946 Virginia St #104 · Dunedin, FL 34698

$99,900

1 bd · 1.0 ba · 770 sqft · Condo public records · 91 Days on market

Built 1975 $661/mo HOA · 37% of rent

---

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
• Livability +4.3/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Carefree condo Living in highly desirable Dunedin! This ground-floor, one bedroom one bath unit is ideally situated in a quiet and peaceful area of the 55+ Heather Lakes community and offers beautiful pond and nature views. Just a short stroll to downtown Dunedin, the Pinellas Trails and Honeymoon Island, this location is perfect for enjoying the best of Florida living. The open floor plan features a spacious living room and ding area, along with an additional sitting area overlooking the tranquil pond. The updated kitchen is light and bright. Nice size primary bedroom includes a walk-in closet, and the beautifully updated bathroom adds a modern touch. Laminate flooring runs throughout the

Key facts

• Ground floor
• Pond views
• Nature views

Tags

• GROUND FLOOR
• POND VIEWS
• NATURE VIEWS
• UPDATED KITCHEN
• WALK IN CLOSET
• UPDATED BATHROOM

Property features AI

Finance

• Other: Unfurnished unit
• Financial info: Total monthly fees approximately $661; total annual fees $7,932; Lease restrictions apply
• HOA & community: Has HOA; monthly condo fee $537; Monthly maintenance amount in addition to HOA: $124; Association approval required; Association fees include cable TV, common area taxes, pool, escrow reserves, maintenance (structure & grounds), security, sewer, trash, water; Community features: clubhouse, deed restrictions, golf carts allowed, pool, sidewalks; Senior community; buyer approval required; no pets allowed

Exterior

• Parking: Carport (1 space)
• Security: Community security included in association
• Utilities: Public water; Public sewer; Cable available; Electricity connected
• Home design: Condominium; Residential property; One story; Faces northwest; Entry level: first floor
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as part of building 946
• Exterior features: Lighting; Sidewalk; Sliding doors; Pond view

Interior

• Kitchen: Microwave; Range hood; Refrigerator
• Bedrooms: 1 bedroom (first floor)
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Living room/dining room combo; Open floorplan; Walk-in closet(s); Window treatments; Building elevator
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $55 ($659/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 2.8% in Dunedin — 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 86/100 on livability (#15 in FL, #411 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: employment C-, amenities D.
• 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: Garrison-Jones Elementary School (math 66% / reading 58%, grade B, #608 of 2,144 statewide, top 29%, 593 students, 46% FRL); Dunedin High School (math 36% / reading 45%, grade F, #294 of 667 statewide, top 44%, 1,203 students, 48% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: Rents rising (+2.7%/yr); 478 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $691 of loan paydown is wiped out by about $3k 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 91 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 7036% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $70k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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: 1.80% ✓
• Cap rate: 6.95%
• Cash-on-cash: 2.36%
• DSCR: 1.10
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.69% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.54×
• Total profit: $-12,806
• Equity at exit: $14,895

10-year hold

• IRR: -3.9%
• Equity multiple: 0.75×
• Total profit: $-7,130
• Equity at exit: $8,638

Cash invested: $27,972 (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 34698

• Rents YoY: 2.7%
• Active inventory: 478
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,795 high
• Mortgage (P&I): −$524
• Tax from tax record: −$137 /mo · $1,640/yr
• Insurance: −$42
• HOA: −$661
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $55

