101 Lake Ave NE #209 · Largo, FL 33771

$159,950

2 bd · 2.0 ba · 1,090 sqft · Condo public records · 70 Days on market

Built 1981 $509/mo HOA · 26% 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).

• Cash flow +11.1/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Under contract-accepting backup offers. Welcome to comfortable, low-maintenance Florida living at Lafayette Square in Largo. This well-cared-for 2-bedroom, 2-bathroom end condo combines practical features with a location that’s hard to beat. Step inside to a bright, functional layout designed for easy everyday living. Plantation shutters add classic style while providing privacy and light control throughout the home. The spacious living and dining areas flow seamlessly, creating an inviting space to relax or entertain. The kitchen offers plenty of cabinet and counter space, making meal prep simple whether you're cooking for yourself or hosting guests. An in-unit washer and dryer adds

Key facts

• Private storage room
• Screened back porch
• Plantation shutters

Tags

• PLANTATION SHUTTERS
• SCREENED BACK PORCH
• PRIVATE STORAGE ROOM
• ASSIGNED PARKING SPACE
• SHORT DRIVE TO GULF BEACHES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-66 ($-790/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (6.0% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 4.3% in Largo — 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 (#82 in FL, #1,240 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, amenities 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.
• Zoned schools: Ponce De Leon Elementary School (math 43% / reading 43%, grade F, #1,366 of 2,144 statewide, top 64%, 568 students, 79% FRL); Largo Middle School (math 38% / reading 35%, grade F, #405 of 571 statewide, top 72%, 882 students, 66% FRL); Largo High School (math 30% / reading 50%, grade F, #296 of 667 statewide, top 45%, 2,055 students, 53% FRL) — zoned schools average 66% FRL vs 48% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.1%/yr); 225 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 39% of the median local income ($60k/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 $1k of loan paydown is wiped out by about $5k 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 70 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $63k; list at $160k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,353 (6.0% 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 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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: 1.23% ✓
• Cap rate: 5.80%
• Cash-on-cash: -1.76%
• DSCR: 0.92
• GRM: 6.8

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: -24.1%
• Equity multiple: 0.21×
• Total profit: $-35,513
• Equity at exit: $23,849

10-year hold

• IRR: -41.6%
• Equity multiple: -0.28×
• Total profit: $-57,131
• Equity at exit: $13,830

Cash invested: $44,786 (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 33771

• Home prices YoY: -30.2%
• Rents YoY: -1.1%
• Active inventory: 225
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,960 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,399/yr
• Insurance: −$67
• HOA: −$509
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $-66

Break-even live

Break-even rent $2,044

Max offer price $150,427

Occupancy floor 98%

Sensitivity live

Price	-10% $45	-5% $-11	+0% $-66	+5% $-121	+10% $-176
Rent	-10% $-221	-5% $-143	+0% $-66	+5% $12	+10% $89
Rate	-1.0pp $15	-0.5pp $-25	base $-66	+0.5pp $-107	+1.0pp $-149

