3835 Court St · Zephyrhills South, FL 33541

$121,000

3 bd · 2.0 ba · 1,352 sqft · Manufactured public records · 13 Days on market

Built 1998 10,069 sqft lot Est $184k · 34% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NO LAND LEASE OR HOA! This adorable 3 bedroom 2 bathroom home is in a quiet location. Enjoy the sounds of nature with a cup of your favorite beverage while relaxing on the front or back porch, park your big toys or vehicles anywhere, and enjoy privacy with this home's spacious split floor plan. Master bathroom has been updated in 2020, AC is less than 7 years old and home has a metal roof. Spacious yard with easy maintenance, and the location is exceptionally convenient for traveling. 4-point inspection was conducted and passed in 2022. US 301 and now SR 56 as well as SR 54 are just minutes away. Schedule your appointment to see today!

Key facts

• 0.23 acre lot
• Built 1998
• Listed 13 days

Property features AI

Finance

• HOA & community: No association indicated

Exterior

• Utilities: Well water; Septic tank sewer; Electricity available
• Home design: Manufactured home (double wide); One story; East-facing
• Construction: Vinyl siding and frame construction; Other construction materials; Shingle roof; Crawlspace foundation; Built as a single-level residence
• Exterior features: Private mailbox; Chain link fencing; Dirt road access

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Living room and dining room combined; Split bedroom layout
• Laundry & utility: Laundry area inside the home; Laundry closet; Laundry located in kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $121k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $121k).
• Cap rate 13.5% vs local median 4.1% in Zephyrhills South — 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 58/100 on livability (#836 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: employment D, schools F, amenities 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; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 41% 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 $837 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 21y 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.

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 $121,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.60% ✓
• Cap rate: 13.51%
• Cash-on-cash: 25.76%
• DSCR: 2.15
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $183,872
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3832 Michelle Ln	0.03mi	3/2.0	1,404 (+4%)	10mo	$227,000	$162	84
3825 Court St	0.02mi	3/2.0	1,480 (+10%)	14mo	$190,000	$128	71
4041 Lane Rd	0.32mi	3/2.0	1,269 (-6%)	8mo	$180,000	$142	68
37643 May Ln	0.60mi	2/2.0 (-1)	1,276 (-6%)	19mo	$60,000	$47	42
4425 Autumn Palm Dr	0.64mi	2/2.5 (-1)	1,208 (-11%)	13mo	$164,800	$136	35

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: 16.0%
• Equity multiple: 1.62×
• Total profit: $21,050
• Equity at exit: $18,041

10-year hold

• IRR: 22.4%
• Equity multiple: 2.66×
• Total profit: $56,083
• Equity at exit: $10,462

Cash invested: $33,880 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,936 high
• Mortgage (P&I): −$635
• Tax from tax record: −$117 /mo · $1,410/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $727

Break-even live

Break-even rent $1,016

Max offer price $121,000

Occupancy floor 57%

Sensitivity live

Price	-10% $796	-5% $762	+0% $727	+5% $693	+10% $659
Rent	-10% $574	-5% $651	+0% $727	+5% $804	+10% $880
Rate	-1.0pp $788	-0.5pp $758	base $727	+0.5pp $696	+1.0pp $664

