7901 N 40th Ave N #21 · West Lealman, FL 33709

$125,000

2 bd · 2.0 ba · 780 sqft · Manufactured public records · 134 Days on market

Built 1967 13 ac lot Est $130k · at est. $275/mo HOA · 16% of rent ↓ 11% since listing

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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 +21.9/30.0
• ARV discount +9.3/15.0
• 1% rule +9.2/10.0
• DSCR +7.0/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The Colonys is a Land Share Community where you own a piece of the pie. Share value is 50,000 and is included in the price of the home. Hoa Fee is only 275.00 a month Includes water, sewer, Lawn Maintenance, Basic Cable and internet service. This lovely home is not in a flood zone You are approximately 2 miles from the VA Hospital and under 5 miles from sugary beaches such as Treasure Island and Madeira Beach. Pinellas trail is just around the corner for Bike riders and walkers. . This home has vinyl siding and a roof over along with newer windows. It has 2 bedrooms with 1 1/2 Baths. Bedrooms are furnished along with the dining room. Master Bedroom has a walk-in closet. There is a large of

Key facts

• Not in a flood zone
• Roof over
• Newer windows

Tags

• NOT IN A FLOOD ZONE
• UNDER 5 MILES FROM BEACHES
• PINELLAS TRAIL NEARBY
• VINYL SIDING
• ROOF OVER
• NEWER WINDOWS

Property features AI

Finance

• Other: Partially furnished; Third party listed
• Financial info: Total annual fees reported: $3,300; Lease restrictions apply
• HOA & community: Has HOA; monthly fee $275 (includes cable TV, pool, internet, recreational facilities, trash, water); Association amenities: Cable TV, Clubhouse, Fitness Center, Laundry, Pool, Recreation Facilities, Shuffleboard Court; Association approval required; Senior community; Pets not allowed; Golf carts allowed in community

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Public sewer; Cable available and connected; BB/HS internet available; Electricity available
• Home design: Residential mobile home (double wide); Attached property; One story; Faces East; Entry level: 1
• Construction: Metal frame construction; Roof over; Pillar/post/pier foundation; Built on a double wide body type
• Exterior features: Awning(s); Private heated gunite in-ground pool

Interior

• Kitchen: Cooktop; Range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Living room/dining room combo; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Laundry: Other

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 1.8% in West Lealman — 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 81/100 on livability (#84 in FL, #1,396 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, 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.
• Market conditions: Rents flat; 309 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 40% of the median local income ($54k/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 $864 of loan paydown is wiped out by about $4k 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 134 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: 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 $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.42% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.74%
• DSCR: 1.30
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $130,260
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7880 54th Ave N #57	0.69mi	2/1.5	810 (+4%)	2mo	$143,000	$177	58
8765 43rd Ave N #162	0.70mi	2/1.0	741 (-5%)	9mo	$36,000	$49	47
8753 44th Ave N #108	0.71mi	2/2.0	866 (+11%)	12mo	$145,000	$167	39
5245 E Park St N	0.71mi	2/1.0	672 (-14%)	17mo	$105,000	$156	25

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 · 0.99% rent growth · sell at horizon

5-year hold

• IRR: -8.8%
• Equity multiple: 0.69×
• Total profit: $-11,012
• Equity at exit: $18,638

10-year hold

• IRR: -3.1%
• Equity multiple: 0.82×
• Total profit: $-6,345
• Equity at exit: $10,808

Cash invested: $35,000 (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 33709

• Rents YoY: 1.0%
• Active inventory: 309
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,769 high
• Mortgage (P&I): −$656
• Tax from tax record: −$218 /mo · $2,622/yr
• Insurance: −$52
• HOA: −$275
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $197

