664 Mandalay Ave · Clearwater, FL 33767

$899,000

4 bd · 2.0 ba · 1,632 sqft · Townhouse public records · 3 Days on market

Built 1946 1,851 sqft lot Est $1581k · 43% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• Appreciation +5.9/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• DSCR +3.7/10.0
• 1% rule +3.6/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Under contract-accepting backup offers. RARE DUPLEX OPPORTUNITY ON CLEARWATER BEACH!! Prime 4-bedroom, 2-bath income property just one block from the beach on highly desirable Mandalay Avenue, featuring two separate units with 2 bedrooms and 1 bathroom each (upstairs and downstairs), perfect for short-term rentals, multi-family use, or a personal beach getaway with income potential. Recently taken down to the studs, this property offers a true blank slate with major upgrades already completed, including new A/C units, new plumbing throughout, new electrical throughout, brand-new hurricane-impact windows, fresh drywall, and more-saving significant time and cost. Located in the Tourist District, it allows short-term rentals and sits in the heart of one of Florida’s most iconic beach destinations, just steps from the award-winning sugar-sands of Clearwater Beach. Owners and guests can enjoy nearby attractions like top-rated restaurants, charter fishing, dolphin tours, jet skiing, the Clearwater Marine Aquarium, and the Clearwater Beach Recreation Center with a pool, tennis courts, and fitness facilities-making this a rare opportunity to create a high-performing rental or dream beach retreat in a highly sought-after location!

Key facts

• Two separate units
• Income property
• Short-term rentals

Tags

• DUPLEX OPPORTUNITY
• INCOME PROPERTY
• TWO SEPARATE UNITS
• MAJOR UPGRADES
• HURRICANE-IMPACT WINDOWS
• SHORT-TERM RENTALS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $899k.

Deal economics

• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $878k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $775k (13.8% below list).
• Recommended offer: $775k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Plumb Elementary School (math 56% / reading 54%, grade C, #872 of 2,144 statewide, top 42%, 622 students, 56% FRL); Clearwater High School (math 30% / reading 36%, grade F, #406 of 667 statewide, top 61%, 1,664 students, 59% FRL).
• Market conditions: Rents rising (+2.8%/yr); 424 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $7,750/mo this rent would consume 79% of the median local household income ($117k/yr) (locally 295% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $23k of equity ($6k loan paydown + $17k appreciation (1.9% local appreciation)).
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$59k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 5y 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 $770k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $774,990 (13.8% 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 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.13%
• Cash-on-cash: -0.57%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $1,581,408
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 San Marco St #803	0.54mi	3/2.0 (-1)	1,600 (-2%)	10mo	$1,550,000	$969	58
670 Island Way #806	0.36mi	3/2.5 (-1)	1,854 (+14%)	14mo	$790,000	$426	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.88% appreciation · 2.76% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.19×
• Total profit: $46,917
• Equity at exit: $348,883

10-year hold

• IRR: 7.2%
• Equity multiple: 1.97×
• Total profit: $243,210
• Equity at exit: $498,049

Cash invested: $251,720 (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 33767

• Home prices YoY: 0.6%
• Rents YoY: 2.8%
• Active inventory: 424
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $7,750 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$1,153 /mo · $13,837/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,627
• Net cashflow: $-120

