4565 Duhme Rd #203 · Madeira Beach, FL 33708

$109,900

1 bd · 1.0 ba · 780 sqft · Condo public records · 160 Days on market

Built 1967 $576/mo HOA · 28% 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 +27.8/30.0
• 1% rule +10.0/10.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a get-a-way 2nd home or a permanent place to live?? Best value in a small 55+ complex. Minutes to the Beach, Shopping, etc. Laundry and covered parking. No dogs or trucks - Cat Only.

Key facts

• Covered carport
• New hvac
• $576 HOA

Tags

• WALKING DISTANCE TO PUBLIX
• WALKING DISTANCE TO WALGREENS
• WALKING DISTANCE TO SHOPPING
• COVERED CARPORT
• NEW HVAC
• HIGH-IMPACT FRONT WINDOWS

Property features AI

Finance

• Other: Unfurnished
• Financial info: Total monthly fees $576; Total annual fees $6,912; Lease restrictions apply
• HOA & community: HOA required (Harbeck Hospitality); Monthly association fee $576; Association fee includes cable TV, insurance, internet, building and grounds maintenance, sewer, trash, and water; Association approval required; Buyer approval required; Senior community; No pets allowed

Exterior

• Parking: Covered parking; 1-car carport
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Sewer connected; Water connected
• Home design: Condominium; Residential property; Second-floor unit; Faces west; One level
• Construction: Block construction; Built-up roof; Slab foundation
• Exterior features: Balcony; Exterior lighting

Interior

• Kitchen: Cooktop; Microwave; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Common area laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $93k (15.0% below list).
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $93k (15.0% below list) — sets the bar for cash-flow.
• Cap rate 9.9% vs local median 0.5% in Madeira 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 70/100 on livability (#419 in FL) — a middle-class / working-renter tenant base. Strengths: schools A, health & safety B; Watch: crime D+, 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 (-1.8%/yr); 565 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k 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 160 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $23k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 28% of rent.
• 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,460 (15.0% 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 160 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
10. 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?
11. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
12. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
13. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
14. 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.
15. 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.

Investment metrics

• 1% rule: 1.86% ✓
• Cap rate: 9.93%
• Cash-on-cash: 13.00%
• DSCR: 1.58
• GRM: 4.5

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: -30.3%
• Equity multiple: 0.05×
• Total profit: $-29,119
• Equity at exit: $16,386

10-year hold

• IRR: -96.7%
• Equity multiple: -0.74×
• Total profit: $-53,670
• Equity at exit: $9,502

Cash invested: $30,772 (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 33708

• Rents YoY: -1.8%
• Active inventory: 565
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,047 high
• Mortgage (P&I): −$576
• Tax from tax record: −$85 /mo · $1,023/yr
• Insurance: −$46
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$576
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-93

Break-even live

Break-even rent $2,164

Max offer price $93,460

Occupancy floor 100%

Sensitivity live

Price	-10% $-31	-5% $-62	+0% $-93	+5% $-124	+10% $-155
Rent	-10% $-255	-5% $-174	+0% $-93	+5% $-12	+10% $69
Rate	-1.0pp $-38	-0.5pp $-65	base $-93	+0.5pp $-122	+1.0pp $-151

