450 32nd Ave N Unit 107W · St. Petersburg, FL 33704

$119,000

1 bd · 1.0 ba · 780 sqft · Condo public records · 20 Days on market

Built 1965 $408/mo HOA · 22% of rent

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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 +16.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fantastic opportunity north of Downtown St. Pete! This 1BR/1BA condo is located in the quaint Patrician Gardens complex right off 4th Street, within walking distance to famous Coffee Pot Boulevard. The property is perfect for someone looking to add easy cosmetic updates and truly make it their own. Enjoy ultimate convenience and the perfect St. Pete lifestyle. Schedule your showing today!

Key facts

• $408 HOA
• Parking
• Built 1965

Tags

• PATRICIAN GARDENS COMPLEX

Property features AI

Finance

• Other: Property type: Residential Condominium; Total acreage about 0.59 acres; Asphalt road surface
• Financial info: Total monthly fees $408 (total annual fees $4,896); Lease restrictions apply
• HOA & community: HOA: Bella Primus (monthly fee $408); HOA includes maintenance of structure and grounds, management, sewer, trash and water; Association approval required; Condo land included; Community mailbox; Sidewalks; Pets allowed (max ~100 lbs)

Exterior

• Parking: Has carport; 1 carport space
• Utilities: Public water; Public sewer; Cable available; Other utilities
• Home design: Residential condominium; One-level unit (floor 1); Faces east; Entry on first floor
• Construction: Block construction; Built-up roof; Slab foundation; Building area approximately 780 square feet; Building/complex identified as 450
• Exterior features: Sidewalk; Other exterior features

Interior

• Kitchen: Built-in oven; Cooktop; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Concrete; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $119k.

Deal economics

• At list price, monthly cash flow is $65 ($775/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 2.6% in St. Petersburg — 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 rising (+3.4%/yr); 239 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $823 of loan paydown is wiped out by about $4k 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 20 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $24k; list at $119k implies a 396% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; HOA is 22% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,215 (1.5% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.54% ✓
• Cap rate: 6.94%
• Cash-on-cash: 2.32%
• DSCR: 1.10
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.43% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-14,001
• Equity at exit: $17,743

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-2,079
• Equity at exit: $10,289

Cash invested: $33,320 (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 33704

• Rents YoY: 3.4%
• Active inventory: 239
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,835 high
• Mortgage (P&I): −$624
• Tax from tax record: −$304 /mo · $3,645/yr
• Insurance: −$50
• HOA: −$408
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $65

