38606 Calumet Ave · Zephyrhills, FL 33542

$119,000

2 bd · 1.0 ba · 1,054 sqft · SingleFamily public records · 243 Days on market

Built 1958 0.40 ac lot Est $201k · 41% 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 +25.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +7.7/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOOK NO FURTHER! * INVESTORS SPECIAL * Sitting on . 40 acres of land, this home is located in the heart of Zephyrhills just a short drive away from any basic necessity like Grocery Stores, Gas Stations, Auto Shops and more. Public schools are also just a short drive away. This home has alot of potential and with some rejuvenation you will be able to bring it to life!

Key facts

• Complete renovation
• Large lot
• Building permit

Tags

• COMPLETE RENOVATION
• LARGE LOT
• BUILDING PERMIT
• INVESTMENT OPPORTUNITY

Property features AI

Finance

• Other: Property zoned R1; Residential property sub type: Single Family Residence; Unfurnished
• HOA & community: No homeowners association

Exterior

• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: Single Family Residence; One story; North-facing
• Construction: Shingle roof; Other construction materials; Crawlspace foundation; Built on a 0.4-acre lot
• Exterior features: Other exterior features; Gravel road access

Interior

• Bedrooms: 2 bedrooms
• Flooring: Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: Other interior features
• Laundry & utility: No laundry hookups

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 falling (-3.6%/yr); 294 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 37% of the median local income ($49k/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 $823 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.

Negotiation context

• It's been on market 243 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 8y ago; this cycle's ask has dropped $16k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $104,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 243 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.27% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.28%
• DSCR: 1.46
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $201,314
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6145 11th St	0.26mi	2/1.0	1,100 (+4%)	9mo	$279,900	$254	73
6125 11th St	0.29mi	2/1.0	1,100 (+4%)	9mo	$210,000	$191	72
5854 9th St	0.55mi	2/1.0	1,085 (+3%)	5mo	$155,000	$143	65
6142 19th St	0.39mi	2/2.0	989 (-6%)	8mo	$275,000	$278	61
6712 Holly Ct	0.40mi	2/2.0	1,148 (+9%)	9mo	$160,000	$139	55
39047 Heath Dr	0.49mi	2/1.0	912 (-14%)	2mo	$50,000	$55	53
38250 13th Ave	0.66mi	3/1.0 (+1)	1,000 (-5%)	4mo	$212,000	$212	52
5836 8th St	0.61mi	3/1.0 (+1)	1,100 (+4%)	10mo	$240,000	$218	51
5906 12th St	0.45mi	3/1.5 (+1)	1,156 (+10%)	8mo	$195,000	$169	49
5721 20th St	0.72mi	3/1.0 (+1)	1,104 (+5%)	6mo	$213,000	$193	48
38339 Eucalyptus Dr	0.46mi	2/2.0	1,191 (+13%)	10mo	$204,000	$171	45
5640 17th St	0.73mi	2/2.0	936 (-11%)	3mo	$116,000	$124	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: -4.5%
• Equity multiple: 0.84×
• Total profit: $-5,463
• Equity at exit: $17,743

10-year hold

• IRR: 0.9%
• Equity multiple: 1.05×
• Total profit: $1,805
• Equity at exit: $10,289

Cash invested: $33,320 (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 33542

• Home prices YoY: -20.6%
• Rents YoY: -3.6%
• Active inventory: 294
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,516 high
• Mortgage (P&I): −$624
• Tax from tax record: −$239 /mo · $2,864/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $286

