5940 21st St N #11 · Lealman, FL 33714

$79,900

2 bd · 1.0 ba · 800 sqft · Condo public records · 83 Days on market

Built 1965 $448/mo HOA · 25% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks

Enjoy easy Florida living at an affordable price in this well-maintained 2-bedroom, 1-bath condo located in a quiet 55+ community in St. Petersburg far away from any flood zone. With 800 square feet, UPDATED DOUBLE-PANE WINDOWS, laminate flooring, and an HVAC system in good working order, this unit offers a comfortable, low-maintenance option for year-round living or a seasonal Florida retreat. Inside, the layout is practical and inviting, with bright, functional living spaces and two bedrooms that offer flexibility for guests, hobbies, or a home office. The front entry is surrounded by beautiful gardens, creating a welcoming first impression, while carport parking right out back adds every

Key facts

• Laminate flooring
• 30-year metal roof
• Carport parking

Tags

• DOUBLE-PANE WINDOWS
• LAMINATE FLOORING
• HVAC SYSTEM
• 30-YEAR METAL ROOF
• HEATED SWIMMING POOL
• CARPORT PARKING

Property features AI

Finance

• Other: Association name: Joseph Borruso
• Financial info: Total monthly fees $448; total annual fees $5,376; Lease restrictions apply
• HOA & community: Monthly condo fee of $448 (includes cable TV, pool, escrow reserves, fidelity bond, gas, insurance, internet, maintenance - structure & grounds, management, private road, recreational facilities, security, sewer, trash, water); Association amenities: clubhouse, laundry, maintenance, pool, recreation facilities, shuffleboard court, spa/hot tub, storage; Community features: clubhouse, fitness center, pool, sidewalks, community mailbox, deed restrictions, wheelchair access, buyer approval required, special community restrictions; Senior community; Pets not allowed; Association approval required

Exterior

• Parking: Assigned parking; Covered parking; Guest parking; Off-street parking; 1-car carport
• Security: Association-provided security
• Utilities: Public water; Public sewer; Cable available and connected; Electricity available and connected; Natural gas available and connected; Water available and connected; Sewer available and connected
• Home design: Condominium; Residential property; 2 total stories; Faces north
• Construction: Block construction; Membrane roof; Block foundation; Built as part of multi-unit building
• Exterior features: Enclosed patio/porch; Exterior lighting; Sidewalk; Exterior storage; Irrigation equipment; Trees / landscaped

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Living room / dining room combo; Open floorplan; Window treatments; Bonus room; Other interior features
• Laundry & utility: Laundry inside; Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $1,815/mo this rent would consume 46% 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 $552 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $22k; list at $80k implies a 263% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — 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. 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. 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: 2.27% ✓
• Cap rate: 12.42%
• Cash-on-cash: 21.88%
• DSCR: 1.97
• GRM: 3.7

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: 9.6%
• Equity multiple: 1.36×
• Total profit: $8,030
• Equity at exit: $11,913

10-year hold

• IRR: 14.7%
• Equity multiple: 1.95×
• Total profit: $21,180
• Equity at exit: $6,908

Cash invested: $22,372 (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: 3.7×

Monthly cashflow live

• Estimated rent: $1,815 high
• Mortgage (P&I): −$419
• Tax from tax record: −$126 /mo · $1,508/yr
• Insurance: −$33
• HOA: −$448
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $408

