4557 Garnet Dr #102 · New Port Richey, FL 34652

$80,000

2 bd · 2.0 ba · 1,088 sqft · Condo public records · 140 Days on market

Built 1974 $910/mo HOA · 50% of rent

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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 +11.1/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• DSCR +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

AFFORDABLE, TRUE 2 BEDROOM, 2 BATH 1ST FLOOR CONDOMINIUM. THIS POPULAR FLOOR PLAN OFFERS THE 28 FT. FLORIDA ROOM & EN SUITE MASTER BATH. MONTHLY ASSOCIATION FEE INCLUDES: INTERNET & CABLE, WATER & SEWER, LAWN SERVICE & TRASH REMOVAL, ROOF & EXTERIOR MAINTENANCE, ON SITE MANAGEMENT, ASSIGNED COVERED PARKING, 2 POOLS (1 HEATED) INSURANCE ON THE BUILDING, FUNDED ESCROW ACCOUNTS & SHUFFLEBOARD COURTS. BONUS! GULF HARBORS BEACH CLUB MEMBERSHIP IS AVAILABLE @ $240.00 YEARLY. ACTIVE ASSOCIATION, CLUBHOUSES & SOMETHING HERE FOR EVERYONE! LOCATION IS CONVENIENT TO SOUTHGATE SHOPPING CENTER, PUBLIX, BURLINGTON, T. J. MAXX, BIG LOTS, CRACKER BARREL, MC'DONALD'

Key facts

• En suite master bath
• Florida room
• Clubhouses

Tags

• FLORIDA ROOM
• EN SUITE MASTER BATH
• NEW GREY CARPETING
• 2 POOLS
• ACTIVE ASSOCIATION
• CLUBHOUSES

Property features AI

Finance

• Other: Unit is unfurnished; Third-party listing; Flood zone
• Financial info: Lease restrictions apply; Total annual fees $10,920
• HOA & community: Has HOA (association name: Billie Jo Laney); Monthly condo/association fee $910; Association approval required; Association amenities include pool, clubhouse, laundry, maintenance, storage, recreation facilities, shuffleboard court, cable TV; Association fee covers pool, escrow reserves, insurance, internet, structure and grounds maintenance, management, recreational facilities, sewer, trash and water; Community features include clubhouse, pool, sidewalks, street lights, deed restrictions; buyer approval required; association recreation owned; Pets not allowed; Optional Gulf Harbors Beach Club membership ($200/year)

Exterior

• Parking: Assigned parking; Ground-level parking; Guest parking; 1-space carport
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Sewer connected
• Home design: Residential condominium; One level; Faces south
• Construction: Block and stucco construction; Built-up roof; Slab foundation; Building S
• Exterior features: Enclosed patio/porch; Exterior lighting; Sidewalks; On-site storage; Mature landscaping; Paved surfaces; Asphalt road

Interior

• Kitchen: Microwave
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Concrete
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; No cooling
• Interior features: Ceiling fans; Living room/dining room combo; Blinds; Curtain rods; Microwave
• Laundry & utility: Outdoor laundry area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $-32 ($-385/yr) — negative.
• To cash-flow at today's rent, offer at most $74k (7.1% below list).
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 2.0% in New Port Richey — 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 82/100 on livability (#67 in FL, #1,139 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime C-, commute D, employment 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 flat; 635 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 38% 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 $553 of loan paydown is wiped out by about $2k 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 140 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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

• Watch-outs: HOA is 50% of rent.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.28% ✓
• Cap rate: 5.81%
• Cash-on-cash: -1.72%
• DSCR: 0.92
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.72% rent growth · sell at horizon

5-year hold

• IRR: -25.6%
• Equity multiple: 0.17×
• Total profit: $-18,501
• Equity at exit: $11,928

10-year hold

• IRR: -66.6%
• Equity multiple: -0.44×
• Total profit: $-32,354
• Equity at exit: $6,917

Cash invested: $22,400 (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 34652

