4995 42nd Ave N · Lealman, FL 33709

$475,000

4 bd · 3.0 ba · 2,310 sqft · MultiFamily public records · 23 Days on market

Built 1978

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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 +24.5/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Beautiful spacious 2 bedroom 2 bath custom home with 2 car garage and a 2 bedroom 1 bath apartment above . Located on a double lot with plenty of room for a boat or RV with power hook up . The home features gorgeous hardwood floors and Italian tile , with high vaulted ceilings throughout. Bedrooms included . The garage has plenty of room for your toys , including washer/dryer hook up, and workshop . The yard has plenty of room for a great play area. The home is conveniently located 15 minutes from downtown St Pete , the airport, and our world renown beaches . It is within walking distance to Diston Plaza, with plenty of restaurant's and a new Publix.

Key facts

• Two parcels
• Upstairs unit
• Main front unit

Tags

• MULTI-FAMILY PROPERTY
• TWO PARCELS
• THREE SEPARATE LIVING SPACES
• UPSTAIRS UNIT
• DOWNSTAIRS EFFICIENCY UNIT
• MAIN FRONT UNIT

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $972 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $468k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 flat; 309 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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 $5,200/mo this rent would consume 117% of the median local household income ($54k/yr) (locally 712% 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 $3k of loan paydown is wiped out by about $14k 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 23 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago 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 $210k; list at $475k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $467,875 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.77%
• DSCR: 1.39
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.99% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.81×
• Total profit: $-25,411
• Equity at exit: $70,824

10-year hold

• IRR: 2.0%
• Equity multiple: 1.13×
• Total profit: $16,874
• Equity at exit: $41,069

Cash invested: $133,000 (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: 22.2×

Monthly cashflow live

• Estimated rent: $5,200 high
• Mortgage (P&I): −$2,491
• Tax from tax record: −$448 /mo · $5,370/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,092
• Net cashflow: $972

Break-even live

Break-even rent $3,970

Max offer price $475,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,564
1× unit	1	1	$1,637
Total (3 units)			$5,200

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3300 55th St N Saint Petersburg, FL	3.0	2.0	1677	$3,011	$1.80	21d	1	0.68mi
4767 26th Ave N Saint Petersburg, FL	4.0	3.0	1911	$3,750	$1.96	1d	1	1.01mi
5200 26th Ave N St Petersburg, FL	3.0	2.0	1755	$4,500	$2.56	24d	1	1.03mi
4912 23rd Ave N Saint Petersburg, FL	3.0	2.0	1760	$3,195	$1.82	4d	1	1.21mi
5345 60th Ave N Saint Petersburg, FL	3.0	2.5	1740	$2,400	$1.38	7d	1	1.21mi
4116 Yardley Ave N Saint Petersburg, FL	3.0	2.0	1680	$4,150	$2.47	4d	1	1.32mi
6400 46th Ave N Kenneth City, FL	4.0	3.0	1616	$2,500	$1.55	19d	1	1.34mi
3725 57th Ave N Saint Petersburg, FL	3.0	2.0	1800	$3,200	$1.78	4d	1	1.44mi
6400 46th Ave N #10 Kenneth City, FL	4.0	3.0	1616	$2,500	$1.55	17d	1	1.47mi

Listing history 25 events

1. 2026-06-18
   days on market $475,000 Active 23 DOM
2. 2026-06-17
   days on market $475,000 Active 22 DOM
3. 2026-06-16
   days on market $475,000 Active 21 DOM
4. 2026-06-15
   days on market $475,000 Active 20 DOM
5. 2026-06-13
   days on market $475,000 Active 18 DOM
6. 2026-06-09
   days on market $475,000 Active 14 DOM
7. 2026-06-08
   days on market $475,000 Active 13 DOM
8. 2026-06-07
   days on market $475,000 Active 12 DOM
9. 2026-06-04
   days on market $475,000 Active 9 DOM
10. 2026-06-03
    days on market $475,000 Active 8 DOM
11. 2026-06-01
    days on market $475,000 Active 6 DOM
12. 2026-05-31
    days on market $475,000 Active 5 DOM
13. 2026-05-26
    listed $475,000 Active
14. 2018-03-26
    soldstatus $210,000
15. 2018-03-24
    status Pending 658-char remark

    Show marketing remark (658 chars)

    Beautiful spacious 2 bedroom 2 bath custom home with 2 car garage and a 2 bedroom 1 bath apartment above . Located on a double lot with plenty of room for a boat or RV with power hook up . The home features gorgeous hardwood floors and Italian tile , with high vaulted ceilings throughout. Bedrooms included . The garage has plenty of room for your toys , including washer/dryer hook up, and workshop . The yard has plenty of room for a great play area. The home is conveniently located 15 minutes from downtown St Pete , the airport, and our world renown beaches . It is within walking distance to Diston Plaza, with plenty of restaurant's and a new Publix.