Break-even live

Break-even rent $1,520

Max offer price $125,000

Occupancy floor 84%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7801 34th Ave N #88 Saint Petersburg, FL	2.0	1.0	624	$1,300	$2.08	2d	1	0.38mi
7801 34th Ave N #88 Saint Petersburg, FL	2.0	1.0	624	$1,400	$2.24	24d	1	0.38mi
8002 48th Ave N Saint Petersburg, FL	1.0	1.0	1050	$2,000	$1.90	3d	1	0.44mi
3855 39th Ave N St Petersburg, FL	2.0	2.5	1100	$1,850	$1.68	22d	1	0.47mi
7317 46th Ave N Unit 4 St. Petersburg, FL	1.0	1.0	528	$1,200	$2.27	14d	1	0.68mi
5217 81st St N #22 Saint Petersburg, FL	2.0	1.0	1010	$1,700	$1.68	24d	1	0.72mi
5257 81st Ln N #6 Saint Petersburg, FL	1.0	1.0	745	$1,375	$1.85	24d	1	0.76mi
5287 81st St N #26 Saint Petersburg, FL	2.0	2.0	1010	$1,500	$1.49	4d	1	0.78mi
5357 81st St N #14 Saint Petersburg, FL	2.0	2.0	1110	$1,550	$1.40	24d	1	0.81mi
8086 28th Ave N Saint Petersburg, FL	2.0	1.0	848	$2,200	$2.59	24d	1	0.85mi
4801 71st St N St Petersburg, FL	2.0	1.0	726	$1,900	$2.62	18d	1	0.89mi
4801 71st St N Saint Petersburg, FL	2.0	1.0	726	$1,900	$2.62	4d	1	0.89mi
5521 80th St N #312 Saint Petersburg, FL	1.0	1.0	1055	$1,500	$1.42	4d	1	0.89mi
5530 80th St N Unit C204 Saint Petersburg, FL	1.0	1.0	880	$1,450	$1.65	24d	1	0.92mi
4390 68th St N Saint Petersburg, FL	3.0	1.0	864	$1,950	$2.26	24d	1	0.94mi
4711 Sunnydale Ln N Unit A St. Petersburg, FL	2.0	1.0	800	$1,750	$2.19	24d	1	0.99mi
2500 Park St N Saint Petersburg, FL	2.0	1.0	1022	$2,700	$2.64	24d	1	1.00mi
3000 70th Ln N Saint Petersburg, FL	2.0	1.0	875	$1,600	$1.83	22d	1	1.03mi
2413 Park St N Saint Petersburg, FL	2.0	1.0	1006	$2,339	$2.33	3d	1	1.06mi
5750 80th St N St Petersburg, FL	1.0–2.0	1.0–1.5	987	$1,800	$1.82	24d	2	1.06mi
5725 80th St N #210 Saint Petersburg, FL	2.0	2.0	1125	$1,900	$1.69	24d	1	1.06mi
7045 30th Ave N Saint Petersburg, FL	1.0–2.0	1.0–2.0	825	$1,595	$1.93	8d	1	1.08mi
6801 48th Ave N Unit B St. Petersburg, FL	1.0	1.0	650	$1,525	$2.35	24d	1	1.09mi
7249 Parkside Villas Dr N Saint Petersburg, FL	2.0	2.0	956	$1,950	$2.04	24d	1	1.10mi
4701 68th St N Saint Petersburg, FL	1.0	1.0	700	$1,099	$1.57	24d	1	1.11mi
7238 55th Ave N Saint Petersburg, FL	2.0	2.0	1085	$1,899	$1.75	18d	1	1.13mi
9071 47th Ave N St. Petersburg, FL	2.0	2.0	1100	$2,000	$1.82	24d	1	1.14mi
5411 70th Ln N Saint Petersburg, FL	2.0	1.0	600	$1,800	$3.00	24d	1	1.17mi
7140 55th Ave N Saint Petersburg, FL	3.0	2.0	1085	$2,000	$1.84	22d	1	1.18mi
5136 68th St N Unit C St. Petersburg, FL	2.0	1.0	957	$1,700	$1.78	4d	1	1.18mi
5980 80th St N #205 St Petersburg, FL	2.0	2.0	1100	$1,950	$1.77	4d	1	1.19mi
3556 66th St N St. Petersburg, FL	1.0	1.0	610	$1,300	$2.13	15d	1	1.26mi
6538 42nd Ave N Unit 7 Kenneth City, FL	2.0	1.0	648	$2,000	$3.09	24d	1	1.31mi
2871 67th St N Saint Petersburg, FL	3.0	1.0	1075	$2,500	$2.33	24d	1	1.40mi
3980 64th St N Saint Petersburg, FL	1.0–2.0	1.0–2.0	707	$1,500	$2.12	3d	6	1.47mi

HOA detail

• Monthly dues: $275 · $3,300/yr
• Likely covers: watersewerinternetcable

Listing history 19 events

1. 2026-06-18
   days on market $125,000 Active 134 DOM
2. 2026-06-17
   days on market $125,000 Active 133 DOM
3. 2026-06-16
   days on market $125,000 Active 132 DOM
4. 2026-06-15
   days on market $125,000 Active 131 DOM
5. 2026-06-13
   days on market $125,000 Active 129 DOM
6. 2026-06-09
   days on market $125,000 Active 125 DOM
7. 2026-06-08
   days on market $125,000 Active 124 DOM
8. 2026-06-07
   days on market $125,000 Active 123 DOM
9. 2026-06-04
   days on market $125,000 Active 120 DOM
10. 2026-06-03
    days on market $125,000 Active 119 DOM
11. 2026-06-01
    days on market $125,000 Active 117 DOM
12. 2026-05-31
    days on market $125,000 Active 116 DOM
13. 2026-03-18
    price $125,000
14. 2026-02-04
    listed $132,500 Active
15. 2025-12-31
    historical
16. 2025-06-02
    status Active
17. 2025-05-31
    historical
18. 2025-05-05
    price $135,000
19. 2025-02-11
    listed $139,900 Active

ⓘ 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: $2,622 · $218/mo
• Projected year-2 tax: $2,622 · $218/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 · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,229
• − Mortgage interest: −$7,002
• − Property taxes: −$2,622
• − Insurance: −$625
• − Repairs & maintenance: −$1,698
• − Management: −$1,698
• − HOA: −$3,300
• − Depreciation: −$3,636
• Taxable income: $648
• Est. tax owed @ 24.0%: −$155
• After-tax cash flow: $2,203/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 — West Lealman

• Score: 81/100
• State rank: #84
• US rank: #1396

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: West Lealman, FL
• County: Pinellas County · 939,478 people
• City population: 25,371
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 25,050
• Household income: $53,501
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 712.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 11% Two or more races 10% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, Jamaica
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% Vietnamese 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: ▼ -416.74%
• Current HPI: 391.368
• Rent YoY: ▲ 0.99%
• 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

-10.7% since first listed

7 events — show timeline

• 2026-03-18 Price Changed $125,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-04 Listed $132,500 Stellar MLS as Distributed by MLS Grid
• 2025-12-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-06-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-05-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-05-05 Price Changed $135,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-11 Listed $139,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+11.7%/yr

Latest (2025): $2,622 · +9.2% YoY. Source: county tax records.