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: $30,250
• Closing costs: $3,630
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
38031 Meyer Ave Zephyrhills, FL	3.0	2.0	1000	$1,175	$1.18	25d	1	0.36mi
38162 Fallstone Way Zephyrhills, FL	2.0	2.5	1513	$1,800	$1.19	23d	1	0.43mi
38250 Fallstone Way Zephyrhills, FL	2.0	2.5	1513	$1,725	$1.14	23d	1	0.43mi
38256 Fallstone Way Zephyrhills, FL	2.0	2.5	1541	$1,765	$1.15	16d	1	0.44mi
38142 Fallstone Way Zephyrhills, FL	3.0	2.5	1634	$1,895	$1.16	23d	1	0.45mi
38235 Fallstone Way Zephyrhills, FL	2.0	2.5	1541	$1,765	$1.15	23d	1	0.46mi
38126 Fallstone Way Zephyrhills, FL	2.0	2.5	1541	$1,765	$1.15	23d	1	0.46mi
38114 Fallstone Way Zephyrhills, FL	3.0	2.5	1634	$1,970	$1.21	23d	1	0.47mi
38078 Fallstone Way Zephyrhills, FL	2.0	2.5	1541	$1,765	$1.15	23d	1	0.51mi
38064 Fallstone Way Zephyrhills, FL	3.0	2.5	1634	$1,895	$1.16	19d	1	0.52mi
38034 Fallstone Way Zephyrhills, FL	3.0	2.5	1634	$1,895	$1.16	23d	1	0.53mi
38028 Fallstone Way Zephyrhills, FL	3.0	2.5	1634	$1,895	$1.16	23d	1	0.54mi
38055 Woodgate Ln Zephyrhills, FL	3.0	2.0	1456	$1,400	$0.96	25d	1	0.60mi
38236 Fir Ave Zephyrhills, FL	2.0	1.0	950	$1,350	$1.42	25d	1	0.67mi
37685 Leafside Ln Zephyrhills, FL	3.0	2.5	1634	$1,970	$1.21	6d	1	0.73mi
4820 Foliage Rd Zephyrhills, FL	2.0	2.5	1541	$1,780	$1.16	23d	1	0.73mi
37688 Leafside Ln Zephyrhills, FL	3.0	2.5	1634	$1,935	$1.18	25d	1	0.73mi
37741 Leafside Ln Zephyrhills, FL	2.0	2.5	1541	$1,715	$1.11	25d	1	0.73mi
4639 Coral St Zephyrhills, FL	2.0	2.0	1056	$1,250	$1.18	25d	1	0.79mi
37472 Sharks Eye Ln Zephyrhills, FL	3.0	2.0	1560	$2,100	$1.35	3d	1	0.83mi
37373 Sharks Eye Ln Zephyrhills, FL	3.0	2.0	1560	$2,200	$1.41	11d	1	0.90mi
37714 Leafside Ln Zephyrhills, FL	2.0	2.5	1541	$1,855	$1.20	16d	1	0.94mi
37726 Leafside Ln Zephyrhills, FL	3.0	2.5	1634	$1,985	$1.21	23d	1	0.94mi
4850 Foliage Rd Zephyrhills, FL	2.0	2.5	1541	$1,780	$1.16	23d	1	0.95mi
37711 Leafside Ln Zephyrhills, FL	2.0	2.5	1541	$1,765	$1.15	16d	1	0.96mi
37643 Leafside Ln Zephyrhills, FL	2.0	2.5	1541	$1,840	$1.19	23d	1	0.97mi
4940 4th St Zephyrhills, FL	2.0	2.0	900	$1,350	$1.50	25d	1	1.25mi
37902 7th Ave Zephyrhills, FL	3.0	1.0	900	$1,775	$1.97	25d	1	1.30mi
5143 1st St Zephyrhills, FL	3.0	2.0	1436	$1,750	$1.22	25d	1	1.31mi
5022 5th St Zephyrhills, FL	2.0	1.5	974	$1,595	$1.64	25d	1	1.33mi
38981 Harlow Rose Dr Zephyrhills, FL	3.0	2.0	1491	$1,940	$1.30	5d	1	1.40mi
5237 1st St Zephyrhills, FL	3.0	1.0	964	$1,700	$1.76	25d	1	1.40mi
4940 9th St Zephyrhills, FL	3.0	1.0	1404	$1,895	$1.35	25d	1	1.47mi

Listing history 24 events

1. 2026-06-04
   status $121,000 Pending 13 DOM
2. 2026-06-03
   days on market $121,000 Active 13 DOM
3. 2026-06-02
   days on market $121,000 Active 12 DOM
4. 2026-06-01
   days on market $121,000 Active 11 DOM
5. 2026-05-31
   remarks 653-char remark
6. 2026-05-31
   statusdays on market $121,000 Active 10 DOM
7. 2026-05-17
   listed $121,000 Active
8. 2026-01-21
   status Pending
9. 2026-01-18
   historical
10. 2025-12-30
    listed $160,000 Active
11. 2023-01-26
    soldstatus $190,000 Closed 643-char remark

    Show marketing remark (643 chars)

    NO LAND LEASE OR HOA! This adorable 3 bedroom 2 bathroom home is in a quiet location. Enjoy the sounds of nature with a cup of your favorite beverage while relaxing on the front or back porch, park your big toys or vehicles anywhere, and enjoy privacy with this home's spacious split floor plan. Master bathroom has been updated in 2020, AC is less than 7 years old and home has a metal roof. Spacious yard with easy maintenance, and the location is exceptionally convenient for traveling. 4-point inspection was conducted and passed in 2022. US 301 and now SR 56 as well as SR 54 are just minutes away. Schedule your appointment to see today!

