660 Island Way #506 · Clearwater, FL 33767

$330,000

2 bd · 2.0 ba · 1,350 sqft · Condo public records · 206 Days on market

Built 1976 $1075/mo HOA · 30% of rent ↓ 17% since listing

---

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 +8.4/30.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• 1% rule +5.8/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0

Listing remarks

Island Estates so desirable. This spacious 2-bed, 2-bath residence welcomes you with abundant natural light and an open living–dining layout designed to highlight the surrounding water views. A cozy living room nook is the perfect spot to enjoy your morning coffee while taking in the scenery. The home features an updated kitchen with an eat-in area and the convenience of in-unit laundry. The primary bedroom offers a peaceful retreat with its en-suite bath and sizable walk-in closet. Ready for your personal updates, the unit provides the ideal canvas to create your own waterfront sanctuary. Diamond Isle delivers a wide range of amenities for an active coastal lifestyle: a temperature-c

Key facts

• Updated kitchen
• In unit laundry
• En suite bath

Tags

• OPEN LIVING DINING LAYOUT
• UPDATED KITCHEN
• IN UNIT LAUNDRY
• EN SUITE BATH
• WALK IN CLOSET
• TEMPERATURE CONTROLLED POOL

Property features AI

Finance

• Other: Condo land included; Association fee due monthly; Unfurnished
• Financial info: Total annual fees $12,900; Lease restrictions apply
• HOA & community: HOA managed by Jim Nobles Management/Sheron Nichols; Monthly condo/association fee $1,075 (includes cable TV, common area taxes, pool, escrow reserves, insurance, internet, structure and grounds maintenance, management, recreational facilities, sewer); Association approval required; buyer approval required; Community amenities: clubhouse, community mailbox, fitness center, pool, sidewalks, tennis courts; Pets allowed with breed restrictions; max pet weight 20 lbs

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Irrigation equipment
• Home design: Residential condominium; Diamond Isle building; One-level unit located on 5th floor; Faces north
• Construction: Block and stucco construction; Built-up and membrane roof; Pillar/post/pier and slab foundation; Built as part of a multi-story (10 stories total)
• Exterior features: Outdoor lighting; Outdoor grill; Outdoor shower; Sidewalk; Storage; Tennis courts; Heated private in-ground pool; Seawall (concrete); Minimum wake zone; On waterfront (Canal - Saltwater) with water views of canal and partial gulf/ocean

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Solid surface counters; Walk-in closets; Building elevator
• Laundry & utility: Washer; Dryer; Inside laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $330k.

Deal economics

• At list price, monthly cash flow is $-362 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $266k (19.4% below list).
• Meets the 1% rule at list price ($4k rent vs $330k).
• Recommended offer: $266k (19.4% below list) — sets the bar for cash-flow.
• Cap rate 5.2% 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: 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.
• Zoned schools: Sandy Lane Elementary School (math 32% / reading 22%, grade F, #1,969 of 2,144 statewide, top 94%, 304 students, 85% FRL); Dunedin Highland Middle School (math 53% / reading 52%, grade C+, #213 of 571 statewide, top 38%, 899 students, 53% FRL); Clearwater High School (math 30% / reading 36%, grade F, #406 of 667 statewide, top 61%, 1,664 students, 59% FRL) — zoned schools average 66% FRL vs 48% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 38% at this address vs 51% district-wide (-14 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 (+2.8%/yr); 431 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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).

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $6k 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 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 206 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 6 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: flood insurance adds $66/mo; HOA is 30% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $265,992 (19.4% 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 206 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — 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: 1.08% ✓
• Cap rate: 5.22%
• Cash-on-cash: -3.84%
• DSCR: 0.83
• GRM: 7.7

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: -0.5%
• Equity multiple: 0.97×
• Total profit: $-2,675
• Equity at exit: $128,066

10-year hold

• IRR: 3.8%
• Equity multiple: 1.51×
• Total profit: $47,387
• Equity at exit: $182,821

Cash invested: $92,400 (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: 7.7×

Monthly cashflow live

• Estimated rent: $3,563 high
• Mortgage (P&I): −$1,731
• Tax from tax record: −$167 /mo · $2,008/yr
• Insurance: −$138
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,075
• Vacancy / Maint / Mgmt: −$748
• Net cashflow: $-362

