3132 Shoreline Dr, Clearwater, FL 33760 — 19.4% Cash-on-Cash

About this property

3132 Shoreline Dr is a single-story, four-bedroom, three-bath single-family property in Clearwater, FL 33760, spanning 2,240 square feet on an 8,999-square-foot lot.

The kitchen was updated in 2021 with shaker cabinetry and solid-surface countertops, which matters for rental positioning — tenants in this price range expect move-in-ready finishes, and a dated kitchen is the first negotiating chip they use. The outdoor setup is a legitimate differentiator: a screened lanai connects to a saltwater pool with an attached spa, a combination that commands a premium in the Florida rental market. The backyard is fully fenced.

On the systems side, the roof dates to 2012 and the HVAC to June 2014 — both are aging and represent near-term capital expenditure risk any buyer should budget for. The water heater was replaced December 2025, so that's off the list. The seller reports no flooding during recent hurricanes, and the NFIP flood insurance policy is transferable at approximately $900 annually, which is a meaningful cost offset.

The property has been on the market 157 days, and the listing price has already been reduced by $15,000. That combination — extended days on market plus a price cut — signals either a motivated seller or a valuation the local market hasn't fully accepted. The tax-assessed value sits at $559,745, roughly $55,000 below the current ask, which adds another data point worth factoring into any offer strategy.

The investment case

A 19.4% cash-on-cash return at a $614,900 list price puts this property in a different category from most Clearwater listings — the city average CoC is 4.6%.

List Price

$614,900

Monthly Payment (PITI+HOA)

$4,280

Principal & Interest

$3,071

Property Tax

$927

Insurance

$205

HOA

$77

PMI

$0

Est. Monthly Rent

$6,269

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

19.4%

Cap Rate

11.7%

Monthly Cash Flow

$1,989

Gross Rent Multiplier

8.2

DSCR

1.9

The numbers behind that headline: estimated monthly rent of $6,269 against a total monthly payment of $4,280 — principal and interest at $3,071, property tax at $927, insurance at $205, and HOA at $77. That produces $1,989 in monthly cash flow before maintenance and vacancy reserves.

The cap rate of 11.7% and net operating income of $5,987 per month are the figures that matter most for an all-cash or leverage-light buyer. A debt service coverage ratio of 1.9 means the property generates nearly twice the income needed to cover its debt obligations — lenders typically require 1.25, so there's meaningful cushion here. The gross rent multiplier of 8.2 is low relative to the broader Florida market, where GRMs of 12 to 15 are common in desirable metros.

At 6.52% on a 30-year fixed, the financing environment is not cheap. What makes the math work is the rent-to-price ratio: $6,269 monthly rent on a $614,900 purchase price is roughly 1.02%, which clears the old one-percent rule threshold that most markets stopped hitting years ago. It's also worth noting the property carries a VA assumable loan — a buyer who qualifies could potentially take over a below-market rate, which would materially improve the cash flow figures shown here.

Figures exclude depreciation tax benefits, which vary by individual tax situation.

The investment case here is straightforward on paper: the rent-to-price ratio is strong, the DSCR provides lender comfort, and the assumable VA loan is a genuine optionality that most comparable listings don't offer.

5-year return outlook

The projected 37.3% five-year total ROI breaks into three components, with cash flow doing the heaviest lifting by a wide margin.

Cash flow accounts for 19.4 percentage points of that 37.3% total — more than half the projected return comes from income, not appreciation or equity buildup. That's an unusual structure. Most Florida investment properties lean on appreciation to justify their numbers; this one doesn't have to.

Appreciation is estimated to contribute approximately 14.0 percentage points over five years, based on an estimated annual rate of 2.8% for the Clearwater market. That figure is a modeled estimate, not a scraped market consensus, so it carries more uncertainty than the income-side math. Treat it as directional rather than precise.

Mortgage paydown adds another 3.9 percentage points — meaningful but the smallest of the three contributors. At a 6.52% rate, more of each early payment goes to interest than principal, which is why paydown contribution is modest in the first five years.

