708-712 Pennsylvania Ave · Clearwater, FL 33755

$479,999

12 bd · 3.0 ba · 1,848 sqft · MultiFamily public records · 35 Days on market

Built 1964 2,100 sqft lot

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.8/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Under contract-accepting backup offers. Turnkey investment opportunity in Clearwater! This well-maintained multi-unit property at 708–712 Pennsylvania Ave features strong income potential with value-add upside. Two of the units have been fully remodeled, showcasing updated kitchens, modern bathrooms, new flooring, windows, water heater, and fresh interior finishes—making them highly attractive to tenants and ready for premium rents. The remaining unit offers an opportunity for further improvement and increased cash flow. The property sits on a spacious lot with ample parking and is conveniently located near downtown Clearwater, major highways, shopping, and the Gulf beaches. Whe

Key facts

• New flooring
• New water heater
• Updated kitchens

Tags

• FULLY REMODELED UNITS
• UPDATED KITCHENS
• MODERN BATHROOMS
• NEW FLOORING
• NEW WINDOWS
• NEW WATER HEATER

Property features AI

Finance

• Other: Total building area reported: 2,407 square feet; Living area reported: 1,848 square feet; Lot approximately 0.52 acres (about 1/2 acre)
• Financial info: Annual net income reported: $48,600; Pro forma monthly rents by unit: $1,750 (2-bed), $1,250 (1-bed), $1,050 (1-bed)
• HOA & community: No association

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer; Cable available; High-speed internet / broadband available; Electricity available; Other utilities
• Home design: Residential income property (Triplex); Single building (one structure)
• Construction: Block construction; Shingle roof; Slab foundation
• Exterior features: Other exterior features

Interior

• Kitchen:
• Bedrooms: Total of 4 bedrooms; Three apartment units configured as: one 2-bedroom unit, two 1-bedroom units
• Flooring:
• Bathrooms: Three 1-bath units
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.5-bath units multifamily listed at $480k.

Deal economics

• At list price, monthly cash flow is $710 ($9k/yr) — positive. Per door: $237/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $471k (1.9% below list).
• Recommended offer: $466k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 2.9% in Clearwater — 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 (#60 in FL, #988 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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.
• Zoned schools: Sandy Lane Elementary School (math 32% / reading 22%, grade F, #1,969 of 2,144 statewide, top 94%, 304 students, 85% FRL); Clearwater High School (math 30% / reading 36%, grade F, #406 of 667 statewide, top 61%, 1,664 students, 59% FRL) — zoned schools average 72% FRL vs 48% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 51% district-wide (-21 pts) — the specific schools serving this property underperform the Pinellas average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-2.2%/yr); 261 active listings in the ZIP; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $4,709/mo this rent would consume 90% of the median local household income ($63k/yr) (locally 1511% 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 $3k of loan paydown is wiped out by about $14k 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 35 days — a 3% lower offer ($466k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 27329% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $340k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $465,599 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.98% ✗
• Cap rate: 8.07%
• Cash-on-cash: 6.34%
• DSCR: 1.28
• GRM: 8.5

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: -9.7%
• Equity multiple: 0.65×
• Total profit: $-46,460
• Equity at exit: $71,569

10-year hold

• IRR: -4.7%
• Equity multiple: 0.73×
• Total profit: $-36,015
• Equity at exit: $41,502

Cash invested: $134,400 (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 33755

• Rents YoY: -2.2%
• Active inventory: 261
• Price-to-rent: 25.5×

Monthly cashflow live

• Estimated rent: $4,709 high
• Mortgage (P&I): −$2,517
• Tax from tax record: −$293 /mo · $3,512/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$989
• Net cashflow: $710

Break-even live

Break-even rent $3,810

Max offer price $479,999

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$4,710
Total (3 units)			$4,709

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: $120,000
• Closing costs: $14,400
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-06
   status Pending
2. 2026-04-27
   price $479,999
3. 2026-04-01
   listed $1,750
4. 2026-04-01
   listed $489,999 Active
5. 2026-01-05
   soldstatus $340,000
6. 2025-12-10
   soldstatus $300,000

ⓘ 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: $3,512 · $293/mo
• Projected year-2 tax: $3,984 · $332/mo
• Expected delta: +$472/yr (+$39/mo · 13.4%)

ⓘ 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: $56,508
• − Mortgage interest: −$26,887
• − Property taxes: −$3,512
• − Insurance: −$2,400
• − Repairs & maintenance: −$4,521
• − Management: −$4,521
• − Depreciation: −$13,964
• Taxable income: $704
• Est. tax owed @ 24.0%: −$169
• After-tax cash flow: $8,355/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 — Clearwater

• Score: 82/100
• State rank: #60
• US rank: #988

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clearwater, FL
• County: Pinellas County · 939,478 people
• City population: 170,933
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 27,476
• Household income: $62,886
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 1511.0

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 0.63)
• Race & ethnicity: White 54% Black 22% Hispanic / Latino 17% Two or more races 10% Asian 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 5% Cuban 1%
• Common ancestry: Romanian 2% Italian 2% Arab 1%
• Foreign-born: 15% · Canada
• Languages at home: 78% English-only · Spanish 13% Other Indo-European 3% Russian/Polish/Slavic 2%

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: ▼ -472.62%
• Current HPI: 351.4973
• Rent YoY: ▼ -2.20%
• 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

+60.0% since first listed

6 events — show timeline

• 2026-05-06 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-27 Price Changed $479,999 Stellar MLS as Distributed by MLS Grid
• 2026-04-01 Listed for Rent $1,750 STELLARMLS
• 2026-04-01 Listed $489,999 Stellar MLS as Distributed by MLS Grid
• 2026-01-05 Sold (Public Records) $340,000 Public Records
• 2025-12-10 Sold (Public Records) $300,000 Public Records

Property tax history

+10.1%/yr

Latest (2025): $3,512 · +23.2% YoY. Source: county tax records.