2131 Ridge Rd S #135 · Largo, FL 33778

$154,000

2 bd · 2.0 ba · 930 sqft · Condo public records · 4 Days on market

Built 1986 $467/mo HOA · 24% 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 +17.1/30.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well maintained 2/2 villa has an open floor concept with vaulted ceiling in the living/dining room combo. Leading out from the living room sliding doors is a large screened lanai and laundry facility. Split plan bedrooms with the master bedroom has a large walk-in closet and 2nd closet, there is a full bath with shower. Off the master bedroom also leads out to the lanai and laundry facility. A second full bath located next to the second bedroom allows for privacy. The villa has been freshly painted and ceramic tile in the living, dining and kitchen area and laminate wood flooring in the bedrooms. Assigned space and guest parking available. Pets are allowed. Please confirm with HOA regarding size limits. Community heated pool has recently been renovated . Covered picnic area, tennis court, car wash and common area with kitchen and bathrooms. This condo is only minutes from the beaches, restaurants, and public transportation. Must own 2 years prior to renting.

Key facts

• Laundry closet
• Large screen lanai
• Walk in closet

Tags

• SCREENED ENCLOSED ENTRANCE
• LARGE SCREEN LANAI
• LAUNDRY CLOSET
• MASTER BEDROOM WITH ENSUITE
• WALK IN CLOSET
• SPACIOUS EAT IN KITCHEN

Property features AI

Finance

• Other: Unfurnished; Living area 930 square feet
• Financial info: Total monthly fees $467; total annual fees $5,604; Lease restrictions apply
• HOA & community: Monthly HOA fee of $467 (includes pool, recreational facilities, maintenance of grounds, sewer, water, trash, and escrow reserves); HOA requires approval; Buyer approval required; Clubhouse; Deed restrictions; Sidewalks; Tennis courts; Pets allowed with restrictions (cats and dogs OK, breed restrictions, max pet weight 100 lbs)

Exterior

• Parking: Assigned parking; Guest parking
• Utilities: Public water; Public sewer; Electricity connected; Cable connected; Water connected; Sewer connected
• Home design: Condominium; One story; Faces north; Entry on first floor
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as part of building 2131
• Exterior features: Screened patio/porch; Sidewalk; Sliding doors; In-ground heated gunite pool

Interior

• Kitchen: Dishwasher; Disposal; Range; Range hood; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Eat-in kitchen; Living room / dining room combo; Thermostat; Vaulted ceilings; Walk-in closets; Blinds
• Laundry & utility: Washer; Dryer; Laundry closet; Outdoor laundry access; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $154k.

Deal economics

• At list price, monthly cash flow is $107 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $154k).
• Cap rate 7.1% vs local median 4.2% in Largo — 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 82/100 on livability (#82 in FL, #1,240 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, amenities 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 rising (+1.4%/yr); 140 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 36% of the median local income ($65k/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 $1k of loan paydown is wiped out by about $5k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y ago 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 $130k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 7.13%
• Cash-on-cash: 2.98%
• DSCR: 1.13
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.38% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.51×
• Total profit: $-21,047
• Equity at exit: $22,962

10-year hold

• IRR: -8.6%
• Equity multiple: 0.51×
• Total profit: $-21,076
• Equity at exit: $13,315

Cash invested: $43,120 (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 33778

• Rents YoY: 1.4%
• Active inventory: 140
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,983 high
• Mortgage (P&I): −$808
• Tax from tax record: −$121 /mo · $1,446/yr
• Insurance: −$64
• HOA: −$467
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $107

Break-even live

Break-even rent $1,847

Max offer price $154,000

Occupancy floor 90%

Sensitivity live

Price	-10% $194	-5% $151	+0% $107	+5% $63	+10% $20
Rent	-10% $-50	-5% $29	+0% $107	+5% $185	+10% $264
Rate	-1.0pp $185	-0.5pp $146	base $107	+0.5pp $67	+1.0pp $27