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4565 Duhme Rd #110 Saint Petersburg, FL	2.0	1.0	780	$1,700	$2.18	25d	1	0.02mi
4575 Cove Cir #1105 Saint Petersburg, FL	—	1.0	563	$1,600	$2.84	8d	1	0.08mi
4575 Cove Cir #703 Saint Petersburg, FL	2.0	2.0	1040	$2,200	$2.12	5d	1	0.08mi
4650 Cove Cir #611 Saint Petersburg, FL	2.0	2.0	970	$2,500	$2.58	4d	1	0.09mi
4650 Cove Cir #402 Saint Petersburg, FL	2.0	2.0	970	$3,500	$3.61	25d	1	0.09mi
4550 Cove Cir #804 Saint Petersburg, FL	1.0	1.5	860	$1,750	$2.03	25d	1	0.15mi
4550 Cove Cir #905 Saint Petersburg, FL	1.0	1.0	530	$1,350	$2.55	25d	1	0.15mi
4525 Cove Cir #608 Saint Petersburg, FL	2.0	2.0	1060	$2,000	$1.89	14d	1	0.16mi
4525 Cove Cir #304 Saint Petersburg, FL	1.0	1.5	815	$2,100	$2.58	22d	1	0.17mi
4775 Cove Cir #202 Saint Petersburg, FL	2.0	2.0	1050	$1,850	$1.76	25d	1	0.18mi
4775 Cove Cir #1202 Saint Petersburg, FL	2.0	2.0	1050	$3,500	$3.33	25d	1	0.18mi
4775 Cove Cir #508 Saint Petersburg, FL	2.0	2.0	1050	$2,000	$1.90	24d	1	0.18mi
4775 Cove Cir #1102 Saint Petersburg, FL	2.0	2.0	1050	$1,700	$1.62	8d	1	0.18mi
4725 Cove Cir #405 Saint Petersburg, FL	1.0	1.0	815	$1,750	$2.15	18d	1	0.19mi
4750 Cove Cir #302 Saint Petersburg, FL	2.0	2.0	1040	$2,500	$2.40	25d	1	0.22mi
1 Boca Ciega Point Blvd #115 Saint Petersburg, FL	2.0	2.0	920	$1,900	$2.07	2d	1	0.43mi
10532 51st Ter N Saint Petersburg, FL	2.0	1.0	1093	$1,800	$1.65	18d	1	0.65mi
4652 Miramar Dr Madeira Beach, FL	1.0–2.0	1.0–2.0	958	$1,660	$1.73	2d	33	0.66mi
240 Medallion Blvd Unit A Madeira Beach, FL	2.0	2.0	750	$2,250	$3.00	17d	1	0.72mi
230 Medallion Blvd Unit E Madeira Beach, FL	2.0	1.0	750	$2,250	$3.00	24d	1	0.72mi
159 Medallion Blvd Unit A Madeira Beach, FL	1.0	1.0	600	$2,000	$3.33	5d	1	0.87mi
223 148th Ave E Madeira Beach, FL	1.0	1.0	527	$1,800	$3.42	5d	1	0.98mi
4771 100th Way N Unit 101 St. Petersburg, FL	2.0	1.0	800	$1,749	$2.19	18d	1	0.98mi
4771 100th Way N Unit 204 St. Petersburg, FL	1.0	1.0	550	$1,549	$2.82	25d	1	0.98mi
15462 Gulf Blvd #501 Madeira Beach, FL	2.0	2.0	1100	$3,800	$3.45	3d	1	1.01mi
15462 Gulf Blvd #508 Madeira Beach, FL	2.0	2.5	1100	$3,800	$3.45	4d	1	1.01mi
5224 100th Way N Saint Petersburg, FL	2.0	1.0	930	$2,400	$2.58	4d	1	1.02mi
9940 47th Ave N #320 Saint Petersburg, FL	2.0	1.0	900	$1,575	$1.75	25d	1	1.05mi
115 145th Ave #4 Madeira Beach, FL	1.0	1.0	750	$1,900	$2.53	25d	1	1.07mi
115 145th Ave Apt 3 Madeira Beach, FL	1.0	1.0	750	$1,900	$2.53	25d	1	1.07mi
115 145th Ave #4 Madeira Beach, FL	1.0	1.0	650	$1,795	$2.76	3d	1	1.07mi
115 145th Ave Unit 6 Madeira Beach, FL	1.0	1.0	600	$1,750	$2.92	25d	1	1.07mi
113 145th Ave #1 Madeira Beach, FL	1.0	1.0	600	$2,300	$3.83	21d	1	1.08mi
113 145th Ave Apt 2 Madeira Beach, FL	1.0	1.0	550	$2,200	$4.00	21d	1	1.08mi
9950 52nd Ter N Saint Petersburg, FL	2.0	1.0	1090	$2,200	$2.02	25d	1	1.12mi
14147 Palm St Unit 2 Madeira Beach, FL	1.0	1.0	585	$2,100	$3.59	18d	1	1.20mi
14135 Palm St Madeira Beach, FL	1.0	1.0	645	$1,850	$2.87	3d	1	1.21mi
14120 Palm St Apt 104 Madeira Beach, FL	2.0	1.0	770	$2,000	$2.60	25d	1	1.25mi
14017 W Parsley Dr Madeira Beach, FL	1.0	1.0	744	$1,800	$2.42	25d	1	1.25mi
540 Normandy Rd Unit Na Madeira Beach, FL	1.0	1.0	750	$1,950	$2.60	8d	1	1.35mi

HOA detail condo

• Monthly dues: $576 · $6,912/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $109,900 Active 160 DOM
2. 2026-06-17
   days on market $109,900 Active 159 DOM
3. 2026-06-16
   days on market $109,900 Active 158 DOM
4. 2026-06-15
   days on market $109,900 Active 157 DOM
5. 2026-06-13
   days on market $109,900 Active 155 DOM
6. 2026-06-09
   days on market $109,900 Active 151 DOM
7. 2026-06-08
   days on market $109,900 Active 150 DOM
8. 2026-06-07
   days on market $109,900 Active 149 DOM
9. 2026-06-04
   days on market $109,900 Active 146 DOM
10. 2026-06-03
    days on market $109,900 Active 145 DOM
11. 2026-06-01
    days on market $109,900 Active 143 DOM
12. 2026-05-31
    days on market $109,900 Active 142 DOM
13. 2026-05-23
    price $109,900
14. 2026-05-03
    price $119,900
15. 2026-04-11
    price $124,900
16. 2026-02-18
    price $129,900
17. 2026-01-09
    listed $132,500 Active
18. 2023-03-10
    soldstatus $125,000 Closed 195-char remark