Break-even live

Break-even rent $4,021

Max offer price $265,992

Occupancy floor —

Sensitivity live

Price	-10% $-176	-5% $-269	+0% $-362	+5% $-456	+10% $-549
Rent	-10% $-644	-5% $-503	+0% $-362	+5% $-222	+10% $-81
Rate	-1.0pp $-196	-0.5pp $-278	base $-362	+0.5pp $-448	+1.0pp $-535

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: $82,500
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
670 Island Way #1006 Clearwater Beach, FL	3.0	2.5	1854	$4,400	$2.37	27d	1	0.06mi
650 Island Way Clearwater, FL	2.0	2.0	1355	$3,050	$2.25	20d	2	0.07mi
650 Island Way Clearwater, FL	2.0	2.0	1355	$3,150	$2.32	16d	1	0.07mi
690 Island Way Clearwater, FL	1.0–2.0	1.5–2.5	1150	$3,500	$3.04	0d	4	0.10mi
644 Island Way #304 Clearwater Beach, FL	2.0	2.0	1335	$2,700	$2.02	27d	1	0.12mi
700 Island Way #501 Clearwater Beach, FL	1.0	1.5	1235	$2,800	$2.27	27d	1	0.16mi
610 Island Way #608 Clearwater Beach, FL	2.0	2.0	1270	$2,900	$2.28	26d	1	0.17mi
741 Lantana Ave Clearwater Beach, FL	2.0	1.5	1077	$3,695	$3.43	20d	1	0.36mi
757 Mandalay Ave Clearwater Beach, FL	3.0	2.0	1200	$5,000	$4.17	7d	1	0.48mi
505 Mandalay Ave #62 Clearwater Beach, FL	2.0	2.5	1619	$5,000	$3.09	24d	1	0.50mi
415 Island Way Clearwater, FL	2.0–3.0	2.0	1765	$5,500	$3.12	1d	4	0.50mi
415 Island Way Clearwater, FL	2.0–3.0	2.0	1765	$5,500	$3.12	4d	4	0.50mi
415 Island Way Clearwater, FL	2.0–3.0	2.0	1721	$4,500	$2.61	20d	5	0.50mi
400 Island Way Clearwater, FL	2.0	2.0	1315	$2,975	$2.26	27d	5	0.53mi
400 Island Way Clearwater, FL	2.0	2.0	1315	$3,075	$2.34	0d	4	0.53mi
255 Dolphin Pt Clearwater, FL	1.0–2.0	1.0–2.0	1055	$2,950	$2.80	1d	5	0.58mi
255 Dolphin Pt Clearwater, FL	1.0–2.0	1.0–2.0	1055	$2,950	$2.80	20d	4	0.58mi
11 Baymont St Clearwater, FL	2.0	2.0	1680	$11,250	$6.70	27d	2	0.59mi
11 San Marco St #1206 Clearwater Beach, FL	2.0	2.0	1460	$7,000	$4.79	27d	1	0.65mi
10 Papaya St #1204 Clearwater Beach, FL	2.0	2.0	1675	$6,500	$3.88	27d	1	0.69mi
125 Island Way #502 Clearwater Beach, FL	3.0	2.0	1850	$4,900	$2.65	27d	1	0.71mi
121 Island Way #323 Clearwater Beach, FL	2.0	2.0	1090	$2,950	$2.71	10d	1	0.75mi
880 Mandalay Ave Clearwater, FL	2.0	1.0–2.0	787	$4,995	$6.34	1d	8	0.77mi
880 Mandalay Ave Clearwater, FL	2.0	1.0–2.0	787	$4,995	$6.34	6d	9	0.77mi
105 Island Way Clearwater, FL	2.0	2.0	1090	$3,400	$3.12	27d	3	0.80mi
51 Island Way Clearwater, FL	1.0–2.0	1.0–2.0	823	$2,700	$3.28	17d	2	0.85mi
110 Devon Dr Clearwater Beach, FL	3.0	2.0	1377	$6,500	$4.72	27d	1	0.99mi
185 Brightwater Dr #6 Clearwater, FL	2.0	2.0	1430	$3,900	$2.73	27d	1	1.15mi
445 S Hamden Dr Unit 1 Clearwater, FL	2.0	2.0	1500	$3,000	$2.00	27d	1	1.34mi
530 S Gulfview Blvd #401 Clearwater Beach, FL	3.0	2.0	1803	$2,500	$1.39	7d	1	1.40mi
868 Bayway Blvd #312 Clearwater Beach, FL	2.0	2.0	1181	$3,000	$2.54	27d	1	1.42mi
440 S Gulfview Blvd #1102 Clearwater Beach, FL	2.0	2.0	1264	$5,000	$3.96	27d	1	1.42mi
440 S Gulfview Blvd #1105 Clearwater Beach, FL	2.0	2.0	1186	$2,750	$2.32	27d	1	1.42mi
450 S Gulfview Blvd #1606 Clearwater Beach, FL	2.0	2.0	1264	$2,900	$2.29	27d	1	1.46mi
450 S Gulfview Blvd #1208 Clearwater Beach, FL	2.0	2.0	1186	$2,950	$2.49	27d	1	1.46mi
450 S Gulfview Blvd Unit 1546100P Clearwater, FL	2.0	2.0	1259	$3,475	$2.76	10d	1	1.46mi
450 S Gulfview Blvd #907 Clearwater Beach, FL	2.0	2.0	1264	$4,500	$3.56	27d	1	1.46mi
450 S Gulfview Blvd Clearwater Beach, FL	2.0	2.0	1186	$2,850	$2.40	27d	1	1.46mi
450 S Gulfview Blvd #405 Clearwater Beach, FL	2.0	2.0	1186	$3,500	$2.95	27d	1	1.46mi
855 Bayway Blvd #907 Clearwater Beach, FL	2.0	2.0	1260	$3,100	$2.46	20d	1	1.46mi

