35145 Wagner Way · Zephyrhills, FL 33541

$164,900

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 118 Days on market

Built 1984 4,474 sqft lot Est $168k · at est. $60/mo HOA · 3% of rent

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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 +28.1/30.0
• DSCR +10.0/10.0
• ARV discount +8.3/15.0
• 1% rule +7.9/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Colony Hills! This 2-bedroom, 2-bath furnished manufactured home offers generous living space and is ready for its new owner. Whether you're escaping the northern winters or searching for a comfortable full-time residence, this home checks all the boxes. Step inside to discover both a family room and a separate living room, along with a dedicated dining area—perfect for entertaining. Custom built-in cabinetry and shelving line one wall of the living and dining space, providing abundant storage and display space for collectibles and fine china. The spacious kitchen is designed for both function and convenience, featuring a breakfast bar, prep sink, pantry, and ample cabinetr

Key facts

• Spacious kitchen
• Separate living room
• Breakfast bar

Tags

• FURNISHED MANUFACTURED HOME
• SEPARATE LIVING ROOM
• DEDICATED DINING AREA
• CUSTOM BUILT-IN CABINETRY
• SPACIOUS KITCHEN
• BREAKFAST BAR

Property features AI

Finance

• Other: Property type: Residential - Manufactured Home; Zoning: RMH; Total acreage: less than 1/4 acre (approx. 0.1 acre; lot dimensions 52 x 86); Living area about 1,344 sq ft; building area listed as 2,160 sq ft
• Financial info: Lease restrictions apply
• HOA & community: Colony Hills Office association; buyer approval required; Monthly HOA fee $60 (annual $720); Association amenities: clubhouse, pool, recreation facilities, shuffleboard court, tennis courts; Association fees are required; Senior community; Pets allowed (max 20 lbs)

Exterior

• Parking: Covered parking; Carport (1 space)
• Utilities: Public water; Public sewer; Cable available; Broadband/high-speed internet available; Electricity connected
• Home design: Manufactured double-wide home; Single-story; Faces south; One entry level
• Construction: Shingle roof; Other construction materials; Pillar/Post/Pier foundation; Built as double wide
• Exterior features: Storage; Shed(s); Paved asphalt road access; In county location

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Disposal; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Walk-in closets; Blinds; Double pane windows; Window treatments; Florida room; Storage shed(s)
• Laundry & utility: Washer; Dryer; Outdoor laundry area

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 3.7% in Zephyrhills — 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 72/100 on livability (#330 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools C-, crime C-, 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; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• At $2,129/mo this rent would consume 45% of the median local household income ($57k/yr) (locally 393% 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 $1k of loan paydown is wiped out by about $5k 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 118 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $59k; list at $165k implies a 179% 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; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 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. 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.
6. 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.
7. 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: 1.29% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.45%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $168,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35021 Mcculloughs Leap	0.17mi	3/2.0	1,352 (+1%)	4mo	$167,000	$124	88
35139 Wagner Way	0.01mi	2/2.0 (-1)	1,320 (-2%)	8mo	$169,900	$129	85
4100 Carefree Way	0.21mi	2/2.0 (-1)	1,302 (-3%)	1mo	$139,500	$107	79
35020 Colony Hills Dr	0.15mi	3/2.0	1,430 (+6%)	9mo	$175,000	$122	75
3838 Chah Dr	0.16mi	2/2.0 (-1)	1,248 (-7%)	2mo	$160,000	$128	74
35042 Colony Hills Dr	0.11mi	2/2.0 (-1)	1,248 (-7%)	13mo	$170,000	$136	67
35122 Mcculloughs Leap	0.07mi	2/2.0 (-1)	1,144 (-15%)	0mo	$161,000	$141	67
4618 Newcomb Ave	0.61mi	3/2.0	1,368 (+2%)	6mo	$115,000	$84	63
35026 Colony Hills Dr	0.14mi	2/2.0 (-1)	1,212 (-10%)	11mo	$152,000	$125	63
35043 Chancey Rd	0.53mi	3/2.0	1,248 (-7%)	7mo	$196,000	$157	57
34911 Buck Rd	0.33mi	3/2.0	1,496 (+11%)	12mo	$120,000	$80	56
35148 Ada Ave	0.61mi	2/2.0 (-1)	1,152 (-14%)	2mo	$89,900	$78	41

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: 0.0%
• Equity multiple: 1.00×
• Total profit: $55
• Equity at exit: $24,587

10-year hold

• IRR: 6.3%
• Equity multiple: 1.40×
• Total profit: $18,582
• Equity at exit: $14,258

Cash invested: $46,172 (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: 6.5×

Monthly cashflow live

• Estimated rent: $2,129 high
• Mortgage (P&I): −$865
• Tax from tax record: −$171 /mo · $2,047/yr
• Insurance: −$69
• HOA: −$60
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $518

