948 Virginia St #207 · Dunedin, FL 34698

$125,000

1 bd · 1.0 ba · 869 sqft · Condo public records · 37 Days on market

Built 1976 $516/mo HOA · 29% 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).

• Cash flow +13.8/30.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• DSCR +4.2/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1/1 FURNISHED 2nd-floor condo in the quiet 55+ community of Heather Lake. .. INCLUDES ONE COVERED CARPORT PARKING SPACE. .. AC is brand new. .. Refrigerator is just a year old. .. Whole interior painted just TWO years ago. .. Good-sized master bedroom overlooks the pond and includes two closets. .. Affordable HOA includes BOTH internet and cable in addition to exterior insurance, sewer and trash. .. The community features a clubhouse, pool, shuffleboard court and lounging areas with great water views. .. There is a 24-month HOA assessment (for roofs) that will be paid in full by the seller. .. Just minutes from downtown Dunedin and 6 miles from world-famous Clearwater Beach.

Key facts

• Elevator access
• $516 HOA
• Parking

Tags

• ELEVATOR ACCESS
• SHAKER KITCHEN CABINETS
• LUXURY VINYL PLANK FLOORING
• NEWER DOUBLE PANE WINDOWS
• PRIVATE COVERED BALCONY
• HEATED COMMUNITY POOL

Property features AI

Finance

• Other: Lease restrictions apply; Furnished status negotiable
• Financial info: Total annual association fees $6,192; Land lease $81
• HOA & community: Monthly association fee of $516; Association covers cable TV, pool, escrow reserves, insurance, internet, structure and grounds maintenance, management, pest control, sewer, trash and water; Association approval required; Buyer approval required for community; Clubhouse on site; No truck/RV/motorcycle parking allowed; Senior community; Pets not allowed; Association: Resource Property Management / Carrie Vadino

Exterior

• Parking: Assigned parking; Covered parking; Guest parking; 1-car carport
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Public utilities
• Home design: Residential condominium; Building L; Northeast-facing; Unit on 2nd floor; One-level unit; 3-story building
• Construction: Concrete construction; Concrete roof; Slab foundation; Built as part of a multi-unit condominium
• Exterior features: Covered, screened patio/porch; Balcony; Rain gutters; Sliding doors; Heated community pool; Pond view; Located within city limits; Asphalt roads with private maintenance

Interior

• Kitchen: Range; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom (located on 2nd floor)
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Thermostat; Window treatments; Blinds; Double-pane windows; Drapes; Smoke detector(s); Building elevator available
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $10 ($125/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.4% 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); 481 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 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 $864 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

• It's been on market 37 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y 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 $103k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: 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 $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — 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: 1.42% ✓
• Cap rate: 6.39%
• Cash-on-cash: 0.36%
• DSCR: 1.02
• GRM: 5.9

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: -15.9%
• Equity multiple: 0.43×
• Total profit: $-19,792
• Equity at exit: $18,638

10-year hold

• IRR: -7.9%
• Equity multiple: 0.51×
• Total profit: $-17,200
• Equity at exit: $10,808

Cash invested: $35,000 (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: 481
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,780 high
• Mortgage (P&I): −$656
• Tax from tax record: −$172 /mo · $2,062/yr
• Insurance: −$52
• HOA: −$516
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $10

Break-even live

Break-even rent $1,766

Max offer price $125,000

Occupancy floor 94%

Sensitivity live

Price	-10% $81	-5% $46	+0% $10	+5% $-25	+10% $-60
Rent	-10% $-130	-5% $-60	+0% $10	+5% $81	+10% $151
Rate	-1.0pp $73	-0.5pp $42	base $10	+0.5pp $-22	+1.0pp $-55