HOA detail condo

• Monthly dues: $1,075 · $12,900/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-22
   days on market $330,000 Active 206 DOM
2. 2026-06-22
   days on market $330,000 Active 205 DOM
3. 2026-06-18
   days on market $330,000 Active 202 DOM
4. 2026-06-17
   days on market $330,000 Active 201 DOM
5. 2026-06-16
   days on market $330,000 Active 200 DOM
6. 2026-06-15
   days on market $330,000 Active 199 DOM
7. 2026-06-13
   days on market $330,000 Active 197 DOM
8. 2026-06-09
   days on market $330,000 Active 193 DOM
9. 2026-06-08
   days on market $330,000 Active 192 DOM
10. 2026-06-07
    days on market $330,000 Active 191 DOM
11. 2026-06-04
    days on market $330,000 Active 188 DOM
12. 2026-06-03
    days on market $330,000 Active 187 DOM
13. 2026-06-01
    days on market $330,000 Active 185 DOM
14. 2026-05-31
    days on market $330,000 Active 184 DOM
15. 2025-11-28
    listed $330,000 Active
16. 2025-09-25
    historical
17. 2024-11-20
    status Active
18. 2024-11-20
    price $399,000
19. 2024-11-20
    historical
20. 2024-11-17
    listed $399,000 Active
21. 2024-09-19
    listed $450,000 Active
22. 2008-01-23
    historical
23. 2007-08-01
    listed $335,555
24. 2006-10-28
    listed $399,500

ⓘ 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: $2,008 · $167/mo
• Projected year-2 tax: $2,739 · $228/mo
• Expected delta: +$731/yr (+$61/mo · 36.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥110°F today · 28 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: $42,753
• − Mortgage interest: −$18,485
• − Property taxes: −$2,008
• − Insurance: −$2,448
• − Repairs & maintenance: −$3,420
• − Management: −$3,420
• − HOA: −$12,900
• − Depreciation: −$9,600
• Taxable loss: −$9,529
• Est. tax savings @ 24.0%: +$2,287
• After-tax cash flow: $-2,061/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

-17.4% since first listed

10 events — show timeline

• 2025-11-28 Listed $330,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-11-20 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-11-20 Price Changed $399,000 Stellar MLS as Distributed by MLS Grid
• 2024-11-20 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-11-17 Listed $399,000 Stellar MLS as Distributed by MLS Grid
• 2024-09-19 Listed $450,000 Stellar MLS as Distributed by MLS Grid
• 2008-01-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2007-08-01 Listed $335,555 Stellar MLS as Distributed by MLS Grid
• 2006-10-28 Listed $399,500 Stellar MLS as Distributed by MLS Grid

Property tax history

-1.4%/yr

Latest (2025): $2,008 · +6.3% YoY. Source: county tax records.