201 Palmetto Ct #201 · East Lake, FL 34677

$129,000

2 bd · 2.0 ba · 1,054 sqft · Condo · 11 Days on market

Built 1980 Fair condition $500/mo HOA · 26% 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 +18.0/30.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Condition / age +2.2/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautiful 2 bedroom, 2 bathroom condominium located in the heart of desirable Oldsmar. This inviting home features an open-concept layout perfect for comfortable everyday living and entertaining. The spacious living and dining areas flow seamlessly to a private screened back porch, creating the ideal spot to relax and enjoy the Florida lifestyle. The kitchen is equipped with sleek stainless steel appliances, ample cabinet space, and overlooks the main living area for added convenience. Both bedrooms are generously sized with great closet space, while the primary suite offers a private bathroom and peaceful retreat. Residents will enjoy plenty of parking along with access to

Key facts

• Community amenities
• Ample cabinet space
• Open-concept layout

Tags

• OPEN-CONCEPT LAYOUT
• PRIVATE SCREENED BACK PORCH
• STAINLESS STEEL APPLIANCES
• AMPLE CABINET SPACE
• COMMUNITY AMENITIES
• WELCOMING CLUBHOUSE

Property features AI

Finance

• Other: Homestead exemption present; Unit is unfurnished
• Financial info: Total monthly fees $500; Total annual fees $6,000; No lease restrictions reported
• HOA & community: HOA: James Grant; Monthly HOA dues $500 (includes other services); Clubhouse; Community pool; Pets allowed (max 40 lbs)

Exterior

• Utilities: Public water; Public sewer; Electricity available; Cable available; Water available; Other utilities
• Home design: Condominium; Single-story (one level); Faces east; Floor 1
• Construction: Metal roof; Other construction materials; Slab foundation; Built as part of building number 201
• Exterior features: Sidewalk; Other exterior features; Asphalt road surface

Interior

• Kitchen: Cooktop; Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Other interior features; 3 total rooms
• Laundry & utility: Washer; Dryer; Laundry located outside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $129k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $45 ($544/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Cap rate 7.3% vs local median 2.3% in East Lake — 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 65/100 on livability (#660 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: cost of living D, amenities F, commute 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 (-2.6%/yr); 283 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $892 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent.
• Climate carrying-cost: major flood risk; 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 $129,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.48% ✓
• Cap rate: 7.33%
• Cash-on-cash: 3.71%
• DSCR: 1.17
• GRM: 5.6

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: -19.2%
• Equity multiple: 0.36×
• Total profit: $-23,214
• Equity at exit: $19,234

10-year hold

• IRR: -28.0%
• Equity multiple: -0.01×
• Total profit: $-36,516
• Equity at exit: $11,154

Cash invested: $36,120 (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 34677

• Rents YoY: -2.6%
• Active inventory: 283
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,903 high
• Mortgage (P&I): −$676
• Tax est. 1.5%: −$161 /mo · $1,935/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$500
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $45

