1715 Belleair Forest Dr Unit A · Belleair, FL 33756

$175,000

2 bd · 2.0 ba · 1,075 sqft · Condo public records · 62 Days on market

Built 1978 $593/mo HOA · 30% of rent

---

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 +10.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MUST OWN 1 YEAR BEFORE LEASING. MAX PET WEIGHT 20 LBS FOR 1 PET.

Key facts

• First-floor condo
• Ample cabinetry
• In-unit laundry

Tags

• FIRST-FLOOR CONDO
• OPEN-CONCEPT LAYOUT
• AMPLE CABINETRY
• IN-UNIT LAUNDRY
• ASSIGNED COVERED PARKING
• MATURE LANDSCAPING

Property features AI

Finance

• Other: Irrigation equipment
• Financial info: Total monthly fees $593.50; Total annual fees $7,122; Lease restrictions apply
• HOA & community: Homeowners association managed by Proactive Property Management; Monthly HOA dues $593.50 (includes cable TV, common area taxes, pool, escrow reserves, insurance, internet, structure and grounds maintenance, management, pest control, sewer, trash, water); Association approval required; Buyer approval required; Pets allowed with restrictions (breed restrictions, cats and dogs OK, number limit)

Exterior

• Parking: Carport with 1 space
• Utilities: Public sewer; Cable available; Electricity connected; Water connected
• Home design: Residential condominium; One story; Faces west; Entry on floor 1
• Construction: Block construction; Membrane roof; Slab foundation; Built as part of building 1715
• Exterior features: Sidewalk; Gunite in-ground private pool

Interior

• Kitchen: Dishwasher; Disposal; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: In-unit laundry room with washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (9.2% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $159k (9.2% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 1.1% in Belleair — 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 (#93 in FL, #1,439 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living 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 (-2.2%/yr); 363 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 38% of the median local income ($62k/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

• It's been on market 62 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $18k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $134k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• 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 $158,853 (9.2% 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 62 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.11% ✓
• Cap rate: 5.67%
• Cash-on-cash: -2.24%
• DSCR: 0.90
• GRM: 7.5

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: -24.6%
• Equity multiple: 0.19×
• Total profit: $-39,601
• Equity at exit: $26,093

10-year hold

• IRR: -40.1%
• Equity multiple: -0.28×
• Total profit: $-62,879
• Equity at exit: $15,131

Cash invested: $49,000 (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 33756

• Rents YoY: -2.2%
• Active inventory: 363
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,949 high
• Mortgage (P&I): −$918
• Tax from tax record: −$47 /mo · $567/yr
• Insurance: −$73
• HOA: −$593
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $-91

Break-even live

Break-even rent $2,064

Max offer price $158,853

Occupancy floor 100%

Sensitivity live

Price	-10% $8	-5% $-42	+0% $-91	+5% $-141	+10% $-190
Rent	-10% $-245	-5% $-168	+0% $-91	+5% $-14	+10% $63
Rate	-1.0pp $-3	-0.5pp $-47	base $-91	+0.5pp $-137	+1.0pp $-183

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1712 Belleair Forest Dr Unit D Belleair, FL	2.0	1.0	931	$1,495	$1.61	25d	1	0.06mi
1753 Belleair Forest Dr Unit D7 Belleair, FL	2.0	2.0	1068	$1,800	$1.69	25d	1	0.08mi
1006 14th Ave NW Largo, FL	3.0	2.0	1444	$2,450	$1.70	25d	1	0.28mi
811 Rosery Rd NW Largo, FL	1.0–3.0	1.0–3.0	1050	$2,538	$2.42	4d	20	0.29mi
821 14th Ave NW Largo, FL	3.0	1.0	900	$1,795	$1.99	25d	1	0.33mi
1030 Clearwater Largo Rd N Largo, FL	2.0	1.0	849	$1,875	$2.21	25d	1	0.33mi
641 Mehlenbacher Rd Unit 1/2 Belleair Bluffs, FL	2.0	1.0	900	$1,350	$1.50	4d	1	0.37mi
556 Clearwater Largo Rd Unit 1 Largo, FL	2.0	1.0	750	$1,600	$2.13	3d	1	0.43mi
813 4th Ave NW Largo, FL	3.0	1.0	1295	$2,000	$1.54	19d	1	0.47mi
301 Velma Dr E Largo, FL	2.0	2.0	1346	$2,950	$2.19	25d	1	0.52mi
1320 1st Ave NW Largo, FL	2.0	1.0	1100	$2,100	$1.91	25d	1	0.56mi
605 4th Ave NW Largo, FL	1.0–2.0	1.0–2.0	1032	$2,350	$2.28	4d	6	0.57mi
264 Ridge Rd N Largo, FL	3.0	1.5	981	$2,400	$2.45	25d	1	0.60mi
423 4th St NW Largo, FL	3.0	1.0	960	$1,500	$1.56	5d	1	0.61mi
250 Rosery Rd NW Largo, FL	1.0	1.0	672	$1,295	$1.93	4d	1	0.64mi
158 Ridge Rd N Largo, FL	2.0	2.0	1155	$1,925	$1.67	23d	2	0.64mi
158 Ridge Rd N Largo, FL	2.0	2.0	1155	$1,925	$1.67	25d	1	0.64mi
158 Ridge Rd N Largo, FL	2.0	2.0	1155	$1,925	$1.67	16d	1	0.64mi
1500 West Bay Dr Largo, FL	2.0	1.0	740	$1,595	$2.16	16d	1	0.64mi
250 Rosery Rd NW #283 Largo, FL	2.0	1.0	764	$1,395	$1.83	21d	1	0.65mi
428 4th St NW Largo, FL	2.0	1.0	850	$1,900	$2.24	25d	1	0.65mi
162 6th St NW Largo, FL	2.0	2.0	1230	$2,900	$2.36	5d	1	0.70mi
2141 Indian Ave S Belleair Bluffs, FL	3.0	2.0	1252	$2,999	$2.40	13d	1	0.72mi
675 Indian Rocks Rd N Belleair Bluffs, FL	1.0–2.0	1.0–2.0	770	$1,650	$2.14	9d	4	0.76mi
1701 Laurie Ln Belleair, FL	2.0	2.0	1260	$3,750	$2.98	5d	1	0.76mi
2242 Indian Ave S Belleair Bluffs, FL	3.0	2.0	1336	$2,800	$2.10	5d	1	0.78mi
2501 Renatta Dr Unit 1 Belleair Bluffs, FL	2.0	2.0	950	$1,575	$1.66	9d	1	0.81mi
489 Jewel Ct Unit 1 Belleair Bluffs, FL	2.0	2.0	950	$1,800	$1.89	19d	1	0.82mi
911 Washington Ave #212 Largo, FL	2.0	2.0	885	$1,675	$1.89	5d	1	0.83mi
713 Smith St Clearwater, FL	1.0	1.0	814	$1,595	$1.96	4d	1	0.83mi
833 Hall St Clearwater, FL	1.0	1.0	700	$1,350	$1.93	18d	1	0.86mi
833 Hall St Clearwater, FL	1.0	1.0	700	$1,350	$1.93	25d	1	0.86mi
2101 West Bay Dr Largo, FL	2.0	1.0	1000	$1,650	$1.65	5d	1	0.86mi
1632 Clearwater Largo Rd Clearwater, FL	3.0	1.0–2.0	961	$2,499	$2.60	3d	25	0.87mi
1007 Hawkins St Unit A Clearwater, FL	2.0	1.0	784	$1,845	$2.35	25d	1	0.91mi
610 Indian Rocks Rd N #103 Belleair Bluffs, FL	2.0	2.0	1230	$2,300	$1.87	5d	1	0.93mi
1571 S Myrtle Ave Clearwater, FL	3.0	2.0	1202	$2,400	$2.00	25d	1	1.01mi
1552 S Myrtle Ave Clearwater, FL	2.0	1.5	750	$1,750	$2.33	16d	1	1.05mi
1552 S Myrtle Ave Clearwater, FL	3.0	2.0	900	$1,950	$2.17	9d	1	1.05mi
1574 Ewing Ave Clearwater, FL	3.0	2.0	1324	$2,700	$2.04	5d	1	1.09mi