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: $39,988
• Closing costs: $4,798
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
221 Lake Ave NE Largo, FL	1.0–2.0	1.0–2.0	1095	$2,160	$1.97	0d	11	0.10mi
200 Country Club Dr #1505 Largo, FL	3.0	2.0	1255	$1,980	$1.58	16d	1	0.26mi
225 Country Club Dr #1404 Largo, FL	2.0	2.0	1440	$1,700	$1.18	6d	1	0.35mi
101 Imperial Palm Dr Largo, FL	1.0–2.0	1.0–2.0	907	$1,810	$1.99	0d	34	0.37mi
1100 East Bay Dr #104 Largo, FL	2.0	2.0	840	$1,950	$2.32	6d	1	0.37mi
84 21st Ter SE Unit 1502691P Largo, FL	3.0	2.0	1291	$5,895	$4.57	0d	1	0.38mi
2045 E Bay Dr Largo, FL	1.0–2.0	1.0–2.0	1114	$1,830	$1.64	0d	16	0.38mi
68 Country Club Dr Largo, FL	2.0	2.0	1396	$2,100	$1.50	26d	1	0.39mi
69 Country Club Dr Largo, FL	2.0	2.0	1278	$2,000	$1.56	26d	1	0.39mi
44 Countryclub Dr #44 Largo, FL	2.0	2.0	1278	$2,300	$1.80	26d	1	0.47mi
2291 E Bay Dr Largo, FL	2.0	2.0	708	$1,600	$2.26	22d	1	0.47mi
2291 E Bay Dr Largo, FL	2.0	2.0	708	$1,600	$2.26	23d	1	0.47mi
600 Starkey Rd Largo, FL	1.0–3.0	1.0–2.0	982	$1,774	$1.81	0d	24	0.54mi
705 3rd Ave NE Largo, FL	3.0	2.0	1113	$2,195	$1.97	0d	1	0.56mi
1119 Breeze Dr Largo, FL	3.0	2.0	1314	$2,475	$1.88	26d	1	0.57mi
9122 Jakes Path Largo, FL	3.0	2.5	1461	$2,600	$1.78	26d	1	0.63mi
2505 E Bay Dr Lot 77 Largo, FL	2.0	1.5	1080	$1,395	$1.29	22d	1	0.67mi
504 7th St SE Largo, FL	2.0	1.0	888	$2,250	$2.53	0d	1	0.68mi
1700 Rosery Rd NE Largo, FL	2.0	2.0	1223	$2,300	$1.88	9d	1	0.70mi
516 5th Ave NE Largo, FL	3.0	2.0	1073	$2,250	$2.10	16d	1	0.71mi
516 5th Ave NE Largo, FL	3.0	2.0	1057	$2,250	$2.13	25d	1	0.71mi
960 Starkey Rd #10305 Largo, FL	2.0	2.0	1324	$2,200	$1.66	16d	1	0.72mi
447 6th Ave NE Unit B Largo, FL	2.0	1.0	840	$1,650	$1.96	12d	1	0.73mi
1200 Country Club Dr #3302 Largo, FL	2.0	2.0	1320	$2,200	$1.67	6d	1	0.74mi
1200 Country Club Dr #1502 Largo, FL	2.0	2.0	1320	$2,350	$1.78	6d	1	0.74mi
1200 Country Club Dr #4102 Largo, FL	2.0	2.0	1324	$2,100	$1.59	6d	1	0.74mi
600 6th Ave SE Largo, FL	3.0	2.0	1364	$2,400	$1.76	26d	1	0.75mi
960 Starkey Rd #5105 Largo, FL	2.0	2.0	1324	$2,295	$1.73	26d	1	0.76mi
601 Rosery Rd NE Largo, FL	1.0–3.0	1.0–2.5	1192	$1,822	$1.53	0d	36	0.79mi
705 Redbud LN Largo, FL	1.0–2.0	1.0–2.0	986	$2,615	$2.65	0d	185	0.81mi
960 Starkey Rd #8402 Largo, FL	2.0	2.0	1324	$2,200	$1.66	26d	1	0.82mi
1845 S Highland Ave Clearwater, FL	2.0	2.0	904	$1,525	$1.69	4d	2	0.84mi
401 Rosery Rd NE Largo, FL	2.0	1.0–2.0	850	$1,879	$2.21	3d	31	0.84mi
3022 Meadow Lake Ave Largo, FL	2.0	1.0	900	$1,450	$1.61	6d	1	0.96mi
3022 Meadow Lake Ave Largo, FL	2.0	1.0	900	$1,450	$1.61	12d	1	0.96mi
636 Lake Palms Dr Unit Stylish Largo, FL	2.0	2.0	870	$2,000	$2.30	6d	1	0.99mi
636 Lake Palms Dr Unit Stylish Largo, FL	3.0	2.0	1000	$2,200	$2.20	26d	1	0.99mi
1679 Leisure Dr Clearwater, FL	3.0	2.0	1497	$3,200	$2.14	3d	1	1.00mi
3073 Pine Tree Ave Largo, FL	2.0	1.0	825	$1,350	$1.64	26d	1	1.04mi
199 Fulton St NE Unit 4 Largo, FL	2.0	1.0	760	$1,600	$2.11	16d	1	1.04mi

HOA detail condo

• Monthly dues: $509 · $6,108/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-04-17
   status Pending
2. 2026-04-13
   price $159,950
3. 2026-03-23
   price $169,999
4. 2026-03-06
   price $174,999
5. 2026-02-18
   price $184,999
6. 2026-02-06
   listed $199,000 Active
7. 2004-01-18
   soldstatus $63,000
8. 1981-10-01
   soldstatus $51,000

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 25 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: $23,523
• − Mortgage interest: −$8,960
• − Property taxes: −$2,399
• − Insurance: −$800
• − Repairs & maintenance: −$1,882
• − Management: −$1,882
• − HOA: −$6,108
• − Depreciation: −$4,653
• Taxable loss: −$3,161
• Est. tax savings @ 24.0%: +$759
• After-tax cash flow: $-31/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 — Largo

• Score: 82/100
• State rank: #82
• US rank: #1240

Category grades

Amenities F Commute A+ Cost of living A+ Crime C Employment D+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Largo, FL
• County: Pinellas County · 939,478 people
• City population: 106,311
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 27,596
• Household income: $59,993
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 1243.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 9% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 13% · Canada, Jamaica, Guatemala
• Languages at home: 82% English-only · Spanish 12% 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: ▼ -135.36%
• Current HPI: 313.5044
• Rent YoY: ▼ -1.06%
• 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

+213.6% since first listed

8 events — show timeline

• 2026-04-17 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-13 Price Changed $159,950 Stellar MLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $169,999 Stellar MLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $174,999 Stellar MLS as Distributed by MLS Grid
• 2026-02-18 Price Changed $184,999 Stellar MLS as Distributed by MLS Grid
• 2026-02-06 Listed $199,000 Stellar MLS as Distributed by MLS Grid
• 2004-01-18 Sold (Public Records) $63,000 Public Records
• 1981-10-01 Sold (Public Records) $51,000 Public Records

Property tax history

-11.5%/yr

Latest (2025): $192 · +13.3% YoY. Source: county tax records.