Break-even live

Break-even rent $1,754

Max offer price $119,000

Occupancy floor 91%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
535 32nd Ave N Unit 5 St. Petersburg, FL	1.0	1.0	675	$1,750	$2.59	14d	1	0.09mi
442 30th Ave N Unit 9 St. Petersburg, FL	1.0	1.0	550	$1,545	$2.81	12d	1	0.13mi
344 33rd Ave N St. Petersburg, FL	1.0	1.0	560	$1,200	$2.14	4d	1	0.14mi
252 33rd Ave N St. Petersburg, FL	1.0	1.0	700	$1,995	$2.85	17d	1	0.20mi
800 32nd Ave N Saint Petersburg, FL	1.0–2.0	1.0	932	$1,349	$1.45	2d	3	0.31mi
646 38th Ave N Saint Petersburg, FL	2.0	1.0	978	$2,400	$2.45	4d	1	0.40mi
780 27th Ave N Saint Petersburg, FL	2.0	1.0	775	$2,000	$2.58	24d	1	0.42mi
917 30th Ave N Saint Petersburg, FL	1.0	1.0	645	$1,499	$2.32	3d	1	0.47mi
321 24th Ave N Unit 2 St. Petersburg, FL	1.0	1.0	560	$1,495	$2.67	7d	1	0.48mi
310 24th Ave N Unit B2 St. Petersburg, FL	1.0	2.0	600	$1,395	$2.33	17d	1	0.52mi
3460 Haines Rd N Unit 2 St. Petersburg, FL	1.0	1.0	539	$1,350	$2.50	7d	1	0.52mi
2758 10th St N Saint Petersburg, FL	2.0	2.0	1090	$3,350	$3.07	4d	1	0.56mi
2 23rd Ave N St. Petersburg, FL	1.0	1.0	720	$1,800	$2.50	17d	1	0.65mi
3651 Haines Rd N Saint Petersburg, FL	2.0	1.0	950	$1,800	$1.89	12d	1	0.66mi
925 24th Ave N Unit 1/2 St. Petersburg, FL	2.0	1.0	693	$1,900	$2.74	14d	1	0.67mi
131 41st Ave N Saint Petersburg, FL	2.0	2.0	933	$2,100	$2.25	3d	2	0.67mi
3700 Haines Rd N St Petersburg, FL	1.0–2.0	1.0	675	$1,700	$2.52	14d	2	0.70mi
828 22nd Ave N Apt 1/2 St. Petersburg, FL	1.0	1.0	550	$2,000	$3.64	17d	1	0.71mi
4200 1st St NE Unit 2 St. Petersburg, FL	1.0	1.0	800	$1,650	$2.06	24d	1	0.73mi
468 44th Ave N Unit 1/2 St. Petersburg, FL	1.0	1.0	693	$1,900	$2.74	24d	1	0.75mi
124 20th Ave N Saint Petersburg, FL	2.0	1.0	826	$3,200	$3.87	4d	1	0.77mi
613 44th Ave N Saint Petersburg, FL	2.0	1.0	1124	$2,250	$2.00	4d	1	0.79mi
1801 5th St N Unit 2 St. Petersburg, FL	1.0	1.0	738	$1,595	$2.16	24d	1	0.83mi
1921 Dr Martin Luther King Jr St N Saint Petersburg, FL	1.0	1.0	700	$1,550	$2.21	14d	1	0.84mi
1118 23rd Ave N Saint Petersburg, FL	2.0	1.0	1116	$2,450	$2.20	4d	1	0.84mi
1725 5th St N Unit 7 St. Petersburg, FL	—	1.0	629	$1,395	$2.22	24d	1	0.85mi
860 19th Ave N Saint Petersburg, FL	2.0	2.0	1044	$2,595	$2.49	17d	1	0.88mi
3131 16th St N Unit 4 St. Petersburg, FL	2.0	1.0	1000	$1,750	$1.75	10d	1	0.90mi
3103 16th St N Unit 3103 St. Petersburg, FL	2.0	1.0	700	$2,225	$3.18	3d	1	0.90mi
3107 16th St N St. Petersburg, FL	2.0	1.0	700	$2,285	$3.26	4d	1	0.90mi
3101 16th St N St. Petersburg, FL	2.0	1.0	700	$1,995	$2.85	4d	1	0.90mi
2014 Jackson St N Unit 2 St. Petersburg, FL	2.0	1.0	950	$2,300	$2.42	14d	1	0.90mi
547 46th Ave N Saint Petersburg, FL	2.0	1.0	837	$2,000	$2.39	7d	1	0.91mi
1527 5th St N Unit B3 St. Petersburg, FL	1.0	1.0	684	$1,595	$2.33	7d	1	0.92mi
4651 1st St NE #306 Saint Petersburg, FL	2.0	2.0	1120	$2,900	$2.59	4d	1	0.96mi
120 47th Ave N Saint Petersburg, FL	1.0–2.0	1.0–2.0	914	$1,399	$1.53	2d	8	0.98mi
1650 30th Ave N Saint Petersburg, FL	2.0	1.0	830	$1,850	$2.23	24d	1	0.99mi
4681 1st St NE #209 Saint Petersburg, FL	2.0	2.0	1120	$2,250	$2.01	24d	1	1.01mi
4104 1/2 Haines Rd N Unit 1 St. Petersburg, FL	2.0	1.0	1000	$1,850	$1.85	24d	1	1.01mi
363 48th Ave N Saint Petersburg, FL	1.0	1.0	750	$1,900	$2.53	24d	1	1.04mi

HOA detail condo

• Monthly dues: $408 · $4,896/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   days on market $119,000 Active 20 DOM
2. 2026-06-17
   days on market $119,000 Active 19 DOM
3. 2026-06-16
   days on market $119,000 Active 18 DOM
4. 2026-06-15
   days on market $119,000 Active 17 DOM
5. 2026-06-13
   days on market $119,000 Active 15 DOM
6. 2026-06-09
   days on market $119,000 Active 11 DOM
7. 2026-06-08
   days on market $119,000 Active 10 DOM
8. 2026-06-07
   days on market $119,000 Active 9 DOM
9. 2026-06-04
   days on market $119,000 Active 6 DOM
10. 2026-06-03
    days on market $119,000 Active 5 DOM
11. 2026-06-02
    days on market $119,000 Active 4 DOM
12. 2026-06-01
    days on market $119,000 Active 3 DOM
13. 2026-05-31
    days on market $119,000 Active 2 DOM

ⓘ 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: $3,645 · $304/mo
• Projected year-2 tax: $3,645 · $304/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 · 28 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: $22,024
• − Mortgage interest: −$6,666
• − Property taxes: −$3,645
• − Insurance: −$595
• − Repairs & maintenance: −$1,762
• − Management: −$1,762
• − HOA: −$4,896
• − Depreciation: −$3,462
• Taxable loss: −$763
• Est. tax savings @ 24.0%: +$183
• After-tax cash flow: $958/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. Petersburg

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

Census & demographics

• Census place: St. Petersburg, FL
• County: Pinellas County · 939,478 people
• City population: 249,151
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 16,232
• Household income: $107,889
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 632.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 7% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 1%
• Common ancestry: Lithuanian 4% Slovak 4% Romanian 4%
• Foreign-born: 9% · Canada, Jamaica, Vietnam
• Languages at home: 92% English-only · Spanish 3% German/W. Germanic 1% French/Haitian/Cajun 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: ▼ -822.13%
• Current HPI: 473.0888
• Rent YoY: ▲ 3.43%
• 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

+395.8% since first listed

5 events — show timeline

• 2026-05-29 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-05-28 Listed $119,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 1988-12-12 Sold (Public Records) $24,000 Public Records
• 1988-12-12 Sold (Public Records) $24,000 Public Records

Property tax history

+16.1%/yr

Latest (2025): $3,645 · +5175.2% YoY. Source: county tax records.