12. 2023-01-25
    soldstatus $190,000
13. 2022-10-29
    status Pending 643-char remark

    Show marketing remark (643 chars)

    NO LAND LEASE OR HOA! This adorable 3 bedroom 2 bathroom home is in a quiet location. Enjoy the sounds of nature with a cup of your favorite beverage while relaxing on the front or back porch, park your big toys or vehicles anywhere, and enjoy privacy with this home's spacious split floor plan. Master bathroom has been updated in 2020, AC is less than 7 years old and home has a metal roof. Spacious yard with easy maintenance, and the location is exceptionally convenient for traveling. 4-point inspection was conducted and passed in 2022. US 301 and now SR 56 as well as SR 54 are just minutes away. Schedule your appointment to see today!

14. 2022-07-21
    status Pending 643-char remark

    Show marketing remark (643 chars)

    NO LAND LEASE OR HOA! This adorable 3 bedroom 2 bathroom home is in a quiet location. Enjoy the sounds of nature with a cup of your favorite beverage while relaxing on the front or back porch, park your big toys or vehicles anywhere, and enjoy privacy with this home's spacious split floor plan. Master bathroom has been updated in 2020, AC is less than 7 years old and home has a metal roof. Spacious yard with easy maintenance, and the location is exceptionally convenient for traveling. 4-point inspection was conducted and passed in 2022. US 301 and now SR 56 as well as SR 54 are just minutes away. Schedule your appointment to see today!

15. 2022-07-19
    listed $185,000 Active 643-char remark

    Show marketing remark (643 chars)

    NO LAND LEASE OR HOA! This adorable 3 bedroom 2 bathroom home is in a quiet location. Enjoy the sounds of nature with a cup of your favorite beverage while relaxing on the front or back porch, park your big toys or vehicles anywhere, and enjoy privacy with this home's spacious split floor plan. Master bathroom has been updated in 2020, AC is less than 7 years old and home has a metal roof. Spacious yard with easy maintenance, and the location is exceptionally convenient for traveling. 4-point inspection was conducted and passed in 2022. US 301 and now SR 56 as well as SR 54 are just minutes away. Schedule your appointment to see today!

16. 2020-06-11
    soldstatus $114,500
17. 2020-06-10
    soldstatus $114,500 Sold
18. 2020-05-12
    status Pending
19. 2020-05-11
    listed $115,900 Active
20. 2006-03-23
    soldstatus $80,000
21. 2006-03-22
    soldstatus $80,000
22. 2005-10-29
    listed $85,000
23. 2002-08-30
    soldstatus $65,000
24. 1995-05-25
    soldstatus $11,500

ⓘ 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: $1,410 · $117/mo
• Projected year-2 tax: $1,410 · $117/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 3/10 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: $23,237
• − Mortgage interest: −$6,778
• − Property taxes: −$1,410
• − Insurance: −$605
• − Repairs & maintenance: −$1,859
• − Management: −$1,859
• − Depreciation: −$3,520
• Taxable income: $7,206
• Est. tax owed @ 24.0%: −$1,730
• After-tax cash flow: $6,998/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 South

• Score: 58/100
• State rank: #836
• US rank: #20702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Zephyrhills South, FL
• 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

+952.2% since first listed

18 events — show timeline

• 2026-05-17 Listed $121,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-01-18 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-12-30 Listed $160,000 Stellar MLS as Distributed by MLS Grid
• 2023-01-26 Sold (MLS) $190,000 Stellar MLS as Distributed by MLS Grid
• 2023-01-25 Sold (Public Records) $190,000 Public Records
• 2022-10-29 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-07-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-07-19 Listed $185,000 Stellar MLS as Distributed by MLS Grid
• 2020-06-11 Sold (Public Records) $114,500 Public Records
• 2020-06-10 Sold (MLS) $114,500 Stellar MLS as Distributed by MLS Grid
• 2020-05-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2020-05-11 Listed $115,900 Stellar MLS as Distributed by MLS Grid
• 2006-03-23 Sold (Public Records) $80,000 Public Records
• 2006-03-22 Sold (MLS) $80,000 Stellar MLS as Distributed by MLS Grid
• 2005-10-29 Listed $85,000 Stellar MLS as Distributed by MLS Grid
• 2002-08-30 Sold (Public Records) $65,000 Public Records
• 1995-05-25 Sold (Public Records) $11,500 Public Records

Property tax history

+4.5%/yr

Latest (2025): $1,410 · -2.6% YoY. Source: county tax records.