The practical implication: this property's return profile is relatively defensive. If appreciation underperforms — say, Clearwater sees flat or negative price movement over the next five years — the cash flow component alone still delivers a substantial return. That's a different risk profile than a property where the investment thesis depends on price appreciation to break even.

How it compares to nearby for-sale listings

Four active four-bedroom, three-bath listings in ZIP 33760 provide a pricing frame for 3132 Shoreline Dr, with a comp median of $625,000.

At $614,900, this property sits just below the four-comp median of $625,000 — but the per-square-foot picture is more nuanced. At 2,240 square feet, the asking price works out to roughly $274/sqft. The comp at 6251 148th Ave N asks $625,000 on 2,220 square feet — about $282/sqft — while the 15590 59th St N listing at $449,000 covers only 1,820 square feet, or $247/sqft. The 2033 Long Branch Ln listing at $819,950 is the clear outlier at $382/sqft on 2,146 square feet.

On a per-square-foot basis, 3132 Shoreline Dr is priced in the middle of the comp set. It's not the cheapest option in the zip, but it's also not stretched relative to size.

Days on market tells a different story. Two of the four comps went under consideration within 11 days. This property has sat 157 days — longer than any comp except 3061 Overlook Pl at 152 days, which is also priced at the bottom of the set at $395,000. Extended DOM at a mid-range price point typically means either condition issues, a pricing mismatch the market has rejected, or both. The $15,000 price reduction already taken suggests the seller has acknowledged some of that pressure.

Rental demand in this zip

There are no directly comparable four-bedroom rentals in ZIP 33760 to benchmark against, which makes the estimated monthly rent of $6,269 harder to validate locally.

The absence of rental comps in the immediate zip code is a real gap in the underwriting. The $6,269 monthly rent estimate drives every cash flow and return figure in this analysis — the 19.4% CoC, the $1,989 monthly cash flow, the 11.7% cap rate. Without local rental comps to anchor that figure, an investor is relying on a modeled estimate rather than observed market transactions.

That doesn't mean the figure is wrong. A 2,240-square-foot, four-bedroom property with a saltwater pool, updated kitchen, and screened lanai in the Clearwater market is a premium rental product. The Florida Gulf Coast rental market has historically supported strong rent levels for well-appointed single-family homes, particularly those with outdoor amenities. But the confidence interval around $6,269 is wider than it would be with even three or four active rental comps to triangulate against.

Prospective buyers should run their own rental market check before closing — pulling active and recently leased four-bedroom listings in the broader Clearwater and Largo submarkets to stress-test whether $6,269 is achievable or optimistic. A 10% rent miss — $5,642/month instead of $6,269 — would reduce monthly cash flow by roughly $627 and pull the CoC return down meaningfully from the headline figure.

Who this property suits + risks to weigh

This property suits a cash-flow-focused investor comfortable underwriting a high rent estimate with limited local comp support and near-term capital expenditure exposure on aging systems.

Best fit

The investor who gets the most out of this deal is one prioritizing income over appreciation — someone who wants a DSCR above 1.5, a CoC return that outpaces alternative assets, and a property that doesn't depend on price growth to justify the purchase. The VA assumable loan angle also makes this interesting for a veteran buyer or an investor who can structure around it; a below-market rate assumption would push the already-strong cash flow numbers higher.

The non-owner-occupied status confirms this property has been used as an investment or rental previously, which typically means the systems have been managed at arm's length — worth factoring into due diligence on condition.

Risks to weigh

The roof from 2012 and HVAC from June 2014 are the most pressing concerns. In Florida's climate, both are approaching or past typical replacement windows. A full roof replacement on a property this size can run $15,000 to $25,000; an HVAC system replacement adds another $5,000 to $10,000. Neither is reflected in the cash flow projections shown here, and both could materialize within the five-year holding period.

The 157 days on market and $15,000 price reduction are signals worth taking seriously. The tax-assessed value of $559,745 versus a $614,900 ask means the buyer is paying roughly a 9.9% premium over assessed value — not unusual, but worth noting in a negotiation context. The rent estimate lacks local comp support, which is the single biggest underwriting risk in this deal. If the achievable rent is closer to $5,500 than $6,269, the return profile shifts substantially.