Break-even live

Break-even rent $7,901

Max offer price $877,857

Occupancy floor 97%

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Avalon St Clearwater, FL	3.0	3.5	2394	$13,500	$5.64	13d	2	0.21mi
15 Avalon St Clearwater, FL	3.0	3.5	2640	$12,000	$4.54	17d	3	0.21mi
757 Mandalay Ave Clearwater Beach, FL	3.0	2.0	1200	$5,000	$4.17	4d	1	0.26mi
670 Island Way #1006 Clearwater Beach, FL	3.0	2.5	1854	$4,400	$2.37	24d	1	0.38mi
521 Mandalay Ave #410 Clearwater Beach, FL	3.0	3.0	2087	$10,000	$4.79	24d	1	0.40mi
521 Mandalay Ave #1109 Clearwater Beach, FL	3.0	3.0	2087	$8,500	$4.07	24d	1	0.40mi
819 Bay Esplanade Clearwater Beach, FL	3.0	3.0	2068	$10,000	$4.84	24d	1	0.42mi
501 Mandalay Ave #309 Clearwater Beach, FL	3.0	3.0	2087	$9,000	$4.31	24d	1	0.45mi
867 Mandalay Ave Clearwater Beach, FL	3.0	2.0	1988	$7,500	$3.77	24d	1	0.52mi
929 Lantana Ave Clearwater Beach, FL	3.0	3.0	2056	$6,000	$2.92	4d	1	0.70mi
415 Island Way Clearwater, FL	2.0–3.0	2.0	1721	$7,500	$4.36	17d	5	0.80mi
415 Island Way Clearwater, FL	2.0–3.0	2.0	1765	$7,500	$4.25	1d	4	0.80mi
240 Windward Passage #401 Clearwater Beach, FL	3.0	2.5	1886	$6,500	$3.45	13d	1	0.87mi
240 Windward Passage #401 Clearwater Beach, FL	3.0	2.5	1886	$6,500	$3.45	14d	1	0.87mi
223 Island Way Unit 7F Clearwater Beach, FL	3.0	3.0	1960	$4,999	$2.55	14d	1	0.95mi
125 Island Way #502 Clearwater Beach, FL	3.0	2.0	1850	$4,900	$2.65	24d	1	0.98mi
110 Devon Dr Clearwater Beach, FL	3.0	2.0	1377	$6,500	$4.72	24d	1	1.00mi
530 S Gulfview Blvd #401 Clearwater Beach, FL	3.0	2.0	1803	$2,500	$1.39	4d	1	1.41mi

Listing history 12 events

1. 2026-04-23
   status Pending 1247-char remark

   Show marketing remark (1247 chars)

   Under contract-accepting backup offers. RARE DUPLEX OPPORTUNITY ON CLEARWATER BEACH!! Prime 4-bedroom, 2-bath income property just one block from the beach on highly desirable Mandalay Avenue, featuring two separate units with 2 bedrooms and 1 bathroom each (upstairs and downstairs), perfect for short-term rentals, multi-family use, or a personal beach getaway with income potential. Recently taken down to the studs, this property offers a true blank slate with major upgrades already completed, including new A/C units, new plumbing throughout, new electrical throughout, brand-new hurricane-impact windows, fresh drywall, and more-saving significant time and cost. Located in the Tourist District, it allows short-term rentals and sits in the heart of one of Florida’s most iconic beach destinations, just steps from the award-winning sugar-sands of Clearwater Beach. Owners and guests can enjoy nearby attractions like top-rated restaurants, charter fishing, dolphin tours, jet skiing, the Clearwater Marine Aquarium, and the Clearwater Beach Recreation Center with a pool, tennis courts, and fitness facilities-making this a rare opportunity to create a high-performing rental or dream beach retreat in a highly sought-after location!

2. 2026-04-23
   status Pending

   Show marketing remark (1247 chars)

   Under contract-accepting backup offers. RARE DUPLEX OPPORTUNITY ON CLEARWATER BEACH!! Prime 4-bedroom, 2-bath income property just one block from the beach on highly desirable Mandalay Avenue, featuring two separate units with 2 bedrooms and 1 bathroom each (upstairs and downstairs), perfect for short-term rentals, multi-family use, or a personal beach getaway with income potential. Recently taken down to the studs, this property offers a true blank slate with major upgrades already completed, including new A/C units, new plumbing throughout, new electrical throughout, brand-new hurricane-impact windows, fresh drywall, and more-saving significant time and cost. Located in the Tourist District, it allows short-term rentals and sits in the heart of one of Florida’s most iconic beach destinations, just steps from the award-winning sugar-sands of Clearwater Beach. Owners and guests can enjoy nearby attractions like top-rated restaurants, charter fishing, dolphin tours, jet skiing, the Clearwater Marine Aquarium, and the Clearwater Beach Recreation Center with a pool, tennis courts, and fitness facilities-making this a rare opportunity to create a high-performing rental or dream beach retreat in a highly sought-after location!