Break-even live

Break-even rent $1,155

Max offer price $119,000

Occupancy floor 76%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
38748 Calumet Ave Zephyrhills, FL	2.0	1.0	750	$1,100	$1.47	5d	1	0.17mi
38485 County Road 54 Zephyrhills, FL	2.0	1.0	800	$1,100	$1.38	24d	1	0.22mi
38647 Rose Ln Zephyrhills, FL	2.0	1.0	814	$1,350	$1.66	24d	1	0.32mi
38300 Henry Dr Zephyrhills, FL	2.0	1.0	1152	$1,650	$1.43	5d	1	0.34mi
38350 Ironwood Pl #5 Zephyrhills, FL	2.0	2.0	1094	$1,800	$1.65	24d	1	0.36mi
6788 Basswood Cir Zephyrhills, FL	2.0	2.0	1067	$1,250	$1.17	24d	1	0.39mi
38719 12th Ave Zephyrhills, FL	2.0	1.5	1246	$1,400	$1.12	24d	1	0.44mi
38939 North Ave Unit 2 Zephyrhills, FL	2.0	1.0	870	$1,300	$1.49	18d	1	0.50mi
39132 County Rd Zephyrhills, FL	2.0	2.0	864	$1,500	$1.74	24d	1	0.51mi
39132 County Road 54 #2184 Zephyrhills, FL	2.0	2.0	864	$1,500	$1.74	24d	1	0.52mi
6136 Pina Colada St Zephyrhills, FL	3.0	2.5	1386	$2,100	$1.52	12d	1	0.53mi
5812 17th St Zephyrhills, FL	3.0	2.0	1320	$2,100	$1.59	24d	1	0.58mi
6195 Daerr Ridge St Zephyrhills, FL	3.0	2.5	1386	$2,000	$1.44	18d	1	0.61mi
5652 18th St Zephyrhills, FL	2.0	1.0	976	$1,200	$1.23	24d	1	0.73mi
38942 9th Ave Zephyrhills, FL	2.0	1.0	850	$1,425	$1.68	24d	1	0.76mi
5647 20th St Zephyrhills, FL	2.0	1.0	850	$1,425	$1.68	24d	1	0.78mi
37732 Cecil Ln Zephyrhills, FL	3.0	1.0	1040	$1,800	$1.73	24d	1	0.87mi
5542 20th St Unit 1234473P Zephyrhills, FL	2.0	2.0	839	$3,199	$3.81	3d	1	0.90mi
5532 20th St Unit 1234470P Zephyrhills, FL	2.0	2.0	839	$7,185	$8.56	2d	1	0.90mi
37661 Aaralyn Rd Zephyrhills, FL	3.0	2.5	1363	$1,800	$1.32	24d	1	0.95mi
6246 Timberly Ln Zephyrhills, FL	3.0	2.5	1363	$1,900	$1.39	24d	1	0.96mi
5441 6th St Zephyrhills, FL	2.0	1.0	1014	$1,650	$1.63	24d	1	0.99mi
37812 15th Ave Zephyrhills, FL	2.0	2.0	1000	$1,850	$1.85	24d	1	1.00mi
37814 Daughtery Rd Zephyrhills, FL	2.0	1.0	1070	$1,395	$1.30	5d	1	1.00mi
38112 Townview Ave Zephyrhills, FL	1.0	1.0	700	$1,100	$1.57	24d	1	1.03mi
6262 Maisie Rd Zephyrhills, FL	3.0	2.5	1363	$1,700	$1.25	24d	1	1.05mi
6335 Maisie Rd Zephyrhills, FL	3.0	2.5	1363	$1,650	$1.21	20d	1	1.07mi
5532 Jennie St Zephyrhills, FL	2.0	2.0	862	$1,100	$1.28	12d	1	1.08mi
5600 Jennie St Zephyrhills, FL	2.0	2.0	730	$1,100	$1.51	24d	1	1.10mi
39252 Heights Ave Zephyrhills, FL	3.0	2.0	1210	$2,050	$1.69	15d	1	1.27mi
5237 1st St Zephyrhills, FL	3.0	1.0	964	$1,700	$1.76	24d	1	1.28mi
5028 16th St Zephyrhills, FL	2.0	2.0	1092	$1,595	$1.46	24d	1	1.33mi
6302 Abbott Station Dr Zephyrhills, FL	3.0	1.0–2.5	855	$1,732	$2.02	2d	142	1.34mi
5022 5th St Zephyrhills, FL	2.0	1.5	974	$1,595	$1.64	24d	1	1.35mi
5143 1st St Zephyrhills, FL	3.0	2.0	1436	$1,750	$1.22	24d	1	1.36mi
38702 South Ave Zephyrhills, FL	2.0	1.0	800	$1,600	$2.00	24d	1	1.39mi
37902 7th Ave Zephyrhills, FL	3.0	1.0	900	$1,775	$1.97	24d	1	1.40mi
4940 9th St Zephyrhills, FL	3.0	1.0	1404	$1,895	$1.35	24d	1	1.41mi
7660 Emerson Hill Cir Zephyrhills, FL	1.0–3.0	1.0–2.0	1077	$1,964	$1.82	2d	34	1.41mi
4940 4th St Zephyrhills, FL	2.0	2.0	900	$1,350	$1.50	24d	1	1.42mi