16. 2018-03-23
    soldstatus $210,000 Sold 658-char remark

    Show marketing remark (658 chars)

    Beautiful spacious 2 bedroom 2 bath custom home with 2 car garage and a 2 bedroom 1 bath apartment above . Located on a double lot with plenty of room for a boat or RV with power hook up . The home features gorgeous hardwood floors and Italian tile , with high vaulted ceilings throughout. Bedrooms included . The garage has plenty of room for your toys , including washer/dryer hook up, and workshop . The yard has plenty of room for a great play area. The home is conveniently located 15 minutes from downtown St Pete , the airport, and our world renown beaches . It is within walking distance to Diston Plaza, with plenty of restaurant's and a new Publix.

17. 2018-03-22
    status Pending 658-char remark

    Show marketing remark (658 chars)

    Beautiful spacious 2 bedroom 2 bath custom home with 2 car garage and a 2 bedroom 1 bath apartment above . Located on a double lot with plenty of room for a boat or RV with power hook up . The home features gorgeous hardwood floors and Italian tile , with high vaulted ceilings throughout. Bedrooms included . The garage has plenty of room for your toys , including washer/dryer hook up, and workshop . The yard has plenty of room for a great play area. The home is conveniently located 15 minutes from downtown St Pete , the airport, and our world renown beaches . It is within walking distance to Diston Plaza, with plenty of restaurant's and a new Publix.

18. 2018-03-15
    status Pending 658-char remark

    Show marketing remark (658 chars)

    Beautiful spacious 2 bedroom 2 bath custom home with 2 car garage and a 2 bedroom 1 bath apartment above . Located on a double lot with plenty of room for a boat or RV with power hook up . The home features gorgeous hardwood floors and Italian tile , with high vaulted ceilings throughout. Bedrooms included . The garage has plenty of room for your toys , including washer/dryer hook up, and workshop . The yard has plenty of room for a great play area. The home is conveniently located 15 minutes from downtown St Pete , the airport, and our world renown beaches . It is within walking distance to Diston Plaza, with plenty of restaurant's and a new Publix.

19. 2018-03-09
    price $219,000 658-char remark

    Show marketing remark (658 chars)

    Beautiful spacious 2 bedroom 2 bath custom home with 2 car garage and a 2 bedroom 1 bath apartment above . Located on a double lot with plenty of room for a boat or RV with power hook up . The home features gorgeous hardwood floors and Italian tile , with high vaulted ceilings throughout. Bedrooms included . The garage has plenty of room for your toys , including washer/dryer hook up, and workshop . The yard has plenty of room for a great play area. The home is conveniently located 15 minutes from downtown St Pete , the airport, and our world renown beaches . It is within walking distance to Diston Plaza, with plenty of restaurant's and a new Publix.

20. 2018-02-03
    listed $215,000 Active 658-char remark

    Show marketing remark (658 chars)

    Beautiful spacious 2 bedroom 2 bath custom home with 2 car garage and a 2 bedroom 1 bath apartment above . Located on a double lot with plenty of room for a boat or RV with power hook up . The home features gorgeous hardwood floors and Italian tile , with high vaulted ceilings throughout. Bedrooms included . The garage has plenty of room for your toys , including washer/dryer hook up, and workshop . The yard has plenty of room for a great play area. The home is conveniently located 15 minutes from downtown St Pete , the airport, and our world renown beaches . It is within walking distance to Diston Plaza, with plenty of restaurant's and a new Publix.

21. 2004-10-12
    soldstatus $206,000
22. 2004-08-30
    historical
23. 2004-06-08
    listed $212,900
24. 2004-05-18
    listed $212,900
25. 1987-08-26
    soldstatus $65,000

ⓘ 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: $5,370 · $448/mo
• Projected year-2 tax: $5,370 · $448/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 ≥106°F today · 24 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: $62,400
• − Mortgage interest: −$26,607
• − Property taxes: −$5,370
• − Insurance: −$2,375
• − Repairs & maintenance: −$4,992
• − Management: −$4,992
• − Depreciation: −$13,818
• Taxable income: $4,245
• Est. tax owed @ 24.0%: −$1,019
• After-tax cash flow: $10,640/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): 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

+630.8% since first listed

13 events — show timeline

• 2026-05-26 Listed $475,000 FSBO.com
• 2018-03-26 Sold (Public Records) $210,000 Public Records
• 2018-03-24 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-03-23 Sold (MLS) $210,000 Stellar MLS as Distributed by MLS Grid
• 2018-03-22 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-03-15 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-03-09 Price Changed $219,000 Stellar MLS as Distributed by MLS Grid
• 2018-02-03 Listed $215,000 Stellar MLS as Distributed by MLS Grid
• 2004-10-12 Sold (Public Records) $206,000 Public Records
• 2004-08-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2004-06-08 Listed $212,900 Stellar MLS as Distributed by MLS Grid
• 2004-05-18 Listed $212,900 Stellar MLS as Distributed by MLS Grid
• 1987-08-26 Sold (Public Records) $65,000 Public Records

Property tax history

+8.0%/yr

Latest (2025): $5,370 · +3.9% YoY. Source: county tax records.