7400 46th Ave N · West Lealman, FL 33709

$14,500

3 bd · 1.5 ba · 2,000 sqft · Land public records · 187 Days on market

Built 1974 1,000 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This double wide, move-in ready 3/1.5 mobile home with great open floor plan and lots of windows sitting in Isle of Palms 55+ community is a must see. Has some blemishes, was remodeled in 2012, but washer, dryer, stove and refrigerator are less than 4 years old. It has a 2 car carport, and a large Storage shed. The community has a lot of community functions and it is near public transportation and the mall.

Key facts

• Open floor plan
• Near the mall
• Remodeled in 2012

Tags

• OPEN FLOOR PLAN
• REMODELED IN 2012
• LARGE STORAGE SHED
• NEAR PUBLIC TRANSPORTATION
• NEAR THE MALL

Property features AI

Exterior

• Home design: House; 940 total living area (units not specified)
• Exterior features: Lot approximately 1,000 (units not specified)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath land listed at $14k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $14k).
• Recommended offer: $13k (12.0% below list) — sets the bar for market timing.
• Cap rate 201.5% vs local median 1.8% in West 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 (#84 in FL, #1,396 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, employment D+, 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 flat; 309 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $3,112/mo this rent would consume 70% of the median local household income ($54k/yr) (locally 712% 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 $100 of loan paydown is wiped out by about $435 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.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 187 days — a 12% lower offer ($13k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $12,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 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 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 21.46% ✓
• Cap rate: 201.45%
• Cash-on-cash: 696.99%
• DSCR: 32.01
• GRM: 0.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.99% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 35.91×
• Total profit: $141,719
• Equity at exit: $2,162

10-year hold

• IRR: —
• Equity multiple: 73.09×
• Total profit: $292,677
• Equity at exit: $1,254

Cash invested: $4,060 (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 33709

• Rents YoY: 1.0%
• Active inventory: 309
• Price-to-rent: 0.4×

Monthly cashflow live

• Estimated rent: $3,112 high
• Mortgage (P&I): −$76
• Tax est. 1.5%: −$18 /mo · $218/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $2,358

Break-even live

Break-even rent $127

Max offer price $14,500

Occupancy floor 19%

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: $3,625
• Closing costs: $435
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5341 71st Way N Saint Petersburg, FL	3.0	2.5	1807	$4,100	$2.27	4d	1	0.70mi
6400 46th Ave N #10 Kenneth City, FL	4.0	3.0	1616	$2,500	$1.55	18d	1	1.00mi
2901 70th St N Unit 1546478P St. Petersburg, FL	3.0	2.0	1614	$4,682	$2.90	16d	1	1.04mi
6400 46th Ave N Kenneth City, FL	4.0	3.0	1616	$2,500	$1.55	20d	1	1.12mi
2851 67th St N Saint Petersburg, FL	4.0	2.0	1636	$3,200	$1.96	24d	1	1.19mi
8186 Terrace Garden Dr N #409 St Petersburg, FL	2.0	2.0	1765	$2,200	$1.25	4d	1	1.23mi
2153 75th Way N Saint Petersburg, FL	3.0	2.0	1410	$3,500	$2.48	22d	1	1.35mi
2121 Park St N Saint Petersburg, FL	4.0	4.0	2346	$3,800	$1.62	16d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $14,500 Active 187 DOM
2. 2026-06-17
   days on market $14,500 Active 186 DOM
3. 2026-06-16
   days on market $14,500 Active 185 DOM
4. 2026-06-15
   days on market $14,500 Active 184 DOM
5. 2026-06-13
   days on market $14,500 Active 182 DOM
6. 2026-06-09
   days on market $14,500 Active 178 DOM
7. 2026-06-08
   days on market $14,500 Active 177 DOM
8. 2026-06-07
   days on market $14,500 Active 176 DOM
9. 2026-06-04
   days on market $14,500 Active 173 DOM
10. 2026-06-03
    days on market $14,500 Active 172 DOM
11. 2026-06-01
    days on market $14,500 Active 170 DOM
12. 2026-05-31
    days on market $14,500 Active 169 DOM
13. 2025-12-13
    listed $14,500 Active
14. 1994-06-30
    soldstatus $241,700
15. 1994-06-27
    soldstatus $262,000
16. 1994-06-27
    soldstatus $71,300

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥107°F today · 19 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: $37,342
• − Mortgage interest: −$812
• − Property taxes: −$218
• − Insurance: −$72
• − Repairs & maintenance: −$2,987
• − Management: −$2,987
• − Depreciation: −$422
• Taxable income: $29,843
• Est. tax owed @ 24.0%: −$7,162
• After-tax cash flow: $21,135/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 — West Lealman

• Score: 81/100
• State rank: #84
• US rank: #1396

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Lealman, FL
• County: Pinellas County · 939,478 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 25,050
• Household income: $53,501
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 712.0

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 11% Two or more races 10% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, Jamaica
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% Vietnamese 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: ▼ -416.74%
• Current HPI: 391.368
• Rent YoY: ▲ 0.99%
• 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

-94.5% since first listed

4 events — show timeline

• 2025-12-13 Listed $14,500 ForSaleByOwner.com
• 1994-06-30 Sold (Public Records) $241,700 Public Records
• 1994-06-27 Sold (Public Records) $71,300 Public Records
• 1994-06-27 Sold (Public Records) $262,000 Public Records

Property tax history

+10.8%/yr

Latest (2025): $209,199 · +11.0% YoY. Source: county tax records.