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: $31,250
• Closing costs: $3,750
• 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	25d	1	0.18mi
841 Patricia Ave Dunedin, FL	2.0	1.0–2.0	904	$1,950	$2.16	18d	2	0.18mi
905 Patricia Ave Dunedin, FL	1.0	1.0	550	$1,800	$3.27	25d	1	0.29mi
1196 Angle Rd Dunedin, FL	1.0	1.0	700	$1,675	$2.39	5d	1	0.40mi
556 Patricia Ave Dunedin, FL	2.0	1.0	850	$1,795	$2.11	5d	1	0.44mi
978 Cedarwood Ave Dunedin, FL	2.0	1.0	1100	$1,800	$1.64	25d	1	0.44mi
1268 Pinehurst Rd Dunedin, FL	1.0	1.0	1080	$1,500	$1.39	18d	1	0.53mi
857 Lyndhurst St Unit D Dunedin, FL	2.0	2.0	1050	$1,700	$1.62	19d	1	0.54mi
825 Lyndhurst St Dunedin, FL	2.0	2.0	900	$1,850	$2.06	5d	1	0.59mi
825 Lyndhurst St Dunedin, FL	2.0	2.0	900	$1,850	$2.06	25d	1	0.59mi
885 Beltrees St #12 Dunedin, FL	1.0	1.0	550	$1,350	$2.45	25d	1	0.64mi
2701 Dunedin Commons Pl Dunedin, FL	1.0–2.0	1.0–2.0	887	$1,931	$2.18	4d	12	0.68mi
1388 Robin Hood Ln Unit 1141-B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	3d	1	0.70mi
1141 San Christopher Dr Apt B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	3d	1	0.71mi
612 Bass Ct Dunedin, FL	1.0–2.0	1.0	698	$1,479	$2.12	3d	6	0.72mi
1187 Bass Blvd Unit C Dunedin, FL	2.0	1.0	850	$1,850	$2.18	19d	1	0.73mi
1187 Bass Blvd Unit A Dunedin, FL	2.0	1.0	850	$1,850	$2.18	25d	1	0.73mi
660 Beltrees St Dunedin, FL	1.0–3.0	1.0–1.5	905	$1,125	$1.24	9d	2	0.73mi
580 Skinner Blvd Unit 4 Dunedin, FL	2.0	1.0	750	$2,045	$2.73	25d	1	0.77mi
152 Macalpine Way Dunedin, FL	1.0–3.0	1.0–2.5	943	$1,460	$1.55	3d	42	0.78mi
616 Dogwood Ct Dunedin, FL	1.0	1.0	551	$1,700	$3.09	5d	1	0.81mi
612 Dogwood Ct Dunedin, FL	1.0	1.0	550	$1,350	$2.45	5d	1	0.82mi
607 Lyndhurst St Unit 607 Dunedin, FL	2.0	1.0	677	$2,250	$3.32	25d	1	0.82mi
941 Highland Ave Unit D Dunedin, FL	1.0	1.0	1000	$1,300	$1.30	21d	1	0.82mi
609 Dogwood Ct Unit 609 Dunedin, FL	2.0	1.0	725	$1,850	$2.55	25d	1	0.83mi
525 Bay St Dunedin, FL	2.0	1.0	1104	$3,500	$3.17	5d	1	0.85mi
417 Milwaukee Ave Dunedin, FL	2.0	1.0	650	$1,850	$2.85	5d	1	0.87mi
690 Regina Rd Dunedin, FL	2.0	1.0	745	$2,195	$2.95	5d	1	0.89mi
257 Milwaukee Ave Dunedin, FL	1.0–2.0	1.0–1.5	889	$1,146	$1.29	3d	9	0.90mi
451 Skinner Blvd Unit A Dunedin, FL	2.0	1.0	750	$1,500	$2.00	9d	1	0.91mi
416 Skinner Blvd Unit B Dunedin, FL	1.0	1.0	620	$1,795	$2.90	25d	1	0.97mi
1005 Egret Ct Dunedin, FL	2.0	2.0	996	$1,400	$1.41	5d	1	0.98mi
600 Douglas Ave Unit 340 Dunedin, FL	1.0	1.0	550	$1,695	$3.08	25d	1	1.04mi
600 Douglas Ave Unit 350 Dunedin, FL	2.0	1.0	1000	$2,195	$2.19	25d	1	1.04mi
405 Locklie St Unit 4055A Dunedin, FL	2.0	1.0	750	$1,695	$2.26	5d	1	1.09mi
1420 Oak Hill Dr #104 Dunedin, FL	1.0	1.0	610	$1,600	$2.62	25d	1	1.10mi
541 Roanoke St Dunedin, FL	2.0	2.0	912	$2,345	$2.57	15d	1	1.18mi
2099 Kings Hwy #1 Clearwater, FL	1.0	1.0	686	$1,450	$2.11	9d	1	1.18mi
2005 Greenbriar Blvd #1 Clearwater, FL	2.0	2.0	930	$1,500	$1.61	5d	1	1.25mi
2045 Alpine Rd Clearwater, FL	2.0	1.0	983	$1,675	$1.70	5d	1	1.27mi

HOA detail condo

• Monthly dues: $516 · $6,192/yr
• Likely covers: watersewertrashinternetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-18
   days on market $125,000 Active 37 DOM
2. 2026-06-17
   days on market $125,000 Active 36 DOM
3. 2026-06-16
   days on market $125,000 Active 35 DOM
4. 2026-06-15
   days on market $125,000 Active 34 DOM
5. 2026-06-13
   days on market $125,000 Active 32 DOM
6. 2026-06-09
   days on market $125,000 Active 28 DOM
7. 2026-06-08
   days on market $125,000 Active 27 DOM
8. 2026-06-07
   days on market $125,000 Active 26 DOM
9. 2026-06-04
   days on market $125,000 Active 23 DOM
10. 2026-06-03
    days on market $125,000 Active 22 DOM
11. 2026-06-01
    days on market $125,000 Active 20 DOM
12. 2026-05-31
    days on market $125,000 Active 19 DOM
13. 2026-05-12
    listed $125,000 Active
14. 2025-02-19
    soldstatus $103,000
15. 2025-02-12
    soldstatus $103,000 Closed 683-char remark

