9945 47th Ave N #203 · Bay Pines, FL 33708

$135,000

2 bd · 2.0 ba · 1,050 sqft · Condo public records · 388 Days on market

Built 1968 $767/mo HOA · 35% of rent

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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).

• Cash flow +17.5/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent value! Enjoy sunshine all year round in this lovely 2BR 2BA 2nd floor condominium with elevator, located in the beautiful community of Bay Pines Apartment Condominiums 55+ Community. Just 2 miles to the beach! Recently remodeled amenities include pool, fitness center, party room with full kitchen, poker room, billiard room, library and shuffleboard. Close to shopping, dining, entertainment and attractions. Just minutes away from the VA Hospital. Assigned covered parking and storage room. Beautiful bonus sunroom and in unit laundry room! Everything you need for your vacation home or permanent vacation!

Key facts

• Move in ready
• Close to shopping
• Spacious layout

Tags

• MOVE IN READY
• SPACIOUS LAYOUT
• OPEN CONCEPT LIVING AREA
• CLOSE TO SHOPPING
• EASY ACCESS TO MAJOR ROADS

Property features AI

Finance

• Other: Condo management: Condo Mgmt Plus / Philip Dvorak
• Financial info: Total monthly fees $767; total annual fees $9,204; Lease restrictions apply
• HOA & community: Has HOA (monthly condo fee $667); Monthly association/maintenance fee of $100 in addition to HOA dues; Association approval required; Association amenities include cable TV, clubhouse, pool, recreation facilities, shuffleboard court; Community features include clubhouse, fitness center, pool, community mailbox, deed restrictions; buyer approval required; senior community; no pets allowed

Exterior

• Parking: Carport with 1 space; Covered and guest parking available
• Utilities: Public water; Public sewer; Broadband/high-speed internet available
• Home design: Condominium; 2 total stories; Unit on 2nd floor; Faces south
• Construction: Block construction; Membrane/other roof; Slab foundation; Building A
• Exterior features: Sliding doors

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floorplan with living room/dining room combo; Thermostat; Window treatments
• Laundry & utility: Washer hookup inside; Dryer hookup (electric)

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 $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 2.7% in Bay Pines — 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 (#102 in FL, #1,559 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities 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 (-1.8%/yr); 565 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 32% of the median local income ($82k/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

• It's been on market 388 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask is 8082% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $115k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: major 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 $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 388 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — 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. 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.
8. 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.
9. 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: 1.63% ✓
• Cap rate: 7.22%
• Cash-on-cash: 3.31%
• DSCR: 1.15
• GRM: 5.1

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: -16.6%
• Equity multiple: 0.44×
• Total profit: $-21,233
• Equity at exit: $20,129

10-year hold

• IRR: -22.6%
• Equity multiple: 0.13×
• Total profit: $-33,009
• 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 33708

• Rents YoY: -1.8%
• Active inventory: 565
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,203 high
• Mortgage (P&I): −$708
• Tax from tax record: −$105 /mo · $1,261/yr
• Insurance: −$56
• HOA: −$767
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $104

