1379 S Martin Luther King JR Ave · Clearwater, FL 33756

$445,000

7 bd · 3.0 ba · 1,603 sqft · MultiFamily public records · 10 Days on market

Built 1940 5,314 sqft lot Est $402k · 11% over

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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 +22.8/30.0
• DSCR +7.3/10.0
• 1% rule +6.2/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• ARV discount +2.7/15.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Nice property with Lake Bellevue across the street. A great park is also on the other side of the street. The Triplex is divided as follows: 3/1, 2/1, and a studio. It consists of three separate units: • Unit 1: 3 bedrooms, 1 bathroom — currently leased and occupied at $1,850 per month. • Unit 2: 2 bedrooms, 1 bathroom — leased and occupied at $1,800 per month. This unit has been recently remodeled. • Unit 3: Studio — leased at $1,100 per month. Conveniently situated between downtown Clearwater and Belleair, the property boasts a superb location facing Lake Belleview and is directly across from Ross Norton Recreation Center and Ed C. Wright Park. A short dri

Key facts

• Superb location
• Recently remodeled
• 5,314 sq ft lot

Tags

• RECENTLY REMODELED
• SUPERB LOCATION

Property features AI

Finance

• Financial info: Triplex with three units; Unit mix: one 3-bedroom unit, one 2-bedroom unit, one studio; Pro forma rents: approximately $1,850 (3-bed), $1,800 (2-bed), $1,100 (studio); Annual net income reported: $56,400
• HOA & community: No homeowners association

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Cable available
• Home design: Residential income property (Triplex); Single building (1); 0 to less than 1/4 acre lot (approximately 0.12 acres); Lot dimensions about 50 x 103; Facing direction not specified
• Construction: Frame construction; Shingle roof; Crawlspace foundation; Built on one building
• Exterior features: Other exterior features; Asphalt road access

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: 5 bedrooms
• Bathrooms: Multiple bathrooms (details vary by unit)
• Heating & cooling: Electric heating; Other type of cooling
• Interior features: Other interior features
• Laundry & utility: No laundry facilities on site

What this means for you Summary

Snapshot

• This is a 1×3.0bd/1.0ba + 1×2.0bd/1.0ba + 1×1.0bd/1.0ba units multifamily listed at $445k.

Deal economics

• At list price, monthly cash flow is $772 ($9k/yr) — positive. Per door: $257/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $445k).
• Cap rate 8.4% 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; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $4,972/mo this rent would consume 96% of the median local household income ($62k/yr) (locally 1868% 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 25 sale attempts since 20y ago 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $445,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.12% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.43%
• DSCR: 1.33
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $402,353
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
916 Magnolia Dr	0.61mi	6/3.0 (-1)	1,651 (+3%)	19mo	$415,000	$251	46

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: -8.4%
• Equity multiple: 0.70×
• Total profit: $-37,398
• Equity at exit: $66,351

10-year hold

• IRR: -3.5%
• Equity multiple: 0.80×
• Total profit: $-25,071
• 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 33756

• Rents YoY: -2.2%
• Active inventory: 355
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $4,972 high
• Mortgage (P&I): −$2,334
• Tax from tax record: −$637 /mo · $7,644/yr
• Insurance: −$185
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,044
• Net cashflow: $772

Break-even live

Break-even rent $3,995

Max offer price $445,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
1× unit	3.0	1	$1,871
1× unit	2.0	1	$1,629
1× unit	1.0	1	$1,472
Total (3 units)			$4,972

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: —

Listing history 7 events

1. 2026-06-18
   days on market $445,000 Active 10 DOM
2. 2026-06-17
   days on market $445,000 Active 9 DOM
3. 2026-06-16
   days on market $445,000 Active 8 DOM
4. 2026-06-15
   days on market $445,000 Active 7 DOM
5. 2026-06-13
   days on market $445,000 Active 5 DOM
6. 2026-06-09
   remarks 666-char remark
7. 2026-06-09
   listed $445,000 Active 1 DOM

ⓘ 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: $7,644 · $637/mo
• Projected year-2 tax: $7,644 · $637/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 · 22 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: $59,664
• − Mortgage interest: −$24,927
• − Property taxes: −$7,644
• − Insurance: −$2,225
• − Repairs & maintenance: −$4,773
• − Management: −$4,773
• − Depreciation: −$12,945
• Taxable income: $2,376
• Est. tax owed @ 24.0%: −$570
• After-tax cash flow: $8,692/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

+1299.4% since first listed

58 events — show timeline

• 2026-06-08 Listed $445,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-17 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-01-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-11-11 Listed $449,000 Stellar MLS as Distributed by MLS Grid
• 2025-03-25 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-03-20 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-01-13 Listed $439,900 Stellar MLS as Distributed by MLS Grid
• 2024-11-17 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-11-16 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-11-12 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-08-08 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-07-29 Listed $439,900 Stellar MLS as Distributed by MLS Grid
• 2024-04-15 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-11-15 Price Changed $439,900 Stellar MLS as Distributed by MLS Grid
• 2023-07-31 Price Changed $429,900 Stellar MLS as Distributed by MLS Grid
• 2023-03-29 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-03-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-01-27 Listed $439,000 Stellar MLS as Distributed by MLS Grid
• 2022-11-30 Relisted — Stellar MLS as Distributed by MLS Grid
• 2022-11-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-10-11 Price Changed $429,000 Stellar MLS as Distributed by MLS Grid
• 2022-09-22 Price Changed $435,000 Stellar MLS as Distributed by MLS Grid
• 2022-07-21 Listed $449,000 Stellar MLS as Distributed by MLS Grid
• 2022-03-02 Sold (MLS) $425,000 Stellar MLS as Distributed by MLS Grid
• 2022-03-01 Sold (Public Records) $425,000 Public Records
• 2022-01-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-12-30 Listed $429,000 Stellar MLS as Distributed by MLS Grid
• 2021-10-03 Relisted — Stellar MLS as Distributed by MLS Grid
• 2021-09-29 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-09-23 Listed $360,000 Stellar MLS as Distributed by MLS Grid
• 2021-05-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-05-04 Relisted — Stellar MLS as Distributed by MLS Grid
• 2021-04-28 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-04-21 Relisted — Stellar MLS as Distributed by MLS Grid
• 2021-04-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-04-07 Listed $349,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-02 Sold (MLS) $300,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-01 Listed $310,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-01 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2021-03-30 Sold (Public Records) $300,000 Public Records
• 2020-11-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2020-11-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2020-10-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2020-10-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2020-09-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2020-04-25 Price Changed $289,500 Stellar MLS as Distributed by MLS Grid
• 2020-04-24 Listed $189,500 Stellar MLS as Distributed by MLS Grid
• 2020-03-12 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2020-03-01 Listed $289,000 Stellar MLS as Distributed by MLS Grid
• 2019-11-18 Sold (Public Records) $195,000 Public Records
• 2019-10-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2019-06-13 Listed $239,000 Stellar MLS as Distributed by MLS Grid
• 2007-02-13 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2006-10-13 Listed $175,000 Stellar MLS as Distributed by MLS Grid
• 2006-06-21 Listed $175,000 Stellar MLS as Distributed by MLS Grid
• 2005-02-23 Sold (Public Records) $60,000 Public Records
• 1999-01-07 Sold (Public Records) $16,500 Public Records
• 1999-01-07 Sold (Public Records) $31,800 Public Records

Property tax history

+20.7%/yr

Latest (2025): $7,644 · +2.1% YoY. Source: county tax records.