HOA detail condo

• Monthly dues: $593 · $7,116/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $175,000 Active 62 DOM
2. 2026-06-17
   days on market $175,000 Active 61 DOM
3. 2026-06-16
   days on market $175,000 Active 60 DOM
4. 2026-06-15
   days on market $175,000 Active 59 DOM
5. 2026-06-13
   days on market $175,000 Active 57 DOM
6. 2026-06-09
   pricedays on market $175,000 Active 53 DOM
7. 2026-06-08
   days on market $179,000 Active 52 DOM
8. 2026-06-07
   days on market $179,000 Active 51 DOM
9. 2026-06-04
   days on market $179,000 Active 48 DOM
10. 2026-06-03
    days on market $179,000 Active 47 DOM
11. 2026-06-01
    days on market $179,000 Active 45 DOM
12. 2026-05-31
    days on market $179,000 Active 44 DOM
13. 2026-05-22
    price $184,000
14. 2026-05-13
    price $187,000
15. 2026-04-28
    price $189,900
16. 2026-04-17
    listed $193,000 Active
17. 2006-09-18
    soldstatus $133,800
18. 2006-08-30
    soldstatus $133,750 64-char remark

    Show marketing remark (64 chars)

    MUST OWN 1 YEAR BEFORE LEASING. MAX PET WEIGHT 20 LBS FOR 1 PET.

19. 2006-05-08
    listed $134,900 64-char remark

    Show marketing remark (64 chars)

    MUST OWN 1 YEAR BEFORE LEASING. MAX PET WEIGHT 20 LBS FOR 1 PET.

20. 1982-09-01
    soldstatus $55,000

ⓘ 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: $567 · $47/mo
• Projected year-2 tax: $1,452 · $121/mo
• Expected delta: +$886/yr (+$74/mo · 156.3%)

ⓘ 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 ≥108°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,384
• − Mortgage interest: −$9,803
• − Property taxes: −$567
• − Insurance: −$875
• − Repairs & maintenance: −$1,871
• − Management: −$1,871
• − HOA: −$7,116
• − Depreciation: −$5,091
• Taxable loss: −$3,809
• Est. tax savings @ 24.0%: +$914
• After-tax cash flow: $-183/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 — Belleair

• Score: 81/100
• State rank: #93
• US rank: #1439

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belleair, FL
• County: Pinellas County · 939,478 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 32,201
• Household income: $61,872
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 1868.0

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: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 18% Black 11% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 16% · Canada
• Languages at home: 79% English-only · Spanish 14% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -438.74%
• Current HPI: 354.6792
• Rent YoY: ▼ -2.22%
• 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

+234.5% since first listed

8 events — show timeline

• 2026-05-22 Price Changed $184,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-13 Price Changed $187,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-28 Price Changed $189,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-17 Listed $193,000 Stellar MLS as Distributed by MLS Grid
• 2006-09-18 Sold (Public Records) $133,800 Public Records
• 2006-08-30 Sold (MLS) $133,750 Stellar MLS as Distributed by MLS Grid
• 2006-05-08 Listed $134,900 Stellar MLS as Distributed by MLS Grid
• 1982-09-01 Sold (Public Records) $55,000 Public Records

Property tax history

-4.3%/yr

Latest (2025): $567 · +4.4% YoY. Source: county tax records.