Break-even live

Break-even rent $2,071

Max offer price $135,000

Occupancy floor 90%

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
9940 47th Ave N #320 Saint Petersburg, FL	2.0	1.0	900	$1,575	$1.75	24d	1	0.03mi
4771 100th Way N Unit 101 St. Petersburg, FL	2.0	1.0	800	$1,749	$2.19	17d	1	0.06mi
4917 99th St N Saint Petersburg, FL	3.0	2.0	1230	$3,500	$2.85	4d	1	0.12mi
9950 52nd Ter N Saint Petersburg, FL	2.0	1.0	1090	$2,200	$2.02	24d	1	0.31mi
5224 100th Way N Saint Petersburg, FL	2.0	1.0	930	$2,400	$2.58	4d	1	0.33mi
4652 Miramar Dr Madeira Beach, FL	1.0–2.0	1.0–2.0	958	$2,475	$2.58	1d	33	0.41mi
10532 51st Ter N Saint Petersburg, FL	2.0	1.0	1093	$1,800	$1.65	17d	1	0.55mi
9071 47th Ave N St. Petersburg, FL	2.0	2.0	1100	$2,000	$1.82	24d	1	0.64mi
10426 Valencia Rd Seminole, FL	3.0	2.0	1389	$2,900	$2.09	4d	1	0.81mi
9860 62nd Ter N #1048 Saint Petersburg, FL	2.0	2.0	1020	$1,750	$1.72	24d	1	0.95mi
9950 62nd Ter N #305 Saint Petersburg, FL	2.0	2.0	1120	$1,450	$1.29	24d	1	0.96mi
10038 62nd Ter N #17 Saint Petersburg, FL	2.0	1.0	1010	$1,400	$1.39	2d	1	0.97mi
6205 Shoreline Dr #1305 Saint Petersburg, FL	2.0	2.0	1205	$2,100	$1.74	4d	1	1.00mi
10037 62nd Ter N #15 Saint Petersburg, FL	2.0	1.0	790	$1,400	$1.77	17d	1	1.02mi
10037 62nd Ter St. Petersburg, FL	1.0	1.0	790	$1,500	$1.90	24d	1	1.02mi
10036 63rd Ave N #23 Saint Petersburg, FL	2.0	1.0	1010	$1,550	$1.53	16d	1	1.02mi
4565 Duhme Rd #110 Saint Petersburg, FL	2.0	1.0	780	$1,700	$2.18	24d	1	1.03mi
10172 63rd Ave Seminole, FL	3.0	2.0	1311	$3,500	$2.67	4d	1	1.04mi
4550 Cove Cir #804 Saint Petersburg, FL	1.0	1.5	860	$1,750	$2.03	24d	1	1.06mi
10035 63rd Ave N #18 Saint Petersburg, FL	2.0	1.0	1010	$2,125	$2.10	24d	1	1.06mi
4575 Cove Cir #703 Saint Petersburg, FL	2.0	2.0	1040	$2,200	$2.12	4d	1	1.08mi
4525 Cove Cir #304 Saint Petersburg, FL	1.0	1.5	815	$2,100	$2.58	21d	1	1.11mi
562 Johns Pass Ave Madeira Beach, FL	3.0	2.0	1400	$5,250	$3.75	4d	1	1.11mi
4525 Cove Cir #608 Saint Petersburg, FL	2.0	2.0	1060	$2,000	$1.89	13d	1	1.11mi
10032 65th Ave N #24 Saint Petersburg, FL	2.0	2.0	1010	$1,650	$1.63	24d	1	1.12mi
4650 Cove Cir #611 Saint Petersburg, FL	2.0	2.0	970	$2,500	$2.58	4d	1	1.13mi
4650 Cove Cir #402 Saint Petersburg, FL	2.0	2.0	970	$3,500	$3.61	24d	1	1.13mi
4775 Cove Cir #1102 Saint Petersburg, FL	2.0	2.0	1050	$1,700	$1.62	7d	1	1.19mi
4775 Cove Cir #1202 Saint Petersburg, FL	2.0	2.0	1050	$3,500	$3.33	24d	1	1.19mi
4775 Cove Cir #202 Saint Petersburg, FL	2.0	2.0	1050	$1,850	$1.76	24d	1	1.19mi
4775 Cove Cir #508 Saint Petersburg, FL	2.0	2.0	1050	$2,000	$1.90	23d	1	1.19mi
4725 Cove Cir #405 Saint Petersburg, FL	1.0	1.0	815	$1,750	$2.15	17d	1	1.23mi
717 Sunset Cove Madeira Beach, FL	3.0	2.0	1305	$3,800	$2.91	24d	1	1.24mi
1 Boca Ciega Point Blvd #115 Saint Petersburg, FL	2.0	2.0	920	$1,900	$2.07	1d	1	1.25mi
4750 Cove Cir #302 Saint Petersburg, FL	2.0	2.0	1040	$2,500	$2.40	24d	1	1.26mi
10530 68th Ave Seminole, FL	2.0	1.0	1000	$1,690	$1.69	4d	1	1.38mi
14183 E Parsley Dr Madeira Beach, FL	3.0	1.0	1060	$2,850	$2.69	4d	1	1.39mi
10405 Addison Way Seminole, FL	1.0–3.0	1.0–2.0	1133	$2,351	$2.08	1d	18	1.39mi
540 Normandy Rd Unit Na Madeira Beach, FL	1.0	1.0	750	$1,950	$2.60	7d	1	1.43mi
500 140th Ave E Madeira Beach, FL	3.0	2.0	1184	$2,800	$2.36	24d	1	1.47mi

HOA detail condo

• Monthly dues: $767 · $9,204/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $135,000 Active 388 DOM
2. 2026-06-17
   days on market $135,000 Active 387 DOM
3. 2026-06-16
   days on market $135,000 Active 386 DOM
4. 2026-06-15
   days on market $135,000 Active 385 DOM
5. 2026-06-13
   days on market $135,000 Active 383 DOM
6. 2026-06-09
   days on market $135,000 Active 379 DOM
7. 2026-06-08
   days on market $135,000 Active 378 DOM
8. 2026-06-07
   days on market $135,000 Active 377 DOM
9. 2026-06-04
   days on market $135,000 Active 374 DOM
10. 2026-06-03
    days on market $135,000 Active 373 DOM
11. 2026-06-01
    days on market $135,000 Active 371 DOM
12. 2026-05-31
    days on market $135,000 Active 370 DOM
13. 2026-04-28
    price $135,000
14. 2026-03-29
    price $141,500
15. 2026-02-26
    status Active
16. 2026-02-26
    listed $1,650
17. 2026-01-02
    status Pending
18. 2025-11-03
    price $142,500
19. 2025-07-01
    price $145,900
20. 2025-04-01
    listed $155,900 Active
21. 2021-06-29
    soldstatus $115,000
22. 2021-06-25
    soldstatus $115,000 Closed 618-char remark