Listing history 42 events

1. 2026-06-18
   days on market $119,000 Active 243 DOM
2. 2026-06-17
   days on market $119,000 Active 242 DOM
3. 2026-06-16
   days on market $119,000 Active 241 DOM
4. 2026-06-15
   days on market $119,000 Active 240 DOM
5. 2026-06-13
   days on market $119,000 Active 238 DOM
6. 2026-06-09
   days on market $119,000 Active 234 DOM
7. 2026-06-08
   days on market $119,000 Active 233 DOM
8. 2026-06-07
   days on market $119,000 Active 232 DOM
9. 2026-06-04
   days on market $119,000 Active 229 DOM
10. 2026-06-03
    days on market $119,000 Active 228 DOM
11. 2026-06-02
    days on market $119,000 Active 227 DOM
12. 2026-06-01
    days on market $119,000 Active 226 DOM
13. 2026-05-31
    days on market $119,000 Active 225 DOM
14. 2026-03-24
    price $119,000
15. 2026-01-05
    status Active
16. 2025-12-31
    historical
17. 2025-10-13
    listed $135,000 Active
18. 2023-09-05
    soldstatus $85,000
19. 2023-08-25
    soldstatus $85,000 Closed 371-char remark

    Show marketing remark (371 chars)

    LOOK NO FURTHER! * INVESTORS SPECIAL * Sitting on . 40 acres of land, this home is located in the heart of Zephyrhills just a short drive away from any basic necessity like Grocery Stores, Gas Stations, Auto Shops and more. Public schools are also just a short drive away. This home has alot of potential and with some rejuvenation you will be able to bring it to life!

20. 2023-02-24
    status Pending 371-char remark

    Show marketing remark (371 chars)

    LOOK NO FURTHER! * INVESTORS SPECIAL * Sitting on . 40 acres of land, this home is located in the heart of Zephyrhills just a short drive away from any basic necessity like Grocery Stores, Gas Stations, Auto Shops and more. Public schools are also just a short drive away. This home has alot of potential and with some rejuvenation you will be able to bring it to life!

21. 2023-02-21
    price $92,000 371-char remark

    Show marketing remark (371 chars)

    LOOK NO FURTHER! * INVESTORS SPECIAL * Sitting on . 40 acres of land, this home is located in the heart of Zephyrhills just a short drive away from any basic necessity like Grocery Stores, Gas Stations, Auto Shops and more. Public schools are also just a short drive away. This home has alot of potential and with some rejuvenation you will be able to bring it to life!

22. 2023-02-11
    listed $142,000 Active 371-char remark

    Show marketing remark (371 chars)

    LOOK NO FURTHER! * INVESTORS SPECIAL * Sitting on . 40 acres of land, this home is located in the heart of Zephyrhills just a short drive away from any basic necessity like Grocery Stores, Gas Stations, Auto Shops and more. Public schools are also just a short drive away. This home has alot of potential and with some rejuvenation you will be able to bring it to life!