    Show marketing remark (683 chars)

    1/1 FURNISHED 2nd-floor condo in the quiet 55+ community of Heather Lake. .. INCLUDES ONE COVERED CARPORT PARKING SPACE. .. AC is brand new. .. Refrigerator is just a year old. .. Whole interior painted just TWO years ago. .. Good-sized master bedroom overlooks the pond and includes two closets. .. Affordable HOA includes BOTH internet and cable in addition to exterior insurance, sewer and trash. .. The community features a clubhouse, pool, shuffleboard court and lounging areas with great water views. .. There is a 24-month HOA assessment (for roofs) that will be paid in full by the seller. .. Just minutes from downtown Dunedin and 6 miles from world-famous Clearwater Beach.

16. 2025-01-15
    status Pending 683-char remark

    Show marketing remark (683 chars)

    1/1 FURNISHED 2nd-floor condo in the quiet 55+ community of Heather Lake. .. INCLUDES ONE COVERED CARPORT PARKING SPACE. .. AC is brand new. .. Refrigerator is just a year old. .. Whole interior painted just TWO years ago. .. Good-sized master bedroom overlooks the pond and includes two closets. .. Affordable HOA includes BOTH internet and cable in addition to exterior insurance, sewer and trash. .. The community features a clubhouse, pool, shuffleboard court and lounging areas with great water views. .. There is a 24-month HOA assessment (for roofs) that will be paid in full by the seller. .. Just minutes from downtown Dunedin and 6 miles from world-famous Clearwater Beach.

17. 2024-12-08
    listed $125,000 Active 683-char remark

    Show marketing remark (683 chars)

    1/1 FURNISHED 2nd-floor condo in the quiet 55+ community of Heather Lake. .. INCLUDES ONE COVERED CARPORT PARKING SPACE. .. AC is brand new. .. Refrigerator is just a year old. .. Whole interior painted just TWO years ago. .. Good-sized master bedroom overlooks the pond and includes two closets. .. Affordable HOA includes BOTH internet and cable in addition to exterior insurance, sewer and trash. .. The community features a clubhouse, pool, shuffleboard court and lounging areas with great water views. .. There is a 24-month HOA assessment (for roofs) that will be paid in full by the seller. .. Just minutes from downtown Dunedin and 6 miles from world-famous Clearwater Beach.

18. 2024-11-19
    historical
19. 2024-09-10
    price $129,950
20. 2024-07-10
    price $139,950
21. 2024-06-26
    price $149,950
22. 2024-06-20
    listed $159,950 Active
23. 2022-12-08
    soldstatus $139,900
24. 2009-10-14
    listed $55,000
25. 2009-03-21
    listed $66,900
26. 2008-05-16
    listed $67,000
27. 1999-03-02
    soldstatus $24,000
28. 1982-08-01
    soldstatus $28,000

ⓘ 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: $2,062 · $172/mo
• Projected year-2 tax: $2,062 · $172/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 · 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: $21,354
• − Mortgage interest: −$7,002
• − Property taxes: −$2,062
• − Insurance: −$625
• − Repairs & maintenance: −$1,708
• − Management: −$1,708
• − HOA: −$6,192
• − Depreciation: −$3,636
• Taxable loss: −$1,579
• Est. tax savings @ 24.0%: +$379
• After-tax cash flow: $504/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

+346.4% since first listed

16 events — show timeline

• 2026-05-12 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-19 Sold (Public Records) $103,000 Public Records
• 2025-02-12 Sold (MLS) $103,000 Stellar MLS as Distributed by MLS Grid
• 2025-01-15 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-12-08 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2024-11-19 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-09-10 Price Changed $129,950 Stellar MLS as Distributed by MLS Grid
• 2024-07-10 Price Changed $139,950 Stellar MLS as Distributed by MLS Grid
• 2024-06-26 Price Changed $149,950 Stellar MLS as Distributed by MLS Grid
• 2024-06-20 Listed $159,950 Stellar MLS as Distributed by MLS Grid
• 2022-12-08 Sold (Public Records) $139,900 Public Records
• 2009-10-14 Listed $55,000 Stellar MLS as Distributed by MLS Grid
• 2009-03-21 Listed $66,900 Stellar MLS as Distributed by MLS Grid
• 2008-05-16 Listed $67,000 Stellar MLS as Distributed by MLS Grid
• 1999-03-02 Sold (Public Records) $24,000 Public Records
• 1982-08-01 Sold (Public Records) $28,000 Public Records

Property tax history

+9.0%/yr

Latest (2025): $2,062 · +30.5% YoY. Source: county tax records.