2788 41st Ave N · Lealman, FL 33714

$525,000

None bd · 3.0 ba · 2,668 sqft · MultiFamily public records · 51 Days on market

Built 1951 5,624 sqft lot

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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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• 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

Under contract-accepting backup offers. Triplex investment opportunity in St. Petersburg with strong rental demand and value-add potential. This multi-unit property features three separate units with private entrances—Units A and B are 3-bedroom, 1-bath, and Unit C is a 2-bedroom, 1-bath—offering flexibility for long-term rentals, mid-term leasing, or owner-occupancy. Ideal for investors looking to expand their portfolio or buyers seeking to offset their mortgage by living in one unit and renting the others. Opportunity to increase rents and maximize returns with light updates and strategic management. Conveniently located near I-275, downtown St. Petersburg, shopping, dining, a

Key facts

• Ample parking
• Private entrances
• Triplex

Tags

• TRIPLEX
• PRIVATE ENTRANCES
• FUNCTIONAL LAYOUTS
• AMPLE PARKING
• HIGH-DEMAND RENTAL AREA

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $334/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• Recommended offer: $509k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.7% in 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 (#83 in FL, #1,394 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools F, employment 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 soft (-2.1%/yr); 165 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $5,942/mo this rent would consume 150% of the median local household income ($47k/yr) (locally 915% 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 $4k of loan paydown is wiped out by about $16k 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 51 days — a 3% lower offer ($509k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $55k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; list at $525k implies a 192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $509,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.13% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.19%
• DSCR: 1.41
• GRM: 7.4

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: -7.3%
• Equity multiple: 0.74×
• Total profit: $-38,629
• Equity at exit: $78,279

10-year hold

• IRR: -2.1%
• Equity multiple: 0.88×
• Total profit: $-18,348
• Equity at exit: $45,392

Cash invested: $147,000 (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 33714

• Home prices YoY: -30.9%
• Rents YoY: -2.1%
• Active inventory: 165
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $5,942 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$596 /mo · $7,158/yr
• Insurance: −$219
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,248
• Net cashflow: $1,001

Break-even live

Break-even rent $4,675

Max offer price $525,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,080
▸ 2× units	2	1	$3,862
Total (3 units)			$5,942

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1156 37th Ave N Saint Petersburg, FL	3.0	3.0	2178	$3,600	$1.65	10d	1	1.25mi
3725 57th Ave N Saint Petersburg, FL	3.0	2.0	1800	$3,200	$1.78	4d	1	1.33mi
3411 Iris St N Saint Petersburg, FL	3.0	2.0	2000	$2,250	$1.12	24d	1	1.46mi
2620 13th St N Saint Petersburg, FL	3.0	4.0	2342	$4,400	$1.88	24d	1	1.48mi
1155 53rd Ave N Saint Petersburg, FL	3.0	2.0	1790	$3,500	$1.96	4d	1	1.48mi

Listing history 12 events

1. 2026-04-27
   status Pending
2. 2026-04-21
   status Active
3. 2026-04-10
   status Pending
4. 2026-03-24
   status Active
5. 2026-03-23
   historical
6. 2026-03-18
   price $525,000
7. 2026-02-23
   listed $579,999 Active
8. 2006-05-16
   soldstatus $180,000
9. 2000-10-06
   soldstatus $118,300
10. 1999-03-11
    soldstatus $84,600
11. 1993-03-04
    soldstatus $32,600
12. 1989-01-31
    soldstatus $76,300

ⓘ 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: $7,158 · $596/mo
• Projected year-2 tax: $7,158 · $596/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 3/10 Moderate FEMA zone A · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 26 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: $71,304
• − Mortgage interest: −$29,408
• − Property taxes: −$7,158
• − Insurance: −$4,128
• − Repairs & maintenance: −$5,704
• − Management: −$5,704
• − Depreciation: −$15,273
• Taxable income: $3,929
• Est. tax owed @ 24.0%: −$943
• After-tax cash flow: $11,064/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 — Lealman

• Score: 81/100
• State rank: #83
• US rank: #1394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lealman, FL
• County: Pinellas County · 939,478 people
• City population: 20,103
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 19,227
• Household income: $47,487
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 915.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 64% Hispanic / Latino 13% Two or more races 12% Black 10% Asian 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 6% Dominican 1%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 16% · Canada, Vietnam
• Languages at home: 79% English-only · Spanish 11% Russian/Polish/Slavic 4% Vietnamese 3%

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: ▼ -179.12%
• Current HPI: 399.6253
• Rent YoY: ▼ -2.08%
• 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

+588.1% since first listed

12 events — show timeline

• 2026-04-27 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-21 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-10 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-03-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-03-18 Price Changed $525,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-23 Listed $579,999 Stellar MLS as Distributed by MLS Grid
• 2006-05-16 Sold (Public Records) $180,000 Public Records
• 2000-10-06 Sold (Public Records) $118,300 Public Records
• 1999-03-11 Sold (Public Records) $84,600 Public Records
• 1993-03-04 Sold (Public Records) $32,600 Public Records
• 1989-01-31 Sold (Public Records) $76,300 Public Records

Property tax history

+11.1%/yr

Latest (2025): $7,158 · +10.9% YoY. Source: county tax records.