Break-even live

Break-even rent $1,726

Max offer price $99,900

Occupancy floor 92%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
841 Patricia Ave #103 Dunedin, FL	2.0	1.0	874	$2,000	$2.29	24d	1	0.11mi
841 Patricia Ave Dunedin, FL	2.0	1.0–2.0	904	$1,950	$2.16	17d	2	0.11mi
905 Patricia Ave Dunedin, FL	1.0	1.0	550	$1,800	$3.27	24d	1	0.20mi
1196 Angle Rd Dunedin, FL	1.0	1.0	700	$1,675	$2.39	4d	1	0.34mi
1268 Pinehurst Rd Dunedin, FL	1.0	1.0	1080	$1,500	$1.39	17d	1	0.47mi
556 Patricia Ave Dunedin, FL	2.0	1.0	850	$1,795	$2.11	4d	1	0.47mi
978 Cedarwood Ave Dunedin, FL	2.0	1.0	1100	$1,800	$1.64	24d	1	0.52mi
857 Lyndhurst St Unit D Dunedin, FL	2.0	2.0	1050	$1,700	$1.62	18d	1	0.57mi
825 Lyndhurst St Dunedin, FL	2.0	2.0	900	$1,850	$2.06	4d	1	0.61mi
825 Lyndhurst St Dunedin, FL	2.0	2.0	900	$1,850	$2.06	24d	1	0.61mi
1388 Robin Hood Ln Unit 1141-B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	2d	1	0.62mi
1141 San Christopher Dr Apt B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	2d	1	0.63mi
1187 Bass Blvd Unit C Dunedin, FL	2.0	1.0	850	$1,850	$2.18	18d	1	0.63mi
1187 Bass Blvd Unit A Dunedin, FL	2.0	1.0	850	$1,850	$2.18	24d	1	0.63mi
612 Bass Ct Dunedin, FL	1.0–2.0	1.0	698	$1,479	$2.12	1d	6	0.64mi
885 Beltrees St #12 Dunedin, FL	1.0	1.0	550	$1,350	$2.45	24d	1	0.69mi
580 Skinner Blvd Unit 4 Dunedin, FL	2.0	1.0	750	$2,045	$2.73	24d	1	0.69mi
2701 Dunedin Commons Pl Dunedin, FL	1.0–2.0	1.0–2.0	887	$1,931	$2.18	3d	12	0.74mi
660 Beltrees St Dunedin, FL	1.0–3.0	1.0–1.5	905	$1,125	$1.24	8d	2	0.74mi
941 Highland Ave Unit D Dunedin, FL	1.0	1.0	1000	$1,300	$1.30	20d	1	0.75mi
525 Bay St Dunedin, FL	2.0	1.0	1104	$3,500	$3.17	4d	1	0.77mi
690 Regina Rd Dunedin, FL	2.0	1.0	745	$2,195	$2.95	4d	1	0.80mi
616 Dogwood Ct Dunedin, FL	1.0	1.0	551	$1,700	$3.09	4d	1	0.80mi
607 Lyndhurst St Unit 607 Dunedin, FL	2.0	1.0	677	$2,250	$3.32	24d	1	0.81mi
612 Dogwood Ct Dunedin, FL	1.0	1.0	550	$1,350	$2.45	4d	1	0.81mi
609 Dogwood Ct Unit 609 Dunedin, FL	2.0	1.0	725	$1,850	$2.55	24d	1	0.83mi
451 Skinner Blvd Unit A Dunedin, FL	2.0	1.0	750	$1,500	$2.00	8d	1	0.84mi
417 Milwaukee Ave Dunedin, FL	2.0	1.0	650	$1,850	$2.85	4d	1	0.86mi
152 Macalpine Way Dunedin, FL	1.0–3.0	1.0–2.5	943	$1,460	$1.55	1d	42	0.87mi
416 Skinner Blvd Unit B Dunedin, FL	1.0	1.0	620	$1,795	$2.90	24d	1	0.89mi
257 Milwaukee Ave Dunedin, FL	1.0–2.0	1.0–1.5	889	$1,146	$1.29	2d	9	0.92mi
600 Douglas Ave Unit 350 Dunedin, FL	2.0	1.0	1000	$2,195	$2.19	24d	1	1.00mi
600 Douglas Ave Unit 340 Dunedin, FL	1.0	1.0	550	$1,695	$3.08	24d	1	1.00mi
1005 Egret Ct Dunedin, FL	2.0	2.0	996	$1,400	$1.41	4d	1	1.06mi
405 Locklie St Unit 4055A Dunedin, FL	2.0	1.0	750	$1,695	$2.26	4d	1	1.07mi
1420 Oak Hill Dr #104 Dunedin, FL	1.0	1.0	610	$1,600	$2.62	24d	1	1.19mi
541 Roanoke St Dunedin, FL	2.0	2.0	912	$2,345	$2.57	14d	1	1.20mi
632 Edgewater Dr #537 Dunedin, FL	1.0	1.0	695	$2,300	$3.31	24d	1	1.22mi
2099 Kings Hwy #1 Clearwater, FL	1.0	1.0	686	$1,450	$2.11	8d	1	1.22mi
1515 County Road 1 Dunedin, FL	1.0–2.0	1.0	719	$1,250	$1.74	8d	1	1.27mi

HOA detail condo

• Monthly dues: $661 · $7,932/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-08
   days on market $99,900 Active 91 DOM
2. 2026-06-07
   days on market $99,900 Active 90 DOM
3. 2026-06-04
   days on market $99,900 Active 87 DOM
4. 2026-06-03
   days on market $99,900 Active 86 DOM
5. 2026-06-01
   days on market $99,900 Active 84 DOM
6. 2026-05-31
   days on market $99,900 Active 83 DOM
7. 2026-04-23
   price $99,900
8. 2026-04-18
   historical $1,400
9. 2026-04-17
   listed $1,400
10. 2026-03-10
    listed $109,900 Active
11. 2026-03-09
    historical $1,500
12. 2026-03-09
    listed $1,500
13. 2005-12-01
    soldstatus $69,900
14. 2000-03-06
    soldstatus $30,000
15. 1993-03-03
    soldstatus $22,000

ⓘ 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: $1,640 · $137/mo
• Projected year-2 tax: $1,640 · $137/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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 26 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: $21,541
• − Mortgage interest: −$5,596
• − Property taxes: −$1,640
• − Insurance: −$500
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − HOA: −$7,932
• − Depreciation: −$2,906
• Taxable loss: −$479
• Est. tax savings @ 24.0%: +$115
• After-tax cash flow: $774/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 — Dunedin

• Score: 86/100
• State rank: #15
• US rank: #411

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunedin, FL
• County: Pinellas County · 939,478 people
• City population: 38,171
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 38,171
• Household income: $74,078
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 1390.0

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 7% Hispanic / Latino 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Slovak 3% Romanian 3%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% 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: ▼ -515.66%
• Current HPI: 387.4694
• Rent YoY: ▲ 2.69%
• 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

+354.1% since first listed

9 events — show timeline

• 2026-04-23 Price Changed $99,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-18 Rental Removed $1,400 STELLARMLS
• 2026-04-17 Listed for Rent $1,400 STELLARMLS
• 2026-03-10 Listed $109,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-09 Rental Removed $1,500 STELLARMLS
• 2026-03-09 Listed for Rent $1,500 STELLARMLS
• 2005-12-01 Sold (Public Records) $69,900 Public Records
• 2000-03-06 Sold (Public Records) $30,000 Public Records
• 1993-03-03 Sold (Public Records) $22,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $1,640 · +2.3% YoY. Source: county tax records.