6378 Gulf Winds Dr · St. Pete Beach, FL 33706

$748,000

15 bd · 9.0 ba · 1,598 sqft · MultiFamily · 240 Days on market

Built 1947 8,921 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 +25.8/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 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

This prime 3-unit income property at 6378 Gulf Winds Dr, St. Pete Beach, FL 33706 is a true coastal gem — just a 2-minute walk to the beautiful St. Pete Beach and steps from top hotels, restaurants, and beach bars. The property currently generates $5,500 monthly in rental income, with tenants paying their own electricity and water bills. Each unit features a private fenced backyard, ample parking, and a well-maintained layout offering both comfort and privacy. The roof was replaced in October 2021, and the property has remained unaffected by floods or hurricanes in recent years. A fantastic turnkey opportunity in one of Florida’s most desirable beachside communities — plea

Key facts

• Ample parking
• Roof replaced
• Turnkey opportunity

Tags

• PRIVATE FENCED BACKYARD
• AMPLE PARKING
• WELL-MAINTAINED LAYOUT
• ROOF REPLACED
• SHORT-TERM RENTALS ALLOWED
• TURNKEY OPPORTUNITY

Property features AI

Finance

• Other: Total living area reported: 1,598 sq ft (building area total 2,000 sq ft)
• Financial info: Annual net income reported (multi-family): $1.00; Pro forma rents indicated: $1,500 for the 1-bed unit; $2,000 for each 2-bed unit
• HOA & community: No association

Exterior

• Utilities: Public water; Private sewer; Cable available; Electricity available and connected; Sewer available and connected; Water available
• Home design: Triplex residential income property; Three buildings on the property; Lot approximately 0.2 acres; Asphalt road access
• Construction: Block and stucco construction; Shingle roof; Slab foundation
• Exterior features: Exterior lighting

Interior

• Bedrooms: Total of 5 bedrooms; Unit mix: one 1-bedroom unit and two 2-bedroom units
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Laundry features: Other

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $748k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $466/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $748k).
• Recommended offer: $658k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 0.9% in St. Pete Beach — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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 (-0.3%/yr); 615 active listings in the ZIP; solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $8,853/mo this rent would consume 102% of the median local household income ($104k/yr) (locally 552% 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 $5k of loan paydown is wiped out by about $22k 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 240 days — a 12% lower offer ($658k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $658,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% 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 1947 — 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. 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. 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.
9. 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.
10. 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: 1.18% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.45%
• DSCR: 1.47
• GRM: 7.0

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: -7.7%
• Equity multiple: 0.72×
• Total profit: $-57,713
• Equity at exit: $111,529

10-year hold

• IRR: -2.8%
• Equity multiple: 0.84×
• Total profit: $-34,256
• Equity at exit: $64,673

Cash invested: $209,440 (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 33706

• Rents YoY: -0.3%
• Active inventory: 615
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $8,853 medium
• Mortgage (P&I): −$3,923
• Tax est. 1.5%: −$935 /mo · $11,220/yr
• Insurance: −$312
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,859
• Net cashflow: $1,398

Break-even live

Break-even rent $7,083

Max offer price $748,000

Occupancy floor 79%

Sensitivity live

Price	-10% $1,915	-5% $1,657	+0% $1,398	+5% $1,140	+10% $881
Rent	-10% $699	-5% $1,048	+0% $1,398	+5% $1,748	+10% $2,097
Rate	-1.0pp $1,775	-0.5pp $1,588	base $1,398	+0.5pp $1,204	+1.0pp $1,007

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$8,853
Total (3 units)			$8,853

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: $187,000
• Closing costs: $22,440
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $748,000 Active 240 DOM
2. 2026-06-17
   days on market $748,000 Active 239 DOM
3. 2026-06-16
   days on market $748,000 Active 238 DOM
4. 2026-06-15
   days on market $748,000 Active 237 DOM
5. 2026-06-13
   days on market $748,000 Active 235 DOM
6. 2026-06-09
   days on market $748,000 Active 231 DOM
7. 2026-06-08
   days on market $748,000 Active 230 DOM
8. 2026-06-07
   days on market $748,000 Active 229 DOM
9. 2026-06-04
   days on market $748,000 Active 226 DOM
10. 2026-06-03
    days on market $748,000 Active 225 DOM
11. 2026-06-01
    days on market $748,000 Active 223 DOM
12. 2026-05-31
    days on market $748,000 Active 222 DOM
13. 2026-04-03
    price $748,000
14. 2026-03-05
    price $749,000
15. 2026-02-10
    price $749,500
16. 2025-10-21
    listed $750,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $106,236
• − Mortgage interest: −$41,900
• − Property taxes: −$11,220
• − Insurance: −$8,858
• − Repairs & maintenance: −$8,499
• − Management: −$8,499
• − Depreciation: −$21,760
• Taxable income: $5,500
• Est. tax owed @ 24.0%: −$1,320
• After-tax cash flow: $15,457/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 — St. Pete Beach

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Pete Beach, FL
• County: Pinellas County · 939,478 people
• City population: 15,347
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 15,298
• Household income: $104,359
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 552.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 4% Black 2% Asian 1%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 3%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 3% Russian/Polish/Slavic 1%

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: ▼ -600.61%
• Current HPI: 305.8311
• Rent YoY: ▼ -0.28%
• 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

-0.3% since first listed

4 events — show timeline

• 2026-04-03 Price Changed $748,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-05 Price Changed $749,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-10 Price Changed $749,500 Stellar MLS as Distributed by MLS Grid
• 2025-10-21 Listed $750,000 Stellar MLS as Distributed by MLS Grid