• Home prices YoY: -26.1%
• Rents YoY: 0.7%
• Active inventory: 635
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,821 high
• Mortgage (P&I): −$420
• Tax from tax record: −$108 /mo · $1,297/yr
• Insurance: −$33
• HOA: −$910
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $-32

Break-even live

Break-even rent $1,862

Max offer price $74,331

Occupancy floor 97%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4533 Marine Pkwy #101 New Port Richey, FL	2.0	2.0	1066	$1,795	$1.68	20d	1	0.12mi
4533 Marine Pkwy #101 New Port Richey, FL	2.0	2.0	1066	$1,795	$1.68	17d	1	0.12mi
4436 Floramar Ter New Port Richey, FL	2.0	1.5	890	$2,295	$2.58	4d	1	0.13mi
4430 Floramar Ter New Port Richey, FL	2.0	1.5	1094	$2,500	$2.29	3d	1	0.13mi
4335 Floramar Ter New Port Richey, FL	2.0	1.0	1300	$2,100	$1.62	24d	1	0.20mi
4753 Marine Pkwy Unit 4753 New Port Richey, FL	2.0	2.0	1100	$1,600	$1.45	24d	1	0.22mi
4754 Marine Pkwy Unit 2 New Port Richey, FL	3.0	2.0	1312	$1,750	$1.33	14d	1	0.24mi
4754 Marine Pkwy Unit 102-I New Port Richey, FL	2.0	2.0	1088	$1,500	$1.38	24d	1	0.24mi
4854 Marine Pkwy #103 New Port Richey, FL	1.0	2.0	1088	$1,500	$1.38	24d	1	0.33mi
4852 Pompano Dr New Port Richey, FL	2.0	2.0	1104	$2,900	$2.63	24d	1	0.34mi
5132 Amulet Dr #107 New Port Richey, FL	1.0	1.0	928	$1,395	$1.50	12d	1	0.36mi
5197 Silent Loop New Port Richey, FL	2.0	2.0	956	$2,200	$2.30	3d	1	0.37mi
5197 Silent Loop #124 New Port Richey, FL	2.0	2.0	956	$2,200	$2.30	24d	1	0.37mi
5154 Turquoise Ln #102 New Port Richey, FL	1.0	1.0	708	$1,250	$1.77	4d	1	0.39mi
5557 Sea Forest Dr #214 New Port Richey, FL	2.0	2.0	1146	$2,300	$2.01	17d	1	0.42mi
5557 Sea Forest Dr New Port Richey, FL	2.0	2.0	1146	$2,150	$1.88	24d	2	0.42mi
4944 Elkner St New Port Richey, FL	2.0	1.0	722	$1,350	$1.87	21d	1	0.43mi
4948 Getner St New Port Richey, FL	2.0	1.0	722	$1,350	$1.87	24d	1	0.45mi
5567 Sea Forest Dr New Port Richey, FL	2.0–3.0	2.0–3.0	1335	$1,795	$1.34	12d	2	0.45mi
4939 Floramar Ter New Port Richey, FL	2.0	2.0	1050	$1,600	$1.52	1d	2	0.50mi
4939 Floramar Ter New Port Richey, FL	2.0	2.0	1050	$1,648	$1.57	16d	3	0.50mi
4939 Floramar Ter New Port Richey, FL	2.0	2.0	1050	$1,675	$1.60	24d	2	0.50mi
4282 Rudder Way New Port Richey, FL	3.0	2.0	1310	$2,000	$1.53	3d	1	0.55mi
4282 Rudder Way New Port Richey, FL	3.0	2.0	1454	$2,000	$1.38	24d	1	0.55mi
4721 Naftis Ln New Port Richey, FL	3.0	2.0	1104	$1,700	$1.54	12d	1	0.58mi
4616 Irene Loop New Port Richey, FL	2.0	1.0	898	$1,600	$1.78	20d	1	0.63mi
4516 Seagull Dr #412 New Port Richey, FL	2.0	2.0	1410	$2,295	$1.63	4d	1	0.68mi
4540 Irene Loop New Port Richey, FL	2.0	1.0	768	$1,550	$2.02	24d	1	0.70mi
5227 Tangerine Dr New Port Richey, FL	2.0	1.5	996	$1,500	$1.51	12d	1	0.73mi
5852 Sea Forest Dr Port Richey, FL	2.0	1.0	875	$1,161	$1.33	24d	1	0.76mi
4938 Azalea Dr New Port Richey, FL	2.0	1.0	870	$2,000	$2.30	24d	1	0.81mi
4747 Azalea Dr #208 New Port Richey, FL	2.0	2.0	1128	$1,200	$1.06	17d	1	0.83mi
4554 Nimmer Dr New Port Richey, FL	3.0	2.0	1180	$1,600	$1.36	14d	1	0.83mi
4548 Belfast Dr New Port Richey, FL	3.0	1.0	1075	$1,575	$1.47	17d	1	0.87mi
4744 Azalea Dr #204 New Port Richey, FL	1.0	1.0	736	$1,100	$1.49	20d	1	0.88mi
4408 Rustic Dr New Port Richey, FL	2.0	1.0	1101	$1,500	$1.36	24d	1	0.89mi
4411 Rustic Dr Unit 1 New Port Richey, FL	2.0	2.0	1050	$1,450	$1.38	12d	1	0.89mi
4746 Azalea Dr Apt 103C Port Richey, FL	2.0	2.0	1008	$1,220	$1.21	24d	1	0.92mi
4211 Hampton Dr New Port Richey, FL	2.0	2.0	1050	$1,795	$1.71	4d	1	0.94mi
5634 Charles St New Port Richey, FL	3.0	1.5	960	$1,700	$1.77	24d	1	0.96mi

