4097 46th Ave N #124 · Lealman, FL 33714

$115,000

2 bd · 1.0 ba · 540 sqft · Manufactured public records · 294 Days on market

Built 1975

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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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• 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

SPACIOUS 2 BR/1 BA fully renovated mobile home INCLUDES LAND in quiet 55 PLUS community, Situated on a spacious corner lot, step into this meticulously maintained mobile home and experience relaxed living at its finest. This home boasts a bright and open floor plan, complemented by large windows that flood the living spaces with natural light. The recently renovated kitchen features a wide spacious area. The living room/dining room is perfect for entertaining with a beautiful ceiling fan for added comfort to the split AC unit. Enjoy your morning coffee on the enclosed Florida room. Generous closet space in each bedroom and a new stackable washer/dryer in the home. Located in a friendly and

Key facts

• Spacious corner lot
• Built 1975
• Listed 294 days

Tags

• FULLY RENOVATED MOBILE HOME
• SPACIOUS CORNER LOT
• BRIGHT AND OPEN FLOOR PLAN
• RECENTLY RENOVATED KITCHEN
• ENCLOSED FLORIDA ROOM
• GENEROUS CLOSET SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 41% of the median local income ($47k/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 $795 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 294 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $18k; list at $115k implies a 539% 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 5→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 294 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.42% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.50%
• DSCR: 2.00
• GRM: 5.9

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: 12.1%
• Equity multiple: 1.47×
• Total profit: $15,008
• Equity at exit: $17,147

10-year hold

• IRR: 18.8%
• Equity multiple: 2.37×
• Total profit: $43,966
• Equity at exit: $9,943

Cash invested: $32,200 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,629 high
• Mortgage (P&I): −$603
• Tax from tax record: −$32 /mo · $383/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $604

Break-even live

Break-even rent $864

Max offer price $115,000

Occupancy floor 58%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3733 42nd Ave N Saint Petersburg, FL	2.0	1.0	608	$1,695	$2.79	24d	1	0.36mi
5301 40th St N Saint Petersburg, FL	2.0	1.0	720	$1,950	$2.71	2d	1	0.45mi
3600 49th Ave N Saint Petersburg, FL	1.0–2.0	1.0	680	$1,600	$2.35	3d	8	0.48mi
3791 58th Ave N Unit 3 St. Petersburg, FL	1.0	1.0	500	$1,430	$2.86	17d	1	0.78mi
4163 31st St N unit Unit D Saint Petersburg, FL	1.0	1.0	600	$1,490	$2.48	13d	1	0.90mi
3109 54th Ave N Unit 1/2 St. Petersburg, FL	1.0	1.0	400	$1,025	$2.56	17d	1	0.95mi
3109 54th Ave N Saint Petersburg, FL	1.0	1.0	400	$1,025	$2.56	21d	1	0.95mi
3201 36th Ave N Unit B St. Petersburg, FL	2.0	1.0	624	$1,500	$2.40	24d	1	0.97mi
3160 36th St N #115 Saint Petersburg, FL	1.0	1.0	610	$1,300	$2.13	1d	1	1.00mi
2807 41st Ave N Unit 3 St. Petersburg, FL	1.0	1.0	450	$1,600	$3.56	24d	1	1.09mi
3316 31st Ave N St. Petersburg, FL	1.0–2.0	1.0	825	$1,649	$2.00	2d	3	1.15mi
2730 37th Ave N Unit B St. Petersburg, FL	1.0	1.0	560	$1,590	$2.84	24d	1	1.26mi
3715 66th Ave N Unit B Pinellas Park, FL	2.0	1.0	750	$1,475	$1.97	21d	1	1.29mi
2846 30th St N Saint Petersburg, FL	2.0	1.0	736	$1,995	$2.71	4d	1	1.40mi
4660 24th St N Saint Petersburg, FL	3.0	1.0	600	$2,250	$3.75	24d	1	1.44mi
2848 30th Ave N St. Petersburg, FL	2.0	1.0	736	$2,150	$2.92	24d	1	1.44mi

Listing history 14 events

1. 2026-06-18
   days on market $115,000 Active 294 DOM
2. 2026-06-17
   days on market $115,000 Active 293 DOM
3. 2026-06-16
   days on market $115,000 Active 292 DOM
4. 2026-06-15
   days on market $115,000 Active 291 DOM
5. 2026-06-13
   days on market $115,000 Active 289 DOM
6. 2026-06-09
   days on market $115,000 Active 285 DOM
7. 2026-06-08
   days on market $115,000 Active 284 DOM
8. 2026-06-07
   days on market $115,000 Active 283 DOM
9. 2026-06-04
   days on market $115,000 Active 280 DOM
10. 2026-06-03
    days on market $115,000 Active 279 DOM
11. 2026-06-01
    days on market $115,000 Active 277 DOM
12. 2026-05-31
    days on market $115,000 Active 276 DOM
13. 2025-08-27
    listed $115,000 Active
14. 2003-02-01
    soldstatus $18,000

ⓘ 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: $383 · $32/mo
• Projected year-2 tax: $954 · $80/mo
• Expected delta: +$572/yr (+$48/mo · 149.3%)

ⓘ 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 5 d/yr ≥106°F today · 18 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: $19,546
• − Mortgage interest: −$6,442
• − Property taxes: −$383
• − Insurance: −$575
• − Repairs & maintenance: −$1,564
• − Management: −$1,564
• − Depreciation: −$3,345
• Taxable income: $5,673
• Est. tax owed @ 24.0%: −$1,362
• After-tax cash flow: $5,885/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

+538.9% since first listed

2 events — show timeline

• 2025-08-27 Listed $115,000 Fizber.com
• 2003-02-01 Sold (Public Records) $18,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $383 · +6.2% YoY. Source: county tax records.