Break-even live

Break-even rent $1,846

Max offer price $129,000

Occupancy floor 93%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 Pine Ct Oldsmar, FL	2.0	2.0	1054	$2,300	$2.18	24d	1	0.02mi
103 Palmetto Ct #103 Oldsmar, FL	2.0	2.0	1054	$1,800	$1.71	24d	1	0.02mi
207 Palmetto Ct Oldsmar, FL	2.0	2.0	1054	$1,700	$1.61	24d	1	0.02mi
132 E Cypress Ct Oldsmar, FL	2.0	2.0	1054	$1,800	$1.71	20d	1	0.14mi
135 W Cypress Ct Oldsmar, FL	2.0	2.0	1054	$2,100	$1.99	24d	1	0.14mi
274 Cypress Ln Oldsmar, FL	2.0	2.0	1054	$1,600	$1.52	24d	1	0.14mi
114 Meadow Ln #114 Oldsmar, FL	2.0	2.0	879	$1,700	$1.93	24d	1	0.20mi
414 Meadow Ln Oldsmar, FL	1.0	1.0	700	$1,450	$2.07	24d	1	0.24mi
284 Woodlake Wynde Oldsmar, FL	2.0	2.0	924	$2,000	$2.16	24d	1	0.24mi
336 Woodlake Wynde Oldsmar, FL	2.0	2.0	924	$2,000	$2.16	18d	1	0.24mi
107 Windward Pl Unit 107 Oldsmar, FL	2.0	2.0	879	$2,000	$2.28	18d	1	0.27mi
112 Woodlands Ct Unit 1 Oldsmar, FL	2.0	2.0	1196	$1,800	$1.51	24d	1	0.27mi
244 Cypress Ln Unit 244 Oldsmar, FL	2.0	2.0	1053	$2,000	$1.90	24d	1	0.30mi
212 Cypress Ln Oldsmar, FL	2.0	2.0	1053	$1,600	$1.52	7d	1	0.30mi
161 Lakeside Dr Oldsmar, FL	2.0	2.0	1094	$2,000	$1.83	18d	1	0.34mi
109 Nancy Dr Oldsmar, FL	2.0	2.0	1094	$1,750	$1.60	3d	1	0.39mi
109 Nancy Dr Oldsmar, FL	2.0	2.0	1094	$1,750	$1.60	16d	1	0.39mi
207 Woodlake Wynde Unit 207 Oldsmar, FL	2.0	2.0	924	$2,100	$2.27	24d	1	0.39mi
1350 Seagate Dr Palm Harbor, FL	1.0–4.0	1.0–2.0	1044	$1,913	$1.83	1d	19	0.43mi
122 Caryl Way Bldg 1 Oldsmar, FL	2.0	2.0	1094	$1,850	$1.69	24d	1	0.44mi
218 Caryl Way Oldsmar, FL	2.0	2.0	1094	$1,740	$1.59	12d	1	0.46mi
2998 Bonaventure Cir #104 Palm Harbor, FL	2.0	2.0	900	$1,828	$2.03	4d	1	0.47mi
108 Nina Way #3 Oldsmar, FL	2.0	2.0	1094	$1,695	$1.55	24d	1	0.49mi
3028 Bonaventure Cir #103 Palm Harbor, FL	2.0	2.0	900	$1,500	$1.67	24d	1	0.60mi
220 Calibre Downs Ln Palm Harbor, FL	1.0–2.0	1.0–2.5	1052	$2,299	$2.19	24d	13	0.61mi
212 Katherine Blvd Palm Harbor, FL	1.0–4.0	1.0–2.5	1164	$1,775	$1.52	2d	15	0.65mi
3001 Landmark Blvd #101 Palm Harbor, FL	2.0	2.0	1353	$1,950	$1.44	24d	1	0.70mi
211 Countryside Key Blvd Oldsmar, FL	2.0	2.5	1280	$1,899	$1.48	24d	1	0.77mi
40 Dale Pl Oldsmar, FL	3.0	2.0	1445	$2,500	$1.73	24d	1	0.77mi
3975 Country Place Ln Palm Harbor, FL	1.0–2.0	1.0–2.0	788	$1,637	$2.08	1d	16	0.78mi
1 Pelican Dr N Oldsmar, FL	2.0	2.0	960	$2,000	$2.08	11d	1	0.90mi
86 Pelican Dr N Oldsmar, FL	2.0	2.0	864	$1,450	$1.68	24d	1	0.95mi
225 Tarpon Ln Oldsmar, FL	2.0	2.0	1120	$2,400	$2.14	4d	1	0.95mi
70 Joanne Pl Unit 70 Oldsmar, FL	3.0	2.0	1445	$2,500	$1.73	4d	1	0.99mi
3590 Magnolia Ridge Cir Unit G Palm Harbor, FL	2.0	2.0	1090	$1,695	$1.56	24d	1	1.00mi
2897 Thaxton Dr #65 Palm Harbor, FL	2.0	2.5	1390	$2,280	$1.64	4d	1	1.00mi
2879 Thaxton Dr #55 Palm Harbor, FL	2.0	2.5	1396	$2,200	$1.58	4d	1	1.02mi
160 Joanne Pl Oldsmar, FL	2.0	2.0	1250	$2,500	$2.00	24d	1	1.03mi
692 Bellingham Pl Palm Harbor, FL	3.0	2.0	1320	$2,800	$2.12	4d	1	1.03mi
650 Bellingham Pl Palm Harbor, FL	3.0	2.0	1320	$3,200	$2.42	4d	1	1.04mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-13
   status $129,000 Pending 11 DOM
2. 2026-06-09
   days on market $129,000 Active 11 DOM
3. 2026-06-08
   days on market $129,000 Active 10 DOM
4. 2026-06-07
   days on market $129,000 Active 9 DOM
5. 2026-06-04
   days on market $129,000 Active 6 DOM
6. 2026-06-03
   days on market $129,000 Active 5 DOM
7. 2026-06-02
   days on market $129,000 Active 4 DOM
8. 2026-06-01
   days on market $129,000 Active 3 DOM
9. 2026-05-31
   days on market $129,000 Active 2 DOM

