36436 Cordova Cir · Zephyrhills West, FL 33541

$129,900

3 bd · 2.0 ba · 840 sqft · Manufactured public records · 31 Days on market

Built 1981 4,570 sqft lot Est $144k · 10% under $37/mo HOA · 2% 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 +30.0/30.0
• ARV discount +12.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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. Welcome to Oaks Royal, a pet-friendly, active 55+ community where you OWN your land and enjoy a relaxed Florida lifestyle with low HOA fees and great amenities including a heated pool, clubhouse, and shuffleboard courts. This nicely maintained 2BR/2BA home offers a comfortable and functional layout with an open floor plan between the kitchen and living room—perfect for everyday living and easy entertaining. The kitchen has been tastefully updated with newer countertops and cabinetry, providing both style and practicality. The spacious primary bedroom features laminate flooring, a ceiling fan, and a large built-in closet for ample storage. Bedroo

Key facts

• Open floor plan
• Shuffleboard courts
• Clubhouse

Tags

• HEATED POOL
• CLUBHOUSE
• SHUFFLEBOARD COURTS
• OPEN FLOOR PLAN
• UPDATED COUNTERTOPS
• LARGE BUILT-IN CLOSET

Property features AI

Finance

• Financial info: Lease restrictions apply
• HOA & community: Homeowners association with required approval; Monthly HOA approximately $37.92 (annual fee $455); Association amenities: clubhouse, pool, recreation facilities, shuffleboard court; Community features: deed restrictions, street lights, golf carts allowed, association-owned recreation; Senior community; Pets allowed (max ~40 lbs)

Exterior

• Parking: Covered parking; Driveway; Attached garage (garage faces rear) with workshop; 1 garage space; Carport with 1 space
• Security: Hurricane shutters
• Utilities: Public water; Public sewer; Electricity connected; Propane available; Cable available; Broadband/high-speed internet available; Water connected; Sewer connected
• Home design: Manufactured single-wide home; One story; Faces north; Crawlspace foundation
• Construction: Vinyl siding; Metal roof; Built as a manufactured home
• Exterior features: Covered, enclosed and screened patio/porch (Florida room); Hurricane shutters; Rain gutters; Exterior storage; Workshop

Interior

• Kitchen: Microwave; Range; Range hood; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Open floorplan; Walk-in closet(s); Window treatments; Double-pane windows
• Laundry & utility: Inside laundry room with washer hookup; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $717 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 7.8% in Zephyrhills West — 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 61/100 on livability (#772 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• 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.
• Zoned schools: West Zephyrhills Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 615 students, 81% FRL); Raymond B. Stewart Middle School (math 33% / reading 30%, grade F, #453 of 571 statewide, top 81%, 988 students, 77% FRL); Zephyrhills High School (math 35% / reading 37%, grade F, #359 of 667 statewide, top 55%, 1,656 students, 70% FRL) — zoned schools average 76% FRL vs 48% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 51% district-wide (-19 pts) — the specific schools serving this property underperform the Pasco average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-2.5%/yr); 862 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $898 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 $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $55k; list at $130k implies a 136% 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 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.50% ✓
• Cap rate: 12.92%
• Cash-on-cash: 23.66%
• DSCR: 2.05
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $144,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36413 Teakwood Ave	0.09mi	2/1.0 (-1)	812 (-3%)	4mo	$159,000	$196	78
36905 Kay Ave	0.50mi	2/2.0 (-1)	864 (+3%)	4mo	$148,500	$172	63
35934 Bueno Dr	0.64mi	2/2.0 (-1)	832 (-1%)	6mo	$145,000	$174	59
35921 Hermoso Ln	0.59mi	2/2.0 (-1)	864 (+3%)	5mo	$145,000	$168	59
5341 Powhattan St	0.25mi	2/2.0 (-1)	960 (+14%)	3mo	$170,000	$177	57
4912 Dorado St	0.60mi	2/2.0 (-1)	888 (+6%)	2mo	$144,000	$162	56
5619 Dakota St	0.48mi	2/2.0 (-1)	960 (+14%)	3mo	$175,000	$182	47
37024 8th Ave	0.63mi	2/2.0 (-1)	960 (+14%)	2mo	$45,000	$47	40
37042 Lois Ave	0.67mi	2/2.0 (-1)	748 (-11%)	8mo	$95,000	$127	39
37031 Karen Ave	0.64mi	2/1.5 (-1)	720 (-14%)	1mo	$92,000	$128	38
37100 8th Ave	0.70mi	2/2.0 (-1)	960 (+14%)	1mo	$138,000	$144	38
36839 Kimela Ave	0.74mi	2/2.0 (-1)	960 (+14%)	6mo	$177,500	$185	32