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: $38,500
• Closing costs: $4,620
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
775 Royal Palm Cir Largo, FL	2.0	2.0	1008	$1,700	$1.69	5d	1	0.11mi
2131 Ridge Rd S #105 Largo, FL	2.0	1.5	1035	$1,850	$1.79	25d	1	0.15mi
2098 Seminole Blvd Largo, FL	1.0–3.0	1.0–2.0	1018	$2,395	$2.35	4d	23	0.29mi
13333 Ridge Rd Largo, FL	1.0–2.0	1.0–1.5	860	$1,765	$2.05	9d	1	0.32mi
253 Sago Palm St Largo, FL	2.0	2.0	1000	$1,295	$1.29	25d	1	0.40mi
1448 Oak St Largo, FL	2.0	2.0	1070	$2,300	$2.15	5d	1	0.54mi
11960 133rd Ave Largo, FL	3.0	1.0	936	$2,150	$2.30	9d	1	0.71mi
1201 Seminole Blvd Largo, FL	1.0–3.0	1.0–2.0	1067	$1,870	$1.75	3d	1	0.72mi
1825 134th Ave Largo, FL	3.0	2.0	1005	$2,200	$2.19	25d	1	0.75mi
13001 120th St Largo, FL	3.0	1.0	1044	$1,950	$1.87	9d	1	0.77mi
910 9th Ave SW Largo, FL	3.0	2.0	1120	$2,100	$1.88	5d	1	0.79mi
11666 126th Ter Largo, FL	3.0	1.0	1056	$2,183	$2.07	25d	1	0.80mi
11201 122nd Ave Largo, FL	1.0–2.0	1.0–2.0	867	$2,300	$2.65	5d	2	0.93mi
12651 Seminole Blvd #44 Largo, FL	2.0	1.5	1000	$1,450	$1.45	25d	1	1.00mi
2272 16th Ave SW Unit C Largo, FL	2.0	1.0	1031	$2,600	$2.52	25d	1	1.05mi
1741 Trotter Rd Unit A Largo, FL	2.0	1.0	800	$1,350	$1.69	25d	1	1.09mi
12100 Seminole Blvd Largo, FL	2.0	2.0	1050	$1,750	$1.67	25d	1	1.12mi
911 Washington Ave #212 Largo, FL	2.0	2.0	885	$1,675	$1.89	5d	1	1.14mi
157 2nd Ave SW Unit A Largo, FL	2.0	1.0	678	$1,600	$2.36	25d	1	1.16mi
705 Redbud LN Largo, FL	1.0–2.0	1.0–2.0	986	$2,615	$2.65	3d	189	1.17mi
1517 16th Cir SE Largo, FL	1.0	1.0	625	$1,250	$2.00	5d	1	1.26mi
1884 Pine St Largo, FL	3.0	1.5	1012	$2,499	$2.47	23d	1	1.37mi
1628 Pine St Largo, FL	1.0	1.0	850	$1,650	$1.94	25d	1	1.38mi
417 Woodrow Ave Largo, FL	1.0	1.0	650	$1,175	$1.81	19d	1	1.44mi
264 Ridge Rd N Largo, FL	3.0	1.5	981	$2,400	$2.45	25d	1	1.45mi
1500 West Bay Dr Largo, FL	2.0	1.0	740	$1,595	$2.16	16d	1	1.45mi
1320 1st Ave NW Largo, FL	2.0	1.0	1100	$2,100	$1.91	25d	1	1.46mi
3000 Karen Ave Largo, FL	2.0	1.0	888	$2,800	$3.15	25d	1	1.46mi
3000 Karen Ave Largo, FL	2.0	1.0	888	$2,450	$2.76	23d	1	1.46mi

HOA detail condo

• Monthly dues: $467 · $5,604/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-05-20
   listed $154,000 Active
2. 2018-11-21
   soldstatus $130,000
3. 2018-11-19
   soldstatus $130,000 Sold 977-char remark

   Show marketing remark (977 chars)

   This well maintained 2/2 villa has an open floor concept with vaulted ceiling in the living/dining room combo. Leading out from the living room sliding doors is a large screened lanai and laundry facility. Split plan bedrooms with the master bedroom has a large walk-in closet and 2nd closet, there is a full bath with shower. Off the master bedroom also leads out to the lanai and laundry facility. A second full bath located next to the second bedroom allows for privacy. The villa has been freshly painted and ceramic tile in the living, dining and kitchen area and laminate wood flooring in the bedrooms. Assigned space and guest parking available. Pets are allowed. Please confirm with HOA regarding size limits. Community heated pool has recently been renovated . Covered picnic area, tennis court, car wash and common area with kitchen and bathrooms. This condo is only minutes from the beaches, restaurants, and public transportation. Must own 2 years prior to renting.

4. 2018-10-25
   status Pending 977-char remark

   Show marketing remark (977 chars)

   This well maintained 2/2 villa has an open floor concept with vaulted ceiling in the living/dining room combo. Leading out from the living room sliding doors is a large screened lanai and laundry facility. Split plan bedrooms with the master bedroom has a large walk-in closet and 2nd closet, there is a full bath with shower. Off the master bedroom also leads out to the lanai and laundry facility. A second full bath located next to the second bedroom allows for privacy. The villa has been freshly painted and ceramic tile in the living, dining and kitchen area and laminate wood flooring in the bedrooms. Assigned space and guest parking available. Pets are allowed. Please confirm with HOA regarding size limits. Community heated pool has recently been renovated . Covered picnic area, tennis court, car wash and common area with kitchen and bathrooms. This condo is only minutes from the beaches, restaurants, and public transportation. Must own 2 years prior to renting.