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 93% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $22,835
• − Mortgage interest: −$7,226
• − Property taxes: −$1,935
• − Insurance: −$1,442
• − Repairs & maintenance: −$1,827
• − Management: −$1,827
• − HOA: −$6,000
• − Depreciation: −$3,753
• Taxable loss: −$1,175
• Est. tax savings @ 24.0%: +$282
• After-tax cash flow: $826/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This moderate-rehab property requires some cosmetic updates to its interior and exterior to improve its condition and value. Painting, updating fixtures, and landscaping improvements would significantly enhance its appeal.

Repairs flagged

• Minor Kitchen cabinets — Light wear and tear.
• Minor Kitchen countertops — Light wear and tear.
• Minor Bathroom fixtures — Light wear and tear.
• Minor Exterior siding — Some discoloration.
• Minor Interior walls/paint — Light chipping.
• Minor Windows — Sealing may be needed.
• Minor HVAC/mechanicals — No visible issues, but may need maintenance.
• Minor Landscaping — Improvement needed for better curb appeal.

Value-add opportunities

• Both Painting and updating fixtures — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and property value.
• Rental HVAC maintenance — Improves tenant comfort and reduces maintenance costs.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Light wear and tear.	Minor	$500–3,000
Kitchen countertops · Light wear and tear.	Minor	$500–3,000
Bathroom fixtures · Light wear and tear.	Minor	$500–3,000
Exterior siding · Some discoloration.	Minor	$500–3,000
Interior walls/paint · Light chipping.	Minor	$500–3,000
Windows · Sealing may be needed.	Minor	$500–3,000
HVAC/mechanicals · No visible issues, but may need maintenance.	Minor	$500–3,000
Landscaping · Improvement needed for better curb appeal.	Minor	$500–3,000
Total estimated repair cost · 8 items		$4,000–24,000

Value-add ROI direction

• Both Painting and updating fixtures — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and property value. ↑
• Rental HVAC maintenance — Improves tenant comfort and reduces maintenance costs. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — East Lake

• Score: 65/100
• State rank: #660
• US rank: #13305

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Lake, FL
• County: Pinellas County · 939,478 people
• City population: 26,662
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 22,762
• Household income: $93,474
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 548.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 11% Black 4% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 2%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 2%
• Foreign-born: 12% · Canada, Jamaica, China
• Languages at home: 85% English-only · Spanish 8% 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: ▼ -215.17%
• Current HPI: 296.7786
• Rent YoY: ▼ -2.58%
• 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

1 event — show timeline

• 2026-05-29 Listed $129,000 Stellar MLS as Distributed by MLS Grid