23. 2022-10-12
    price $149,900
24. 2022-09-21
    status Active
25. 2022-09-10
    price $156,000
26. 2022-09-02
    listed $168,900 Active
27. 2022-08-25
    historical
28. 2022-08-24
    status Active
29. 2022-08-18
    price $168,900
30. 2022-08-10
    listed $169,900 Active
31. 2019-01-25
    soldstatus $42,500 Sold
32. 2019-01-19
    status Pending
33. 2019-01-15
    price $55,950
34. 2019-01-15
    status Active
35. 2019-01-03
    status Pending
36. 2018-12-31
    listed $59,500 Active
37. 2018-09-09
    historical
38. 2018-08-31
    listed $44,000 Active
39. 2010-03-16
    soldstatus $91,000
40. 2008-03-17
    soldstatus $100,000
41. 2006-06-15
    soldstatus $114,000
42. 2001-10-25
    soldstatus $16,500

ⓘ 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: $2,864 · $239/mo
• Projected year-2 tax: $2,864 · $239/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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $18,195
• − Mortgage interest: −$6,666
• − Property taxes: −$2,864
• − Insurance: −$595
• − Repairs & maintenance: −$1,456
• − Management: −$1,456
• − Depreciation: −$3,462
• Taxable income: $1,697
• Est. tax owed @ 24.0%: −$407
• After-tax cash flow: $3,019/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

• Census place: Zephyrhills, FL
• County: Pasco County · 524,098 people
• City population: 48,266
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 23,612
• Household income: $49,316
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 831.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 17% Two or more races 8% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% 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: ▼ -81.25%
• Current HPI: 313.3993
• Rent YoY: ▼ -3.56%
• 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

+621.2% since first listed

29 events — show timeline

• 2026-03-24 Price Changed $119,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-05 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-12-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-10-13 Listed $135,000 Stellar MLS as Distributed by MLS Grid
• 2023-09-05 Sold (Public Records) $85,000 Public Records
• 2023-08-25 Sold (MLS) $85,000 Stellar MLS as Distributed by MLS Grid
• 2023-02-24 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-02-21 Price Changed $92,000 Stellar MLS as Distributed by MLS Grid
• 2023-02-11 Listed $142,000 Stellar MLS as Distributed by MLS Grid
• 2022-10-12 Price Changed $149,900 Stellar MLS as Distributed by MLS Grid
• 2022-09-21 Relisted — Stellar MLS as Distributed by MLS Grid
• 2022-09-10 Price Changed $156,000 Stellar MLS as Distributed by MLS Grid
• 2022-09-02 Listed $168,900 Stellar MLS as Distributed by MLS Grid
• 2022-08-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2022-08-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2022-08-18 Price Changed $168,900 Stellar MLS as Distributed by MLS Grid
• 2022-08-10 Listed $169,900 Stellar MLS as Distributed by MLS Grid
• 2019-01-25 Sold (MLS) $42,500 Stellar MLS as Distributed by MLS Grid
• 2019-01-19 Pending — Stellar MLS as Distributed by MLS Grid
• 2019-01-15 Price Changed $55,950 Stellar MLS as Distributed by MLS Grid
• 2019-01-15 Relisted — Stellar MLS as Distributed by MLS Grid
• 2019-01-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-12-31 Listed $59,500 Stellar MLS as Distributed by MLS Grid
• 2018-09-09 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2018-08-31 Listed $44,000 Stellar MLS as Distributed by MLS Grid
• 2010-03-16 Sold (Public Records) $91,000 Public Records
• 2008-03-17 Sold (Public Records) $100,000 Public Records
• 2006-06-15 Sold (Public Records) $114,000 Public Records
• 2001-10-25 Sold (Public Records) $16,500 Public Records

Property tax history

+8.6%/yr

Latest (2025): $2,864 · +4.9% YoY. Source: county tax records.