22541 Nebula Way

Connerton, FL 34637

$407,900D

6 bd · 3.0 ba · 2,580 sqft · Built 2026 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,208/mo
• Mortgage (P&I): −$2,139
• Tax + insurance: −$680
• HOA: −$0
• Vac / Maint / Mgmt: −$674
• Net cashflow: $-285/mo
• Annual: $-3,416/yr
• Cap rate: 5.46%
• Cash-on-cash: -2.99%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $114,212

Investor read

• This is a 6-bed/3.0-bath single-family listed at $408k.
• At list price, monthly cash flow is $-285 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $367k (10.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $321k (21.4% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $321k (21.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.5%/yr); year-one equity from $3k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#596 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety 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.
• Zoned schools: Connerton Elementary School (math 48% / reading 57%, grade C-, #976 of 2,144 statewide, top 46%, 958 students, 39% FRL); Pine View Middle School (math 63% / reading 52%, grade B, #157 of 571 statewide, top 28%, 1,170 students, 32% FRL); Land O' Lakes High School (math 56% / reading 64%, grade C+, #106 of 667 statewide, top 16%, 2,248 students, 27% FRL) — zoned schools average 33% FRL vs 48% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 287 active listings in the ZIP; high-income renter base; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.5% vs local median 4.2% in Connerton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 33% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.