timeline

• 2026-05-05 Price Changed $949,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-23 Price Changed $999,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-13 Listed $1,050,000 Stellar MLS as Distributed by MLS Grid
• 2010-01-20 Listed $209,000 Stellar MLS as Distributed by MLS Grid
• 1998-10-07 Sold (Public Records) $93,000 Public Records

Property tax history

+9.4%/yr

Latest (2025): $12,530 · +16.6% YoY. Source: county tax records.