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: 13.5%
• Equity multiple: 1.52×
• Total profit: $18,886
• Equity at exit: $19,369

10-year hold

• IRR: 20.0%
• Equity multiple: 2.46×
• Total profit: $53,082
• Equity at exit: $11,231

Cash invested: $36,372 (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: 862
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,953 high
• Mortgage (P&I): −$681
• Tax from tax record: −$53 /mo · $637/yr
• Insurance: −$54
• HOA: −$37
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $717

Break-even live

Break-even rent $1,045

Max offer price $129,900

Occupancy floor 58%

Sensitivity live

Price	-10% $791	-5% $754	+0% $717	+5% $680	+10% $644
Rent	-10% $563	-5% $640	+0% $717	+5% $794	+10% $871
Rate	-1.0pp $783	-0.5pp $750	base $717	+0.5pp $683	+1.0pp $649

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35940 Inspiration Dr Zephyrhills, FL	1.0–3.0	1.0–2.0	1034	$2,201	$2.13	1d	22	0.46mi
36801 Camelia Ct Zephyrhills, FL	2.0	2.0	864	$1,350	$1.56	26d	1	0.55mi
5168 Crooked Ln Zephyrhills, FL	2.0	1.0	600	$1,645	$2.74	23d	1	0.58mi
5914 Willow Ridge Dr #101 Zephyrhills, FL	2.0	2.0	987	$1,500	$1.52	26d	1	0.72mi
36321 Stonewood Ln #103 Zephyrhills, FL	2.0	2.0	987	$1,525	$1.55	26d	1	0.75mi
36009 Deer Creek Dr #104 Zephyrhills, FL	2.0	2.0	1029	$1,450	$1.41	26d	1	0.83mi
36015 Deer Creek Dr #202 Zephyrhills, FL	2.0	2.0	1062	$1,450	$1.37	26d	1	0.85mi
5521 Barbara St Zephyrhills, FL	2.0	2.0	1056	$1,800	$1.70	26d	1	0.98mi
6302 Abbott Station Dr Zephyrhills, FL	3.0	1.0–2.5	855	$1,999	$2.34	0d	141	1.44mi

HOA detail

• Monthly dues: $37 · $444/yr
• Likely covers: pool

Listing history 7 events

1. 2026-06-02
   status $129,900 Pending 31 DOM
2. 2026-06-01
   days on market $129,900 Active 31 DOM
3. 2026-05-31
   days on market $129,900 Active 30 DOM
4. 2026-05-01
   listed $129,900 Active
5. 2007-05-25
   soldstatus $55,000
6. 1993-03-23
   soldstatus $33,000
7. 1981-12-01
   soldstatus $6,000

ⓘ 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: $637 · $53/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$441/yr (+$37/mo · 69.3%)

ⓘ 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 6 d/yr ≥108°F today · 18 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: $23,431
• − Mortgage interest: −$7,276
• − Property taxes: −$637
• − Insurance: −$650
• − Repairs & maintenance: −$1,874
• − Management: −$1,874
• − HOA: −$444
• − Depreciation: −$3,779
• Taxable income: $6,896
• Est. tax owed @ 24.0%: −$1,655
• After-tax cash flow: $6,950/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

+2065.0% since first listed

4 events — show timeline

• 2026-05-01 Listed $129,900 Stellar MLS as Distributed by MLS Grid
• 2007-05-25 Sold (Public Records) $55,000 Public Records
• 1993-03-23 Sold (Public Records) $33,000 Public Records
• 1981-12-01 Sold (Public Records) $6,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $637 · +2.5% YoY. Source: county tax records.