11485 2nd St E · Treasure Island, FL 33706

$950,000

20 bd · 4.0 ba · 2,736 sqft · MultiFamily public records · 384 Days on market

Built 1957 5,693 sqft lot

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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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• 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: 4 units. confirmed

Listing remarks MLS

Walk to the beach from 4 plex located on Isle of Palms. Exceptional location and close to everything. This property has three one bedroom, 1 bath units on the ground floor and a two bedroom, 1 bath unit upstairs. The ground units are 520 sf and the upstairs is 1170 sf. The upstairs unit has a 2 car garage as well. Solid block construction, newer central heat/air for upstairs unit. Separate power meters, 1 common area for washer and dryer. Currently only 1 downstairs unit has a tenant which is month to month. Solid investment!

Key facts

• Common laundry area
• Large outside deck
• 5,693 sq ft lot

Tags

• COMMON LAUNDRY AREA
• LARGE OUTSIDE DECK
• SHORT WALK TO BEACHES
• POPULAR TOURIST ATTRACTIONS

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $715/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $950k).
• Recommended offer: $836k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 0.7% in Treasure Island — 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 76/100 on livability (#215 in FL, #3,355 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, commute A, employment B+; Watch: schools 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 (-0.3%/yr); 610 active listings in the ZIP; solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $12,217/mo this rent would consume 140% 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 $7k of loan paydown is wiped out by about $28k 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 384 days — a 12% lower offer ($836k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y ago; this cycle's ask has dropped $330k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $212k; list at $950k implies a 348% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1957 — 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 8→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $836,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 384 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 1957 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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.
10. 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.
11. 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: 1.29% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.83%
• DSCR: 1.66
• GRM: 6.5

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-7,223
• Equity at exit: $141,648

10-year hold

• IRR: 5.4%
• Equity multiple: 1.34×
• Total profit: $91,266
• Equity at exit: $82,139

Cash invested: $266,000 (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 33706

• Rents YoY: -0.3%
• Active inventory: 610
• Price-to-rent: 25.9×

Monthly cashflow live

• Estimated rent: $12,217 medium
• Mortgage (P&I): −$4,982
• Tax from tax record: −$986 /mo · $11,838/yr
• Insurance: −$396
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,566
• Net cashflow: $2,861

Break-even live

Break-even rent $8,596

Max offer price $950,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$12,216
Total (4 units)			$12,217

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-04-25
   status Pending
2. 2026-04-02
   status Active
3. 2026-03-31
   historical
4. 2026-03-06
   price $950,000
5. 2026-02-22
   price $1,000,000
6. 2026-02-16
   price $1,100,000
7. 2025-09-02
   price $1,200,000
8. 2025-08-13
   status Active
9. 2025-08-13
   price $1,280,000
10. 2025-08-13
    status Active
11. 2025-08-13
    historical
12. 2025-08-13
    historical
13. 2025-07-16
    listed $1,280,000 Active
14. 2025-07-15
    historical
15. 2025-05-13
    price $1,300,000
16. 2025-04-11
    status Active
17. 2025-04-11
    price $1,400,000
18. 2025-02-07
    listed $1,300,000 Active
19. 2012-02-15
    soldstatus $212,000
20. 2012-01-31
    soldstatus $212,000 531-char remark

    Show marketing remark (531 chars)

    Walk to the beach from 4 plex located on Isle of Palms. Exceptional location and close to everything. This property has three one bedroom, 1 bath units on the ground floor and a two bedroom, 1 bath unit upstairs. The ground units are 520 sf and the upstairs is 1170 sf. The upstairs unit has a 2 car garage as well. Solid block construction, newer central heat/air for upstairs unit. Separate power meters, 1 common area for washer and dryer. Currently only 1 downstairs unit has a tenant which is month to month. Solid investment!

21. 2011-12-20
    listed $199,500 531-char remark

    Show marketing remark (531 chars)

    Walk to the beach from 4 plex located on Isle of Palms. Exceptional location and close to everything. This property has three one bedroom, 1 bath units on the ground floor and a two bedroom, 1 bath unit upstairs. The ground units are 520 sf and the upstairs is 1170 sf. The upstairs unit has a 2 car garage as well. Solid block construction, newer central heat/air for upstairs unit. Separate power meters, 1 common area for washer and dryer. Currently only 1 downstairs unit has a tenant which is month to month. Solid investment!

ⓘ 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: $11,838 · $986/mo
• Projected year-2 tax: $11,838 · $986/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 8 d/yr ≥107°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $146,604
• − Mortgage interest: −$53,215
• − Property taxes: −$11,838
• − Insurance: −$9,868
• − Repairs & maintenance: −$11,728
• − Management: −$11,728
• − Depreciation: −$27,636
• Taxable income: $20,590
• Est. tax owed @ 24.0%: −$4,942
• After-tax cash flow: $29,386/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 — Treasure Island

• Score: 76/100
• State rank: #215
• US rank: #3355

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Treasure Island, FL
• County: Pinellas County · 939,478 people
• 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

+376.2% since first listed

21 events — show timeline

• 2026-04-25 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $950,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-22 Price Changed $1,000,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-16 Price Changed $1,100,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-02 Price Changed $1,200,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-13 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-08-13 Price Changed $1,280,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-13 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-08-13 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-08-13 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-07-16 Listed $1,280,000 Stellar MLS as Distributed by MLS Grid
• 2025-07-15 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-05-13 Price Changed $1,300,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-11 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-04-11 Price Changed $1,400,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-07 Listed $1,300,000 Stellar MLS as Distributed by MLS Grid
• 2012-02-15 Sold (Public Records) $212,000 Public Records
• 2012-01-31 Sold (MLS) $212,000 Stellar MLS as Distributed by MLS Grid
• 2011-12-20 Listed $199,500 Stellar MLS as Distributed by MLS Grid

Property tax history

+10.0%/yr

Latest (2025): $11,838 · +0.7% YoY. Source: county tax records.