    Show marketing remark (195 chars)

    Looking for a get-a-way 2nd home or a permanent place to live?? Best value in a small 55+ complex. Minutes to the Beach, Shopping, etc. Laundry and covered parking. No dogs or trucks - Cat Only.

19. 2023-03-10
    soldstatus $125,000

    Show marketing remark (195 chars)

    Looking for a get-a-way 2nd home or a permanent place to live?? Best value in a small 55+ complex. Minutes to the Beach, Shopping, etc. Laundry and covered parking. No dogs or trucks - Cat Only.

20. 2023-02-27
    status Pending 195-char remark

    Show marketing remark (195 chars)

    Looking for a get-a-way 2nd home or a permanent place to live?? Best value in a small 55+ complex. Minutes to the Beach, Shopping, etc. Laundry and covered parking. No dogs or trucks - Cat Only.

21. 2023-02-21
    listed $125,000 Active 195-char remark

    Show marketing remark (195 chars)

    Looking for a get-a-way 2nd home or a permanent place to live?? Best value in a small 55+ complex. Minutes to the Beach, Shopping, etc. Laundry and covered parking. No dogs or trucks - Cat Only.

22. 2013-09-27
    soldstatus $31,500
23. 2013-09-26
    soldstatus $31,500 338-char remark

    Show marketing remark (338 chars)

    Looking for a getaway, 2nd home or a permament place to live?? Best value in a small 55 + complex. .. minutes to the beach, shopping, etc. Spacious 2nd floor 1 bedroom 1 bath condo with bonus room. .. can be used as a guest room, office, sitting room. . Kitchen is light and bright. Laundry and covered parking. No dogs or trucks allowed.

24. 2013-01-08
    listed $31,499 338-char remark

    Show marketing remark (338 chars)

    Looking for a getaway, 2nd home or a permament place to live?? Best value in a small 55 + complex. .. minutes to the beach, shopping, etc. Spacious 2nd floor 1 bedroom 1 bath condo with bonus room. .. can be used as a guest room, office, sitting room. . Kitchen is light and bright. Laundry and covered parking. No dogs or trucks allowed.

25. 2012-12-27
    historical
26. 2012-08-07
    listed $39,900
27. 1996-08-20
    soldstatus $34,000

ⓘ 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: $1,023 · $85/mo
• Projected year-2 tax: $1,023 · $85/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,560
• − Mortgage interest: −$6,156
• − Property taxes: −$1,023
• − Insurance: −$5,668
• − Repairs & maintenance: −$1,965
• − Management: −$1,965
• − HOA: −$6,912
• − Depreciation: −$3,197
• Taxable loss: −$2,326
• Est. tax savings @ 24.0%: +$558
• After-tax cash flow: $-559/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 — Madeira Beach

• Score: 70/100
• State rank: #419
• US rank: #7491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pinellas County · 939,478 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 15,060
• Household income: $82,500
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 734.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Asian 4% Two or more races 4% Black 1%
• Common ancestry: Romanian 4% Lithuanian 3% Italian 3%
• Foreign-born: 10% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% Vietnamese 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: ▼ -663.41%
• Current HPI: 317.0675
• Rent YoY: ▼ -1.77%
• 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

+223.2% since first listed

15 events — show timeline

• 2026-05-23 Price Changed $109,900 Stellar MLS as Distributed by MLS Grid
• 2026-05-03 Price Changed $119,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-11 Price Changed $124,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-18 Price Changed $129,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-09 Listed $132,500 Stellar MLS as Distributed by MLS Grid
• 2023-03-10 Sold (Public Records) $125,000 Public Records
• 2023-03-10 Sold (MLS) $125,000 Stellar MLS as Distributed by MLS Grid
• 2023-02-27 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-02-21 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2013-09-27 Sold (Public Records) $31,500 Public Records
• 2013-09-26 Sold (MLS) $31,500 Stellar MLS as Distributed by MLS Grid
• 2013-01-08 Listed $31,499 Stellar MLS as Distributed by MLS Grid
• 2012-12-27 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2012-08-07 Listed $39,900 Stellar MLS as Distributed by MLS Grid
• 1996-08-20 Sold (Public Records) $34,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,023 · +8.8% YoY. Source: county tax records.