Break-even live

Break-even rent $1,473

Max offer price $164,900

Occupancy floor 71%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34916 Mulrion Dr Zephyrhills, FL	3.0	2.0	1516	$2,100	$1.39	24d	1	0.29mi
36232 Lanier Oaks Pt , FL	3.0	2.0	1325	$1,700	$1.28	24d	1	0.30mi
34652 Blue Starling St Zephyrhills, FL	3.0	2.0	1352	$1,650	$1.22	4d	1	0.94mi
5019 Coopers Hawk Pl Zephyrhills, FL	3.0	2.0	1456	$1,699	$1.17	10d	1	0.97mi
4410 Sailplane Ct Wesley Chapel, FL	3.0	2.5	1574	$2,100	$1.33	24d	1	1.00mi
34214 Rogallo Ln Wesley Chapel, FL	3.0	2.5	1574	$2,050	$1.30	24d	1	1.01mi
4111 Ryals Rd Zephyrhills, FL	4.0	3.0	1216	$2,195	$1.81	3d	1	1.01mi
34873 Robins Song Rd Zephyrhills, FL	3.0	2.0	1575	$1,749	$1.11	2d	1	1.01mi
34214 Cinder Way Wesley Chapel, FL	3.0	2.5	1650	$2,200	$1.33	4d	1	1.03mi
34796 Robins Song Rd Zephyrhills, FL	3.0	2.0	1575	$1,799	$1.14	19d	1	1.03mi
34747 Double Eagle Ct Zephyrhills, FL	2.0	2.0	1308	$1,650	$1.26	17d	1	1.08mi
3346 Lapis Lake Dr Zephyrhills, FL	3.0	2.5	1760	$2,199	$1.25	24d	1	1.24mi
3328 Lapis Lake Dr Zephyrhills, FL	3.0	2.5	1597	$1,999	$1.25	10d	1	1.25mi
34325 Smart Dr Zephyrhills, FL	3.0	2.0	1505	$2,065	$1.37	3d	1	1.28mi
33976 Lusitano Dr Wesley Chapel, FL	1.0–3.0	1.0–2.5	1251	$2,895	$2.31	12d	71	1.34mi
33780 Charleston Club Cir Wesley Chapel, FL	1.0–2.0	1.0–2.0	977	$2,135	$2.19	2d	11	1.38mi
35940 Inspiration Dr Zephyrhills, FL	1.0–3.0	1.0–2.0	1034	$1,988	$1.92	2d	21	1.40mi
35759 Sunflower Hill Dr Zephyrhills, FL	3.0	2.0	1584	$2,400	$1.52	11d	1	1.41mi
34350 Redwood Dawn Ln Wesley Chapel, FL	3.0	2.5	1673	$2,350	$1.40	4d	1	1.46mi
2883 Peony Prairie Ln Wesley Chapel, FL	3.0	2.5	1673	$2,099	$1.25	11d	1	1.48mi
34276 Redwood Dawn Ln Wesley Chapel, FL	3.0	2.5	1673	$2,500	$1.49	24d	1	1.49mi

HOA detail

• Monthly dues: $60 · $720/yr

Listing history 15 events

1. 2026-06-18
   days on market $164,900 Active 118 DOM
2. 2026-06-17
   days on market $164,900 Active 117 DOM
3. 2026-06-16
   days on market $164,900 Active 116 DOM
4. 2026-06-15
   days on market $164,900 Active 115 DOM
5. 2026-06-13
   days on market $164,900 Active 113 DOM
6. 2026-06-09
   days on market $164,900 Active 109 DOM
7. 2026-06-08
   days on market $164,900 Active 108 DOM
8. 2026-06-07
   days on market $164,900 Active 107 DOM
9. 2026-06-04
   days on market $164,900 Active 104 DOM
10. 2026-06-03
    days on market $164,900 Active 103 DOM
11. 2026-06-02
    days on market $164,900 Active 102 DOM
12. 2026-06-01
    days on market $164,900 Active 101 DOM
13. 2026-05-31
    days on market $164,900 Active 100 DOM
14. 2026-02-20
    listed $164,900 Active
15. 2000-12-28
    soldstatus $59,000

ⓘ 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: $2,047 · $171/mo
• Projected year-2 tax: $2,047 · $171/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 5/10 Major
• 🌡 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: $25,544
• − Mortgage interest: −$9,237
• − Property taxes: −$2,047
• − Insurance: −$824
• − Repairs & maintenance: −$2,044
• − Management: −$2,044
• − HOA: −$720
• − Depreciation: −$4,797
• Taxable income: $3,832
• Est. tax owed @ 24.0%: −$920
• After-tax cash flow: $5,292/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

• Score: 72/100
• State rank: #330
• US rank: #5760

Category grades

Amenities F Commute F 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

• County: Pasco County · 524,098 people
• City population: 48,266
• 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

+179.5% since first listed

2 events — show timeline

• 2026-02-20 Listed $164,900 Stellar MLS as Distributed by MLS Grid
• 2000-12-28 Sold (Public Records) $59,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $2,047 · +6.5% YoY. Source: county tax records.