400 Glennes Ln #111 · Dunedin, FL 34698

$135,000

2 bd · 2.0 ba · 995 sqft · Condo public records · 2 Days on market

Built 1969 $800/mo HOA · 40% of rent

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Why this score? — see what drove the D 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).

• 1% rule +9.9/10.0
• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Estate sale- being sold "as is" need some TLC Great buy for a two bedroom two bath first floor condo! Walk to downtown Dunedin, restaurants, shops and Dunedin Marina. Active clubhouse- heated pool. Age 55+ no pets.

Key facts

• Shuffleboard courts
• Private patio area
• Updated kitchen

Tags

• GROUND-FLOOR CONDO
• UPDATED KITCHEN
• ENCLOSED FLORIDA SUNROOM
• PRIVATE PATIO AREA
• HEATED SWIMMING POOL
• SHUFFLEBOARD COURTS

Property features AI

Finance

• Other: Unit is furnished; Third-party listing; Directions: From Main Street going west turn left on New York Ave and then left on Glennes; the building is the second one on the right.
• Financial info: Total monthly fees $800; Total annual fees $9,600
• HOA & community: Has HOA; Monthly condo fee of $800 (includes cable TV, pool, insurance, internet, structure and grounds maintenance, general maintenance, management, recreational facilities, sewer, trash, water); Association amenities: clubhouse, pool, shuffleboard court, trails; Community features: clubhouse, park, pool; Senior community; No pets allowed

Exterior

• Utilities: Public water; Public sewer; Public utilities
• Home design: Condominium; Residential property; One-level living; Faces north; Floor 1 of building
• Construction: Block construction; Shingle roof; Slab foundation; Built as part of a 2-story building
• Exterior features: Sidewalk

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Split bedroom layout; 3 total rooms
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (17.7% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $111k (17.7% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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.
• 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 17d 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 33% of the median local income ($74k/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 $933 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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 16y 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 $43k; list at $135k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $111,116 (17.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1969 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.49% ✓
• Cap rate: 5.09%
• Cash-on-cash: -4.29%
• DSCR: 0.81
• GRM: 5.6

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: -23.7%
• Equity multiple: 0.19×
• Total profit: $-30,596
• Equity at exit: $20,129

10-year hold

• IRR: -18.9%
• Equity multiple: -0.01×
• Total profit: $-38,184
• Equity at exit: $11,672

Cash invested: $37,800 (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: 5.6×

Monthly cashflow live

• Estimated rent: $2,009 high
• Mortgage (P&I): −$708
• Tax from tax record: −$158 /mo · $1,899/yr
• Insurance: −$56
• HOA: −$800
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $-135