3. 2026-04-20
   listed $899,000 Active 1247-char remark

   Show marketing remark (1247 chars)

   Under contract-accepting backup offers. RARE DUPLEX OPPORTUNITY ON CLEARWATER BEACH!! Prime 4-bedroom, 2-bath income property just one block from the beach on highly desirable Mandalay Avenue, featuring two separate units with 2 bedrooms and 1 bathroom each (upstairs and downstairs), perfect for short-term rentals, multi-family use, or a personal beach getaway with income potential. Recently taken down to the studs, this property offers a true blank slate with major upgrades already completed, including new A/C units, new plumbing throughout, new electrical throughout, brand-new hurricane-impact windows, fresh drywall, and more-saving significant time and cost. Located in the Tourist District, it allows short-term rentals and sits in the heart of one of Florida’s most iconic beach destinations, just steps from the award-winning sugar-sands of Clearwater Beach. Owners and guests can enjoy nearby attractions like top-rated restaurants, charter fishing, dolphin tours, jet skiing, the Clearwater Marine Aquarium, and the Clearwater Beach Recreation Center with a pool, tennis courts, and fitness facilities-making this a rare opportunity to create a high-performing rental or dream beach retreat in a highly sought-after location!

4. 2026-04-20
   listed $899,000 Active

   Show marketing remark (1247 chars)

   Under contract-accepting backup offers. RARE DUPLEX OPPORTUNITY ON CLEARWATER BEACH!! Prime 4-bedroom, 2-bath income property just one block from the beach on highly desirable Mandalay Avenue, featuring two separate units with 2 bedrooms and 1 bathroom each (upstairs and downstairs), perfect for short-term rentals, multi-family use, or a personal beach getaway with income potential. Recently taken down to the studs, this property offers a true blank slate with major upgrades already completed, including new A/C units, new plumbing throughout, new electrical throughout, brand-new hurricane-impact windows, fresh drywall, and more-saving significant time and cost. Located in the Tourist District, it allows short-term rentals and sits in the heart of one of Florida’s most iconic beach destinations, just steps from the award-winning sugar-sands of Clearwater Beach. Owners and guests can enjoy nearby attractions like top-rated restaurants, charter fishing, dolphin tours, jet skiing, the Clearwater Marine Aquarium, and the Clearwater Beach Recreation Center with a pool, tennis courts, and fitness facilities-making this a rare opportunity to create a high-performing rental or dream beach retreat in a highly sought-after location!

5. 2022-01-25
   soldstatus $770,000
6. 2022-01-18
   soldstatus $770,000 Closed 811-char remark

   Show marketing remark (811 chars)

   BACK ON THE MARKET! RARE DUPLEX ON CLEARWATER BEACH! 4 Bedroom, 2 Bathroom Property - 2 Bedrooms 1 Bath Upstairs, 2 Bedroom 1 Bath Downstairs. Clean, Updated DUPLEX on Mandalay Avenue. . ONE BLOCK TO THE BEACH! This property is located in the Tourist District on the number one rated beach! Clearwater Beach has many vacation activities for tenants, including a wide variety of restaurants, charter fishing trips, dolphin watching tours, jet skiing, and more. The Clearwater Beach Aquarium is nearby, Winter and Hope the famous dolphins reside there. Clearwater Recreation Center is nearby with a lap pool, tennis courts, gym and many other activities to enjoy. Within steps of the beautiful, award-winning, sugar sands of Clearwater Beach! DO NOT MISS THIS OPPORTUNITY TO OWN ON THE EXCLUSIVE CLEARWATER BEACH.

