1236 Teahouse Dr · Clearwater, FL 33764

$166,900

2 bd · 2.0 ba · 1,029 sqft · Manufactured · 2 Days on market

Built 2026 Est $134k · 25% 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 +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +7.0/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +1.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautiful 2-bedroom, 2-bath Palm Harbor Hayden model. Designed with comfort and functionality in mind, this open-concept home offers a bright living area, a well-appointed kitchen with ample cabinet space, and a spacious primary suite with a private bath. The thoughtful floor plan maximizes every square foot, creating a warm and inviting atmosphere that is perfect for both everyday living and entertaining. Whether you're looking to downsize or enjoy low-maintenance living, this stylish home combines modern features, quality construction, and exceptional value.

Key facts

• Built 2026

Property features AI

Finance

• Financial info: List price $166,900

Exterior

• Home design: Single-family property (spec new construction)
• Construction: New construction (spec); Built in 2026

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 bathrooms
• Interior features: Living area approximately 1,029

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $167k.

Deal economics

• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $167k).
• Cap rate 9.4% 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 falling (-5.2%/yr); 261 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 36% of the median local income ($67k/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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major 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 $166,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.15%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $133,770
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20000 US Highway 19 N #512	0.24mi	2/2.0	1,115 (+8%)	13mo	$145,000	$130	64
20000 US Highway 19 N #420	0.24mi	2/1.5	966 (-6%)	20mo	$80,000	$83	60
585 Sky Harbor Dr #312	0.57mi	2/2.0	1,080 (+5%)	16mo	$157,000	$145	52
585 Sky Harbor Dr #416	0.57mi	2/1.0	946 (-8%)	10mo	$130,000	$137	48
18675 US Highway 19 N #478	0.72mi	2/1.5	936 (-9%)	3mo	$69,900	$75	47

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: -3.1%
• Equity multiple: 0.89×
• Total profit: $-5,237
• Equity at exit: $24,885

10-year hold

• IRR: 2.9%
• Equity multiple: 1.18×
• Total profit: $8,426
• Equity at exit: $14,430

Cash invested: $46,732 (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 33764

• Rents YoY: -5.2%
• Active inventory: 261
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,010 high
• Mortgage (P&I): −$875
• Tax est. 1.5%: −$209 /mo · $2,504/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $434