HOA detail condo

• Monthly dues: $910 · $10,920/yr
• Likely covers: watersewertrashinternetcableexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $80,000 Active 140 DOM
2. 2026-06-17
   days on market $80,000 Active 139 DOM
3. 2026-06-16
   days on market $80,000 Active 138 DOM
4. 2026-06-15
   days on market $80,000 Active 137 DOM
5. 2026-06-13
   days on market $80,000 Active 135 DOM
6. 2026-06-09
   days on market $80,000 Active 131 DOM
7. 2026-06-08
   days on market $80,000 Active 130 DOM
8. 2026-06-07
   days on market $80,000 Active 129 DOM
9. 2026-06-04
   days on market $80,000 Active 126 DOM
10. 2026-06-03
    days on market $80,000 Active 125 DOM
11. 2026-06-02
    days on market $80,000 Active 124 DOM
12. 2026-01-27
    listed $80,000 Active
13. 2025-12-05
    historical
14. 2025-03-28
    listed $119,000 Active
15. 2024-09-23
    price $119,000
16. 2024-09-10
    listed $125,000 Active
17. 2019-05-30
    soldstatus $80,000

ⓘ 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: $1,297 · $108/mo
• Projected year-2 tax: $1,297 · $108/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $21,856
• − Mortgage interest: −$4,481
• − Property taxes: −$1,297
• − Insurance: −$400
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − HOA: −$10,920
• − Depreciation: −$2,327
• Taxable loss: −$1,066
• Est. tax savings @ 24.0%: +$256
• After-tax cash flow: $-129/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 — New Port Richey

• Score: 82/100
• State rank: #67
• US rank: #1139

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasco County · 524,098 people
• City population: 137,708
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 27,444
• Household income: $56,931
• Rent vs Own: 36.4% rent · 63.6% own
• Severe rent burden: 1190.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 13% Two or more races 9% Black 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 4%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -109.49%
• Current HPI: 310.8347
• Rent YoY: ▲ 0.72%
• 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

+0.0% since first listed

6 events — show timeline

• 2026-01-27 Listed $80,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-05 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-03-28 Listed $119,000 Stellar MLS as Distributed by MLS Grid
• 2024-09-23 Price Changed $119,000 Stellar MLS as Distributed by MLS Grid
• 2024-09-10 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2019-05-30 Sold (Public Records) $80,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $1,297 · -43.2% YoY. Source: county tax records.