36434 Malibu Way · Zephyrhills West, FL 33541

$184,900

3 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 120 Days on market

Built 1985 4,770 sqft lot Est $182k · at est. $66/mo HOA · 3% 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 +19.9/30.0
• ARV discount +6.8/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Schools +4.3/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Under contract-accepting backup offers. Some homes check boxes. This one changes your whole routine: morning coffee with a pond view, afternoons at the pool, evenings with neighbors who actually know your name. You came to Florida for the lifestyle. This is where it actually lives. Tucked in the 55+ community of Oaks Royal III in Zephyrhills, this 2 bedroom, 2 bathroom home sits on land you own and backs up to a serene pond, giving you a private water view right from your own backyard. Inside, the home lives larger than you might expect. A great room addition creates a bright, open space that works equally well for entertaining or simply unwinding. The Florida room adds even more flexibilit

Key facts

• Light filled retreat
• Great room addition
• Updated kitchen

Tags

• LIGHT FILLED RETREAT
• GREAT ROOM ADDITION
• ENCLOSED FLORIDA ROOM
• UPDATED KITCHEN
• TILED STEP IN SHOWERS
• NEUTRAL TILE FLOORING

Property features AI

Finance

• Other: Partially furnished; Buyer approval required for community
• Financial info: Lease restrictions apply
• HOA & community: Has HOA (annual fee $800; monthly equivalent $66.67); Association requires approval; Association amenities: Clubhouse, Pool, Shuffleboard court, Spa/Hot Tub; Community features: Clubhouse, Pool, Community mailbox, Golf carts allowed, Sidewalks, Street lights; Senior community; Pets allowed (cats and dogs, size limit; max 20 lbs)

Exterior

• Parking: Covered parking; Carport with 2 spaces
• Utilities: Public water; Public sewer; Broadband/high-speed internet available; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured home (double wide); Single-story; North-facing entry; Completed condition; Shed on property
• Construction: Vinyl siding; Metal roof; Block foundation with crawlspace; Built as double wide manufactured home
• Exterior features: Rain gutters; Sidewalk; Paved lot with public maintained asphalt road; Mature landscaping; Pond view

Interior

• Kitchen: Cooktop; Range; Range hood; Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Concrete; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Mini-split cooling units; Other heating
• Interior features: Ceiling fans; Open floorplan; Solid surface counters; Solid wood cabinets; Stone counters; Thermostat; Walk-in closet(s); Window treatments
• Laundry & utility: Washer hookup inside; Electric dryer hookup; Common area laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#772 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Pasco (suburban): math 50% / reading 52% proficiency, ranked #32 of 73 in FL (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-2.5%/yr); 856 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 40% of the median local income ($57k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $185k implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $168,259 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.03% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.19%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $182,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5421 Powhattan St	0.15mi	2/2.0 (-1)	1,232 (-1%)	3mo	$145,000	$118	84
5339 Montego Dr	0.23mi	2/2.0 (-1)	1,248 (0%)	4mo	$160,000	$128	81
36615 Dina Dr	0.23mi	2/2.0 (-1)	1,360 (+9%)	3mo	$160,000	$118	66
36743 Tara Ave	0.47mi	3/2.0	1,152 (-8%)	0mo	$195,000	$169	65
5350 Amanda St	0.57mi	2/2.0 (-1)	1,268 (+2%)	2mo	$195,000	$154	64
5404 Waters St	0.43mi	3/2.0	1,146 (-8%)	3mo	$146,000	$127	64
5654 Arrowhead Dr	0.40mi	2/2.0 (-1)	1,144 (-8%)	1mo	$165,000	$144	62
36847 Jodi Ave	0.47mi	2/2.0 (-1)	1,152 (-8%)	2mo	$194,500	$169	59
5823 Navaho Ct	0.36mi	2/2.0 (-1)	1,410 (+13%)	3mo	$210,000	$149	54
36946 Tara Ave	0.61mi	2/2.0 (-1)	1,144 (-8%)	1mo	$197,000	$172	52
36825 Kiowa Ave	0.49mi	2/2.0 (-1)	1,404 (+12%)	4mo	$205,000	$146	48
36946 Grace Ave	0.56mi	2/1.5 (-1)	1,063 (-15%)	0mo	$135,000	$127	42

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

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.59×
• Total profit: $-21,238
• Equity at exit: $27,569

10-year hold

• IRR: -7.6%
• Equity multiple: 0.58×
• Total profit: $-21,531
• Equity at exit: $15,987

Cash invested: $51,772 (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 33541

• Home prices YoY: -15.2%
• Rents YoY: -2.5%
• Active inventory: 856
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,900 high
• Mortgage (P&I): −$970
• Tax from tax record: −$164 /mo · $1,972/yr
• Insurance: −$77
• HOA: −$66
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $224