Break-even live

Break-even rent $1,299

Max offer price $79,900

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5850 18th St N St Petersburg, FL	1.0–2.0	1.0–2.0	727	$1,400	$1.92	24d	2	0.19mi
5920 18th St N #14 Saint Petersburg, FL	2.0	2.0	950	$1,400	$1.47	24d	1	0.21mi
5850 18th St N #23 Saint Petersburg, FL	2.0	2.0	870	$1,400	$1.61	17d	1	0.21mi
2275 62nd Ave N #203 St Petersburg, FL	2.0	2.0	940	$1,975	$2.10	24d	1	0.33mi
5924 15th Way N Saint Petersburg, FL	3.0	2.0	1104	$3,200	$2.90	4d	1	0.47mi
2734 62nd Ave N Apt 3 St. Petersburg, FL	2.0	1.5	833	$1,895	$2.27	24d	1	0.53mi
2715 63rd Ter N Unit B St. Petersburg, FL	2.0	2.0	1030	$1,900	$1.84	24d	1	0.56mi
2600 52nd Ave N Unit B St. Petersburg, FL	2.0	2.0	857	$2,275	$2.65	2d	1	0.65mi
2600 52nd Ave N Unit A St. Petersburg, FL	2.0	2.0	1018	$2,225	$2.19	2d	1	0.65mi
1145 54th Ave N Saint Petersburg, FL	2.0	1.0	810	$1,850	$2.28	24d	1	0.77mi
4660 24th St N Saint Petersburg, FL	3.0	1.0	600	$2,250	$3.75	24d	1	0.80mi
7260 17th Way N Saint Petersburg, FL	3.0	1.0	912	$3,650	$4.00	4d	1	0.86mi
3114 58th Ave N Saint Petersburg, FL	2.0	1.0	800	$1,950	$2.44	4d	1	0.89mi
3132 56th Ave N Saint Petersburg, FL	3.0	2.0	1063	$2,850	$2.68	24d	1	0.91mi
5200 28th St N Unit 628 St. Petersburg, FL	2.0	1.0	872	$2,200	$2.52	24d	1	0.94mi
5200 28th St N Unit 402 St. Petersburg, FL	2.0	2.0	850	$1,995	$2.35	16d	1	0.94mi
4481 Crestwood Dr N Saint Petersburg, FL	2.0	1.0	720	$1,950	$2.71	4d	1	0.97mi
6910 Dr Martin Luther King Jr St N Saint Petersburg, FL	2.0	1.0	780	$1,850	$2.37	24d	1	1.10mi
660 62nd Ave N #1204 Saint Petersburg, FL	1.0	1.0	656	$1,400	$2.13	23d	1	1.17mi
4104 1/2 Haines Rd N Unit 1 St. Petersburg, FL	2.0	1.0	1000	$1,850	$1.85	24d	1	1.26mi
3584 54th Ave N Saint Petersburg, FL	3.0	1.0	1012	$1,950	$1.93	4d	1	1.28mi
5519 Commonwealth Ave N Saint Petersburg, FL	2.0	1.0	852	$2,900	$3.40	4d	1	1.28mi
2519 39th Ave N Saint Petersburg, FL	3.0	2.0	1005	$2,750	$2.74	24d	1	1.31mi
209 NW Jefferson Cir N Unit 15 St. Petersburg, FL	2.0	1.0	740	$1,275	$1.72	24d	1	1.33mi
209 NW Jefferson Cir N Unit JEFFERSON209-15 St. Petersburg, FL	2.0	1.0	740	$1,275	$1.72	3d	1	1.33mi
3580 49th Ave N St. Petersburg, FL	2.0	1.0	790	$1,425	$1.80	3d	1	1.36mi
3560 49th Ave N St. Petersburg, FL	2.0	1.0	790	$1,425	$1.80	13d	1	1.37mi
3560 49th Ave N St. Petersburg, FL	2.0	1.0	790	$1,425	$1.80	11d	1	1.37mi
3600 49th Ave N Saint Petersburg, FL	1.0–2.0	1.0	680	$1,600	$2.35	3d	8	1.37mi
4163 31st St N unit Unit D Saint Petersburg, FL	1.0	1.0	600	$1,490	$2.48	13d	1	1.37mi
3725 18th St N Saint Petersburg, FL	2.0	1.0	700	$1,795	$2.56	16d	1	1.39mi
550 50th Ave N Saint Petersburg, FL	2.0	1.0	765	$1,700	$2.22	7d	2	1.39mi
5364 4th St N St. Petersburg, FL	1.0	1.0	570	$1,150	$2.02	24d	1	1.40mi
426 Palm Ave N Unit 9 St. Petersburg, FL	2.0	1.0	850	$1,500	$1.76	24d	1	1.41mi
4129 32nd St N Unit B St. Petersburg, FL	3.0	1.0	1000	$2,150	$2.15	24d	1	1.41mi
3715 66th Ave N Unit B Pinellas Park, FL	2.0	1.0	750	$1,475	$1.97	21d	1	1.42mi
1001 77th Ave N #308 Saint Petersburg, FL	1.0	1.0	650	$1,325	$2.04	4d	1	1.48mi
440 50th Ave N Saint Petersburg, FL	1.0	1.0	825	$2,100	$2.55	24d	1	1.49mi
547 46th Ave N Saint Petersburg, FL	2.0	1.0	837	$2,000	$2.39	7d	1	1.49mi

HOA detail condo

• Monthly dues: $448 · $5,376/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $79,900 Active 83 DOM
2. 2026-06-17
   days on market $79,900 Active 82 DOM
3. 2026-06-16
   days on market $79,900 Active 81 DOM
4. 2026-06-15
   days on market $79,900 Active 80 DOM
5. 2026-06-13
   days on market $79,900 Active 78 DOM
6. 2026-06-09
   days on market $79,900 Active 74 DOM
7. 2026-06-08
   days on market $79,900 Active 73 DOM
8. 2026-06-07
   days on market $79,900 Active 72 DOM
9. 2026-06-04
   days on market $79,900 Active 69 DOM
10. 2026-06-03
    days on market $79,900 Active 68 DOM
11. 2026-06-01
    days on market $79,900 Active 66 DOM
12. 2026-05-31
    days on market $79,900 Active 65 DOM
13. 2026-03-27
    listed $79,900 Active
14. 2026-03-15
    historical
15. 2026-01-10
    price $95,000
16. 2025-04-23
    listed $105,900 Active
17. 2013-02-11
    soldstatus $22,000

ⓘ 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: $1,508 · $126/mo
• Projected year-2 tax: $1,508 · $126/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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 28 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: $21,780
• − Mortgage interest: −$4,476
• − Property taxes: −$1,508
• − Insurance: −$400
• − Repairs & maintenance: −$1,742
• − Management: −$1,742
• − HOA: −$5,376
• − Depreciation: −$2,324
• Taxable income: $4,211
• Est. tax owed @ 24.0%: −$1,011
• After-tax cash flow: $3,884/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

+263.2% since first listed

5 events — show timeline

• 2026-03-27 Listed $79,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-15 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-01-10 Price Changed $95,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-23 Listed $105,900 Stellar MLS as Distributed by MLS Grid
• 2013-02-11 Sold (Public Records) $22,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $1,508 · +6.0% YoY. Source: county tax records.