Break-even live

Break-even rent $2,180

Max offer price $111,116

Occupancy floor —

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 Patricia Ave Dunedin, FL	1.0	1.0	550	$1,800	$3.27	24d	1	0.18mi
841 Patricia Ave Dunedin, FL	2.0	1.0–2.0	904	$1,950	$2.16	16d	2	0.21mi
841 Patricia Ave #103 Dunedin, FL	2.0	1.0	874	$2,000	$2.29	24d	1	0.21mi
612 Bass Ct Dunedin, FL	1.0–2.0	1.0	698	$2,031	$2.91	1d	6	0.34mi
580 Skinner Blvd Unit 4 Dunedin, FL	2.0	1.0	750	$2,045	$2.73	24d	1	0.38mi
1187 Bass Blvd Unit C Dunedin, FL	2.0	1.0	850	$1,850	$2.18	18d	1	0.38mi
1187 Bass Blvd Unit A Dunedin, FL	2.0	1.0	850	$1,850	$2.18	24d	1	0.38mi
941 Highland Ave Unit D Dunedin, FL	1.0	1.0	1000	$1,300	$1.30	20d	1	0.45mi
525 Bay St Dunedin, FL	2.0	1.0	1104	$3,500	$3.17	4d	1	0.46mi
1196 Angle Rd Dunedin, FL	1.0	1.0	700	$1,675	$2.39	4d	1	0.46mi
556 Patricia Ave Dunedin, FL	2.0	1.0	850	$1,795	$2.11	4d	1	0.52mi
451 Skinner Blvd Unit A Dunedin, FL	2.0	1.0	750	$1,500	$2.00	7d	1	0.52mi
1268 Pinehurst Rd Dunedin, FL	1.0	1.0	1080	$1,500	$1.39	16d	1	0.54mi
690 Regina Rd Dunedin, FL	2.0	1.0	745	$2,195	$2.95	4d	1	0.56mi
1388 Robin Hood Ln Unit 1141-B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	2d	1	0.57mi
416 Skinner Blvd Unit B Dunedin, FL	1.0	1.0	620	$1,795	$2.90	24d	1	0.58mi
1141 San Christopher Dr Apt B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	2d	1	0.58mi
1412 Gladys Cir Unit 1466152P Dunedin, FL	3.0	2.0	1097	$3,847	$3.51	3d	1	0.59mi
825 Lyndhurst St Dunedin, FL	2.0	2.0	900	$1,850	$2.06	24d	1	0.59mi
825 Lyndhurst St Dunedin, FL	2.0	2.0	900	$1,850	$2.06	4d	1	0.59mi
857 Lyndhurst St Unit D Dunedin, FL	2.0	2.0	1050	$1,700	$1.62	18d	1	0.59mi
613 Lyndhurst St Dunedin, FL	3.0	2.0	1080	$1,995	$1.85	11d	1	0.66mi
660 Beltrees St Dunedin, FL	1.0–3.0	1.0–1.5	905	$1,385	$1.53	7d	2	0.66mi
611 Lyndhurst St Dunedin, FL	3.0	2.0	1080	$1,995	$1.85	4d	1	0.66mi
607 Lyndhurst St Unit 607 Dunedin, FL	2.0	1.0	677	$2,250	$3.32	24d	1	0.67mi
616 Dogwood Ct Dunedin, FL	1.0	1.0	551	$1,700	$3.09	4d	1	0.67mi
612 Dogwood Ct Dunedin, FL	1.0	1.0	550	$1,350	$2.45	4d	1	0.68mi
609 Dogwood Ct Unit 609 Dunedin, FL	2.0	1.0	725	$1,850	$2.55	24d	1	0.70mi
978 Cedarwood Ave Dunedin, FL	2.0	1.0	1100	$1,800	$1.64	24d	1	0.71mi
885 Beltrees St #12 Dunedin, FL	1.0	1.0	550	$1,350	$2.45	24d	1	0.72mi
417 Milwaukee Ave Dunedin, FL	2.0	1.0	650	$1,850	$2.85	4d	1	0.73mi
600 Douglas Ave Unit 340 Dunedin, FL	1.0	1.0	550	$1,695	$3.08	24d	1	0.77mi
600 Douglas Ave Unit 350 Dunedin, FL	2.0	1.0	1000	$2,195	$2.19	24d	1	0.77mi
2701 Dunedin Commons Pl Dunedin, FL	1.0–2.0	1.0–2.0	887	$2,710	$3.05	3d	12	0.84mi
257 Milwaukee Ave Dunedin, FL	1.0–2.0	1.0–1.5	889	$1,460	$1.64	2d	9	0.85mi
405 Locklie St Unit 4055A Dunedin, FL	2.0	1.0	750	$1,695	$2.26	4d	1	0.88mi
632 Edgewater Dr #537 Dunedin, FL	1.0	1.0	695	$2,300	$3.31	24d	1	0.95mi
1523 Bayshore Blvd Unit 6 Dunedin, FL	3.0	1.0	1061	$3,000	$2.83	24d	1	1.00mi
1523 Bayshore Blvd Unit 3 Dunedin, FL	1.0	1.0	640	$2,750	$4.30	24d	1	1.00mi
1579 Bayshore Blvd Dunedin, FL	3.0	2.0	1040	$3,500	$3.37	7d	1	1.08mi

HOA detail condo

• Monthly dues: $800 · $9,600/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-05-09
   status Pending
2. 2026-05-06
   listed $135,000 Active
3. 2011-05-03
   soldstatus $43,000
4. 2011-04-28
   soldstatus $43,000 228-char remark

   Show marketing remark (228 chars)

   Estate sale- being sold "as is" need some TLC Great buy for a two bedroom two bath first floor condo! Walk to downtown Dunedin, restaurants, shops and Dunedin Marina. Active clubhouse- heated pool. Age 55+ no pets.

5. 2010-12-12
   listed $45,000 228-char remark

   Show marketing remark (228 chars)

   Estate sale- being sold "as is" need some TLC Great buy for a two bedroom two bath first floor condo! Walk to downtown Dunedin, restaurants, shops and Dunedin Marina. Active clubhouse- heated pool. Age 55+ no pets.

6. 2000-05-01
   soldstatus $39,000
7. 1992-09-01
   soldstatus $30,900

ⓘ 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: $1,899 · $158/mo
• Projected year-2 tax: $1,899 · $158/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 · 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,111
• − Mortgage interest: −$7,562
• − Property taxes: −$1,899
• − Insurance: −$675
• − Repairs & maintenance: −$1,929
• − Management: −$1,929
• − HOA: −$9,600
• − Depreciation: −$3,927
• Taxable loss: −$3,411
• Est. tax savings @ 24.0%: +$819
• After-tax cash flow: $-804/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

+336.9% since first listed

7 events — show timeline

• 2026-05-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-06 Listed $135,000 Stellar MLS as Distributed by MLS Grid
• 2011-05-03 Sold (Public Records) $43,000 Public Records
• 2011-04-28 Sold (MLS) $43,000 Stellar MLS as Distributed by MLS Grid
• 2010-12-12 Listed $45,000 Stellar MLS as Distributed by MLS Grid
• 2000-05-01 Sold (Public Records) $39,000 Public Records
• 1992-09-01 Sold (Public Records) $30,900 Public Records

Property tax history

+8.1%/yr

Latest (2025): $1,899 · +4.6% YoY. Source: county tax records.