Break-even live

Break-even rent $1,616

Max offer price $184,900

Occupancy floor 83%

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36801 Camelia Ct Zephyrhills, FL	2.0	2.0	864	$1,350	$1.56	24d	1	0.35mi
5914 Willow Ridge Dr #101 Zephyrhills, FL	2.0	2.0	987	$1,500	$1.52	24d	1	0.41mi
36321 Stonewood Ln #103 Zephyrhills, FL	2.0	2.0	987	$1,525	$1.55	24d	1	0.42mi
36243 Lake Chase Blvd #203 Zephyrhills, FL	3.0	2.0	1278	$1,775	$1.39	24d	1	0.44mi
36106 Lake Chase Blvd #102 Zephyrhills, FL	3.0	2.0	1170	$1,650	$1.41	4d	1	0.49mi
36106 Lake Chase Blvd Zephyrhills, FL	3.0	2.0	1325	$1,700	$1.28	24d	1	0.49mi
36009 Deer Creek Dr #104 Zephyrhills, FL	2.0	2.0	1029	$1,450	$1.41	24d	1	0.59mi
36015 Deer Creek Dr #202 Zephyrhills, FL	2.0	2.0	1062	$1,450	$1.37	24d	1	0.61mi
35940 Inspiration Dr Zephyrhills, FL	1.0–3.0	1.0–2.0	1034	$1,988	$1.92	2d	21	0.62mi
5521 Barbara St Zephyrhills, FL	2.0	2.0	1056	$1,800	$1.70	24d	1	0.86mi
36095 Carriage Pine Ct Zephyrhills, FL	3.0	2.0	1461	$1,990	$1.36	24d	1	0.96mi
6302 Abbott Station Dr Zephyrhills, FL	3.0	1.0–2.5	855	$1,999	$2.34	1d	142	1.15mi
33529 Buttonweed Trl Zephyrhills, FL	3.0	2.0	1412	$2,500	$1.77	24d	1	1.26mi
6773 Branham Mill Ct Zephyrhills, FL	3.0	2.0	1454	$1,950	$1.34	24d	1	1.31mi
6633 Foxmoor Dr Zephyrhills, FL	3.0	2.0	1300	$2,000	$1.54	24d	1	1.33mi
6262 Maisie Rd Zephyrhills, FL	3.0	2.5	1363	$1,700	$1.25	24d	1	1.38mi
6335 Maisie Rd Zephyrhills, FL	3.0	2.5	1363	$1,650	$1.21	20d	1	1.39mi
37812 15th Ave Zephyrhills, FL	2.0	2.0	1000	$1,850	$1.85	24d	1	1.41mi
6246 Timberly Ln Zephyrhills, FL	3.0	2.5	1363	$1,900	$1.39	24d	1	1.45mi
37661 Aaralyn Rd Zephyrhills, FL	3.0	2.5	1363	$1,800	$1.32	24d	1	1.46mi
4111 Ryals Rd Zephyrhills, FL	4.0	3.0	1216	$2,195	$1.81	3d	1	1.49mi

HOA detail

• Monthly dues: $66 · $792/yr
• Likely covers: waterpool

Listing history 9 events

1. 2026-05-23
   status Pending
2. 2026-03-26
   price $184,900
3. 2026-03-02
   status Active
4. 2026-02-21
   status Pending
5. 2026-02-17
   price $189,000
6. 2026-01-27
   price $199,900
7. 2026-01-13
   listed $204,000 Active
8. 2005-12-09
   soldstatus $68,000
9. 2001-07-27
   soldstatus $48,000

ⓘ 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: $1,972 · $164/mo
• Projected year-2 tax: $1,972 · $164/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,799
• − Mortgage interest: −$10,357
• − Property taxes: −$1,972
• − Insurance: −$924
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − HOA: −$792
• − Depreciation: −$5,379
• Taxable loss: −$273
• Est. tax savings @ 24.0%: +$66
• After-tax cash flow: $2,753/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: Pasco
• NCES district ID: 1201530
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 52% ▼ -5.00%
• Median HH income: $45,039
• Composite: 43.14/100
• National rank: #3074
• State rank: #32 of 73 in FL

Livability — Zephyrhills West

• Score: 61/100
• State rank: #772
• US rank: #17403

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasco County · 524,098 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 24,654
• Household income: $56,579
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 393.0

Population outlook (Pasco County) Hauer SSP2

• Today (2025): 570,045 people
• By 2030: 605,844 · +6.3%
• By 2040: 674,806 · +18.4%
• By 2050: 736,022 · +29.1%
• By 2075: 862,900 · +51.4%
• By 2100: 906,364 · +59.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 8% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 9%
• Common ancestry: Lithuanian 4% Romanian 3% Serbian 3%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 9% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Pasco

• 2024 margin: Strong R (+25.2) · D 36.9% · R 62.1% · Other 1.0%
• 2008→2024 swing: -21.6pp toward R · 2008: -3.6pp · 2024: -25.2pp
• All cycles: 2024: R+25.2 2020: R+20.1 2016: R+21.6 2012: R+6.7 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.21%
• Current HPI: 308.0619
• Rent YoY: ▼ -2.51%
• 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

+285.2% since first listed

9 events — show timeline

• 2026-05-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $184,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-02-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $189,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-27 Price Changed $199,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-13 Listed $204,000 Stellar MLS as Distributed by MLS Grid
• 2005-12-09 Sold (Public Records) $68,000 Public Records
• 2001-07-27 Sold (Public Records) $48,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $1,972 · +2.9% YoY. Source: county tax records.