2760 62nd Ter N · Lealman, FL 33702

$520,000

8 bd · 3.0 ba · 2,315 sqft · MultiFamily · 89 Days on market

Built 1983 9,283 sqft lot ↓ 5% since listing

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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 +18.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

New Roof just installed on this concrete block duplex was built in 1983, conveniently located between I-275 & US 19. Unit A is a 4/2/1, 1375 sf. AC, water heater, electrical panel were new in 2019. Unit B is a 3/1 940 sf, new AC in 2022. Leased $2100, expires 12/26. Unit A has laundry in the garage, and unit B has an inside laundry room. 2 separate water and electric meters, tenants pay for all utilities, 5 parking spaces, NO flood zone. Live in Unit A while collecting $2100 monthly rent on Unit B. Don’t disturb tenant in Unit B

Key facts

• 5 parking spaces
• No flood zone
• New ac

Tags

• NEW ROOF
• NEW AC
• INSIDE LAUNDRY ROOM
• 5 PARKING SPACES
• NO FLOOD ZONE

Property features AI

Finance

• Other: Property zoned RM-7.5
• Financial info: Gross income reported: $55,200; Annual net income reported: $44,565; Annual expenses reported: $10,635; Tenants pay electricity and water
• HOA & community: No association reported; Pets allowed

Exterior

• Parking: Attached garage (1 garage space total for property); Has garage
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected; Cable available; Two separate water meters
• Home design: Residential income property (duplex); Attached building; Completed condition; Single building on the lot
• Construction: Block construction; Shingle roof; Slab foundation; Built on a lot about 0.21 acre (approx. 85 x 115)
• Exterior features: Sidewalk; City limits location; Paved and asphalt road access; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Seven bedrooms total (across units)
• Flooring: Ceramic tile
• Bathrooms: Multiple bathrooms (total shown by unit: one unit with 2 bathrooms, one unit with 1 bathroom)
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup; Electric dryer hookup; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 1×4bd/1.5ba + 1×3bd/1ba units multifamily listed at $520k.

Deal economics

• At list price, monthly cash flow is $499 ($6k/yr) — positive. Per door: $249/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 $518k (0.4% below list).
• Recommended offer: $489k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 4.7% in Lealman — 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 81/100 on livability (#83 in FL, #1,394 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools F, employment 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 soft (-2.2%/yr); 385 active listings in the ZIP; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $5,180/mo this rent would consume 92% of the median local household income ($67k/yr) (locally 1000% 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 $4k of loan paydown is wiped out by about $16k 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 89 days — a 6% lower offer ($489k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $488,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. 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: 1.00% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.11%
• DSCR: 1.18
• GRM: 8.4

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: -13.3%
• Equity multiple: 0.54×
• Total profit: $-67,609
• Equity at exit: $77,534

10-year hold

• IRR: -9.9%
• Equity multiple: 0.48×
• Total profit: $-76,331
• Equity at exit: $44,960

Cash invested: $145,600 (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 33702

• Rents YoY: -2.2%
• Active inventory: 385
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $5,180 high
• Mortgage (P&I): −$2,727
• Tax est. 1.5%: −$650 /mo · $7,800/yr
• Insurance: −$217
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,088
• Net cashflow: $499

Break-even live

Break-even rent $4,549

Max offer price $520,000

Occupancy floor 85%

Sensitivity live

Price	-10% $858	-5% $678	+0% $499	+5% $319	+10% $139
Rent	-10% $89	-5% $294	+0% $499	+5% $703	+10% $908
Rate	-1.0pp $760	-0.5pp $631	base $499	+0.5pp $364	+1.0pp $227

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

Units	Beds	Baths	Est. rent
1× unit	4	1.5	$2,908
1× unit	3	1	$2,272
Total (2 units)			$5,180

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: $130,000
• Closing costs: $15,600
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-15
   days on market $520,000 Active 89 DOM
2. 2026-06-13
   days on market $520,000 Active 87 DOM
3. 2026-06-09
   days on market $520,000 Active 83 DOM
4. 2026-06-08
   days on market $520,000 Active 82 DOM
5. 2026-06-07
   days on market $520,000 Active 81 DOM
6. 2026-06-04
   days on market $520,000 Active 78 DOM
7. 2026-06-03
   days on market $520,000 Active 77 DOM
8. 2026-06-01
   days on market $520,000 Active 75 DOM
9. 2026-05-31
   days on market $520,000 Active 74 DOM
10. 2026-03-31
    price $520,000
11. 2026-03-30
    status Active
12. 2026-03-23
    status Pending
13. 2026-03-11
    listed $550,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,160
• − Mortgage interest: −$29,128
• − Property taxes: −$7,800
• − Insurance: −$2,600
• − Repairs & maintenance: −$4,973
• − Management: −$4,973
• − Depreciation: −$15,127
• Taxable loss: −$2,441
• Est. tax savings @ 24.0%: +$586
• After-tax cash flow: $6,569/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 — Lealman

• Score: 81/100
• State rank: #83
• US rank: #1394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lealman, FL
• County: Pinellas County · 939,478 people
• City population: 20,103
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 31,294
• Household income: $67,463
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 1000.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 12% Two or more races 10% Black 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2%
• Common ancestry: Lithuanian 4% Romanian 3% Slovak 2%
• Foreign-born: 12% · Canada, Vietnam, Jamaica
• Languages at home: 83% English-only · Spanish 8% Russian/Polish/Slavic 3% Other Indo-European 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: ▼ -516.17%
• Current HPI: 347.1781
• Rent YoY: ▼ -2.22%
• 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

-5.5% since first listed

4 events — show timeline

• 2026-03-31 Price Changed $520,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-30 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-03-11 Listed $550,000 Stellar MLS as Distributed by MLS Grid