7. 2021-11-12
   status Pending 811-char remark

   Show marketing remark (811 chars)

   BACK ON THE MARKET! RARE DUPLEX ON CLEARWATER BEACH! 4 Bedroom, 2 Bathroom Property - 2 Bedrooms 1 Bath Upstairs, 2 Bedroom 1 Bath Downstairs. Clean, Updated DUPLEX on Mandalay Avenue. . ONE BLOCK TO THE BEACH! This property is located in the Tourist District on the number one rated beach! Clearwater Beach has many vacation activities for tenants, including a wide variety of restaurants, charter fishing trips, dolphin watching tours, jet skiing, and more. The Clearwater Beach Aquarium is nearby, Winter and Hope the famous dolphins reside there. Clearwater Recreation Center is nearby with a lap pool, tennis courts, gym and many other activities to enjoy. Within steps of the beautiful, award-winning, sugar sands of Clearwater Beach! DO NOT MISS THIS OPPORTUNITY TO OWN ON THE EXCLUSIVE CLEARWATER BEACH.

8. 2021-11-11
   listed $785,000 Active 811-char remark

   Show marketing remark (811 chars)

   BACK ON THE MARKET! RARE DUPLEX ON CLEARWATER BEACH! 4 Bedroom, 2 Bathroom Property - 2 Bedrooms 1 Bath Upstairs, 2 Bedroom 1 Bath Downstairs. Clean, Updated DUPLEX on Mandalay Avenue. . ONE BLOCK TO THE BEACH! This property is located in the Tourist District on the number one rated beach! Clearwater Beach has many vacation activities for tenants, including a wide variety of restaurants, charter fishing trips, dolphin watching tours, jet skiing, and more. The Clearwater Beach Aquarium is nearby, Winter and Hope the famous dolphins reside there. Clearwater Recreation Center is nearby with a lap pool, tennis courts, gym and many other activities to enjoy. Within steps of the beautiful, award-winning, sugar sands of Clearwater Beach! DO NOT MISS THIS OPPORTUNITY TO OWN ON THE EXCLUSIVE CLEARWATER BEACH.

9. 2021-09-20
   listed $700,000
10. 2021-09-20
    historical
11. 1989-09-01
    soldstatus $105,000
12. 1983-05-01
    soldstatus $79,900

ⓘ 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: $13,837 · $1,153/mo
• Projected year-2 tax: $13,837 · $1,153/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $92,999
• − Mortgage interest: −$50,358
• − Property taxes: −$13,837
• − Insurance: −$4,495
• − Repairs & maintenance: −$7,440
• − Management: −$7,440
• − Depreciation: −$26,153
• Taxable loss: −$16,724
• Est. tax savings @ 24.0%: +$4,014
• After-tax cash flow: $2,577/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): 8,081
• Household income: $117,425
• Rent vs Own: 15.2% rent · 84.8% own
• Severe rent burden: 295.0

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 (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Romanian 6% Italian 3% Slovak 2%
• Foreign-born: 14% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 2% Arabic 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: ▲ 1.88%
• Current HPI: 297.7165
• Rent YoY: ▲ 2.76%
• 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

+1025.2% since first listed

12 events — show timeline

• 2026-04-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-20 Listed $899,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-20 Listed $899,000 Stellar MLS as Distributed by MLS Grid
• 2022-01-25 Sold (Public Records) $770,000 Public Records
• 2022-01-18 Sold (MLS) $770,000 Stellar MLS as Distributed by MLS Grid
• 2021-11-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-11-11 Listed $785,000 Stellar MLS as Distributed by MLS Grid
• 2021-09-20 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2021-09-20 Listed $700,000 Stellar MLS as Distributed by MLS Grid
• 1989-09-01 Sold (Public Records) $105,000 Public Records
• 1983-05-01 Sold (Public Records) $79,900 Public Records

Property tax history

+11.8%/yr

Latest (2025): $13,837 · -8.1% YoY. Source: county tax records.