5. 2018-08-13
   listed $132,000 Active 977-char remark

   Show marketing remark (977 chars)

   This well maintained 2/2 villa has an open floor concept with vaulted ceiling in the living/dining room combo. Leading out from the living room sliding doors is a large screened lanai and laundry facility. Split plan bedrooms with the master bedroom has a large walk-in closet and 2nd closet, there is a full bath with shower. Off the master bedroom also leads out to the lanai and laundry facility. A second full bath located next to the second bedroom allows for privacy. The villa has been freshly painted and ceramic tile in the living, dining and kitchen area and laminate wood flooring in the bedrooms. Assigned space and guest parking available. Pets are allowed. Please confirm with HOA regarding size limits. Community heated pool has recently been renovated . Covered picnic area, tennis court, car wash and common area with kitchen and bathrooms. This condo is only minutes from the beaches, restaurants, and public transportation. Must own 2 years prior to renting.

6. 2005-08-23
   soldstatus $126,400
7. 2005-08-13
   soldstatus $126,500 729-char remark

   Show marketing remark (729 chars)

   Fantastic 2bedroom/2bathroom villa in very well maintained, FHA approved community. This beautiful home is quiet, tree-shaded and close to the pool and recreation building. There is a screened porch on the rear and on the front, laundry room with new washer, brand new central heat & air complete with thermostat and all. This home is freshly painted and tastefully decorated in earth tones. The kitchen has eating space and a breakfast bar as well as a dining room. The roof isa little over two years old, kids and pets are allowed, ok to lease and the location is terrific, mid-county with traffic arteries to travel in any direction you might wish to, close to the beaches, shopping of all kinds and terrific resturants.

8. 2005-06-12
   listed $123,500 729-char remark

   Show marketing remark (729 chars)

   Fantastic 2bedroom/2bathroom villa in very well maintained, FHA approved community. This beautiful home is quiet, tree-shaded and close to the pool and recreation building. There is a screened porch on the rear and on the front, laundry room with new washer, brand new central heat & air complete with thermostat and all. This home is freshly painted and tastefully decorated in earth tones. The kitchen has eating space and a breakfast bar as well as a dining room. The roof isa little over two years old, kids and pets are allowed, ok to lease and the location is terrific, mid-county with traffic arteries to travel in any direction you might wish to, close to the beaches, shopping of all kinds and terrific resturants.

9. 2004-08-16
   soldstatus $103,000
10. 2004-07-28
    soldstatus $103,000
11. 2004-06-22
    historical
12. 2004-06-02
    listed $102,500
13. 2002-07-08
    soldstatus $73,500
14. 2001-10-05
    soldstatus $69,900
15. 1998-01-23
    soldstatus $54,900
16. 1991-11-18
    soldstatus $53,000

ⓘ 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: $1,446 · $121/mo
• Projected year-2 tax: $1,446 · $121/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 ≥107°F today · 25 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: $23,792
• − Mortgage interest: −$8,626
• − Property taxes: −$1,446
• − Insurance: −$770
• − Repairs & maintenance: −$1,903
• − Management: −$1,903
• − HOA: −$5,604
• − Depreciation: −$4,480
• Taxable loss: −$942
• Est. tax savings @ 24.0%: +$226
• After-tax cash flow: $1,510/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 — Largo

• Score: 82/100
• State rank: #82
• US rank: #1240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Largo, FL
• County: Pinellas County · 939,478 people
• City population: 106,311
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 16,807
• Household income: $65,355
• Rent vs Own: 17.1% rent · 82.9% own
• Severe rent burden: 261.0

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 9% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 6%
• Common ancestry: Romanian 3% Italian 3% Lithuanian 3%
• Foreign-born: 13% · Canada, Vietnam, Jamaica
• Languages at home: 85% English-only · Spanish 10% Vietnamese 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: ▼ -320.64%
• Current HPI: 369.3008
• Rent YoY: ▲ 1.38%
• 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

+190.6% since first listed

16 events — show timeline

• 2026-05-20 Listed $154,000 Stellar MLS as Distributed by MLS Grid
• 2018-11-21 Sold (Public Records) $130,000 Public Records
• 2018-11-19 Sold (MLS) $130,000 Stellar MLS as Distributed by MLS Grid
• 2018-10-25 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-08-13 Listed $132,000 Stellar MLS as Distributed by MLS Grid
• 2005-08-23 Sold (Public Records) $126,400 Public Records
• 2005-08-13 Sold (MLS) $126,500 Stellar MLS as Distributed by MLS Grid
• 2005-06-12 Listed $123,500 Stellar MLS as Distributed by MLS Grid
• 2004-08-16 Sold (Public Records) $103,000 Public Records
• 2004-07-28 Sold (MLS) $103,000 Stellar MLS as Distributed by MLS Grid
• 2004-06-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2004-06-02 Listed $102,500 Stellar MLS as Distributed by MLS Grid
• 2002-07-08 Sold (Public Records) $73,500 Public Records
• 2001-10-05 Sold (Public Records) $69,900 Public Records
• 1998-01-23 Sold (Public Records) $54,900 Public Records
• 1991-11-18 Sold (Public Records) $53,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $1,446 · +6.8% YoY. Source: county tax records.