Break-even live

Break-even rent $1,460

Max offer price $166,900

Occupancy floor 73%

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: $41,725
• Closing costs: $5,007
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1012 Pearce Dr #304 Clearwater, FL	2.0	2.0	1200	$2,049	$1.71	4d	1	0.19mi
20000 US Highway 19 N #612 Clearwater, FL	2.0	2.0	800	$1,300	$1.62	24d	1	0.23mi
20000 US Highway 19 N Unit 610 Clearwater, FL	1.0	1.0	800	$1,150	$1.44	24d	1	0.26mi
1001 Pearce Dr #302 Clearwater, FL	1.0	1.5	1048	$1,750	$1.67	4d	1	0.27mi
2650 Pearce Dr #111 Clearwater, FL	2.0	2.0	1200	$2,000	$1.67	14d	1	0.34mi
2650 Pearce Dr Clearwater, FL	2.0	2.0	1175	$1,850	$1.57	24d	2	0.34mi
19355 US Highway 19 N Clearwater, FL	1.0–3.0	1.0–2.0	1093	$2,489	$2.28	3d	13	0.39mi
2505 Harn Blvd #1 Clearwater, FL	3.0	2.5	1429	$2,400	$1.68	4d	1	0.42mi
2465 Brentwood Dr Clearwater, FL	3.0	2.0	1301	$2,550	$1.96	24d	1	0.42mi
19135 US Highway 19 N Clearwater, FL	1.0–4.0	1.0–2.5	1139	$1,849	$1.62	1d	30	0.42mi
2525 Harn Blvd #3 Clearwater, FL	2.0	2.5	1252	$1,899	$1.52	24d	1	0.47mi
1330 Moreland Dr Clearwater, FL	2.0	2.0	1192	$2,125	$1.78	24d	3	0.49mi
2729 Seville Blvd Clearwater, FL	1.0–3.0	1.0–2.0	1057	$2,432	$2.30	1d	33	0.49mi
19029 US Highway 19 N Unit 6-10 Clearwater, FL	1.0	1.0	875	$1,300	$1.49	4d	1	0.51mi
2430 Harn Blvd Unit 14 Clearwater, FL	1.0	1.0	725	$1,400	$1.93	24d	1	0.52mi
2430 Harn Blvd Unit 7 Clearwater, FL	1.0	1.0	725	$1,500	$2.07	3d	1	0.52mi
19029 U.S. 19 Unit 7-8 Clearwater, FL	2.0	2.0	1060	$2,200	$2.08	17d	1	0.58mi
19029 U.S. 19 Unit 1-19 Clearwater, FL	1.0	1.5	950	$2,000	$2.11	21d	1	0.58mi
2346 Druid Rd #1106 Clearwater, FL	2.0	2.0	1008	$1,495	$1.48	16d	1	0.73mi
1515 Flournoy Loop Unit 1511622P Clearwater, FL	1.0	1.0	796	$3,057	$3.84	14d	1	0.75mi
1515 Flournoy Loop Unit 1511623P Clearwater, FL	1.0	1.0	796	$4,866	$6.11	1d	1	0.75mi
1551 Flournoy Cir W Clearwater, FL	1.0–3.0	1.0–2.0	916	$2,086	$2.28	1d	32	0.83mi
1564 Flournoy Cir W Unit 1515105P Clearwater, FL	2.0	2.0	990	$5,329	$5.38	14d	1	0.86mi
2709 Via Cipriani Clearwater, FL	2.0	2.0	1368	$2,050	$1.50	24d	1	0.87mi
2709 Via Cipriani Unit 531A Clearwater, FL	2.0	2.0	1309	$2,150	$1.64	24d	1	0.87mi
2730 Via Tivoli Unit 332B Clearwater, FL	2.0	2.0	1198	$2,350	$1.96	24d	1	0.87mi
2730 Via Tivoli Unit 320B Clearwater, FL	2.0	2.0	1368	$2,350	$1.72	4d	1	0.87mi
101 S Old Coachman Rd Clearwater, FL	3.0	1.0–2.0	983	$2,296	$2.34	3d	16	0.89mi
2738 Via Tivoli Unit 231B Clearwater, FL	2.0	2.0	1309	$2,500	$1.91	24d	1	0.89mi
2236 Morningside Dr Clearwater, FL	2.0	1.5	902	$2,200	$2.44	4d	1	0.89mi
2381 Chaucer St Clearwater, FL	2.0	1.0	1000	$1,950	$1.95	2d	1	0.90mi
2348 Shelley St #9 Clearwater, FL	2.0	1.0	950	$2,200	$2.32	24d	1	0.92mi
2755 Via Capri #1226 Clearwater, FL	2.0	1.0	980	$2,798	$2.86	4d	1	0.94mi
2755 Via Capri #1211 Clearwater, FL	2.0	2.0	1140	$1,995	$1.75	4d	1	0.94mi
2755 Via Capri #1220 Clearwater, FL	2.0	2.0	1140	$2,300	$2.02	24d	1	0.94mi
2755 Via Capri #1237 Clearwater, FL	1.0	1.0	980	$2,000	$2.04	21d	1	0.94mi
2370 Chaucer St Clearwater, FL	3.0	1.0	1100	$2,500	$2.27	4d	1	0.94mi
2747 Via Capri #1126 Clearwater, FL	2.0	2.0	1230	$2,250	$1.83	4d	1	0.95mi
2739 Via Capri #1023 Clearwater, FL	2.0	2.0	1230	$1,995	$1.62	1d	1	0.95mi
2715 Via Capri #732 Clearwater, FL	2.0	2.0	1140	$2,300	$2.02	4d	1	0.96mi

Listing history 3 events

1. 2026-06-18
   days on market $166,900 Active 2 DOM
2. 2026-06-17
   remarks 587-char remark
3. 2026-06-17
   listed $166,900 Active 1 DOM

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,119
• − Mortgage interest: −$9,349
• − Property taxes: −$2,504
• − Insurance: −$834
• − Repairs & maintenance: −$1,929
• − Management: −$1,929
• − Depreciation: −$4,855
• Taxable income: $2,717
• Est. tax owed @ 24.0%: −$652
• After-tax cash flow: $4,561/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): 27,311
• Household income: $67,256
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1118.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 8% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 4% Lithuanian 3% German 2%
• Foreign-born: 14% · Canada, Jamaica, Vietnam
• Languages at home: 80% English-only · Spanish 10% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -350.08%
• Current HPI: 315.4133
• Rent YoY: ▼ -5.24%
• 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