    Show marketing remark (618 chars)

    Excellent value! Enjoy sunshine all year round in this lovely 2BR 2BA 2nd floor condominium with elevator, located in the beautiful community of Bay Pines Apartment Condominiums 55+ Community. Just 2 miles to the beach! Recently remodeled amenities include pool, fitness center, party room with full kitchen, poker room, billiard room, library and shuffleboard. Close to shopping, dining, entertainment and attractions. Just minutes away from the VA Hospital. Assigned covered parking and storage room. Beautiful bonus sunroom and in unit laundry room! Everything you need for your vacation home or permanent vacation!

23. 2021-04-27
    status Pending 618-char remark

    Show marketing remark (618 chars)

    Excellent value! Enjoy sunshine all year round in this lovely 2BR 2BA 2nd floor condominium with elevator, located in the beautiful community of Bay Pines Apartment Condominiums 55+ Community. Just 2 miles to the beach! Recently remodeled amenities include pool, fitness center, party room with full kitchen, poker room, billiard room, library and shuffleboard. Close to shopping, dining, entertainment and attractions. Just minutes away from the VA Hospital. Assigned covered parking and storage room. Beautiful bonus sunroom and in unit laundry room! Everything you need for your vacation home or permanent vacation!

24. 2021-04-24
    listed $115,000 Active 618-char remark

    Show marketing remark (618 chars)

    Excellent value! Enjoy sunshine all year round in this lovely 2BR 2BA 2nd floor condominium with elevator, located in the beautiful community of Bay Pines Apartment Condominiums 55+ Community. Just 2 miles to the beach! Recently remodeled amenities include pool, fitness center, party room with full kitchen, poker room, billiard room, library and shuffleboard. Close to shopping, dining, entertainment and attractions. Just minutes away from the VA Hospital. Assigned covered parking and storage room. Beautiful bonus sunroom and in unit laundry room! Everything you need for your vacation home or permanent vacation!

25. 2004-05-28
    soldstatus $69,500
26. 2002-01-14
    soldstatus $51,000
27. 1996-08-02
    soldstatus $36,500

ⓘ 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: $1,261 · $105/mo
• Projected year-2 tax: $1,261 · $105/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 6/10 Major FEMA zone X (shaded) · 54% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,437
• − Mortgage interest: −$7,562
• − Property taxes: −$1,261
• − Insurance: −$675
• − Repairs & maintenance: −$2,115
• − Management: −$2,115
• − HOA: −$9,204
• − Depreciation: −$3,927
• Taxable loss: −$422
• Est. tax savings @ 24.0%: +$101
• After-tax cash flow: $1,351/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 — Bay Pines

• Score: 81/100
• State rank: #102
• US rank: #1559

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bay Pines, FL
• County: Pinellas County · 939,478 people
• City population: 68
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 15,060
• Household income: $82,500
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 734.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Asian 4% Two or more races 4% Black 1%
• Common ancestry: Romanian 4% Lithuanian 3% Italian 3%
• Foreign-born: 10% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% Vietnamese 2% Russian/Polish/Slavic 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: ▼ -663.41%
• Current HPI: 317.0675
• Rent YoY: ▼ -1.77%
• 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

+269.9% since first listed

15 events — show timeline

• 2026-04-28 Price Changed $135,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-29 Price Changed $141,500 Stellar MLS as Distributed by MLS Grid
• 2026-02-26 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-02-26 Listed for Rent $1,650 STELLARMLS
• 2026-01-02 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-11-03 Price Changed $142,500 Stellar MLS as Distributed by MLS Grid
• 2025-07-01 Price Changed $145,900 Stellar MLS as Distributed by MLS Grid
• 2025-04-01 Listed $155,900 Stellar MLS as Distributed by MLS Grid
• 2021-06-29 Sold (Public Records) $115,000 Public Records
• 2021-06-25 Sold (MLS) $115,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-27 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-04-24 Listed $115,000 Stellar MLS as Distributed by MLS Grid
• 2004-05-28 Sold (Public Records) $69,500 Public Records
• 2002-01-14 Sold (Public Records) $51,000 Public Records
• 1996-08-02 Sold (Public Records) $36,500 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,261 · +4.3% YoY. Source: county tax records.