36719 Spanish Rose Dr · Dade City, FL 33525

$279,999

3 bd · 2.0 ba · 1,516 sqft · SingleFamily public records · 15 Days on market

Built 2023 Good condition 4,400 sqft lot Est $337k · 17% under $71/mo HOA · 3% of rent ↓ 13% since listing

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• Schools +4.3/10.0
• DSCR +4.2/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Rent growth +3.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Under Construction. Nestled amongst the beautiful rolling hills of Dade City, Heritage Hills is located right off US-52 and Adair Road. Historic Downtown Dade City, located only 5 minutes away, is filled with an array of antique shops, boutiques, art, and unique restaurants, set within historic buildings. This quiet community offers a rural feel yet is close to retail and only 40 minutes from Downtown Tampa. Heritage Hills features our D. R. Horton Express series homes that include a stainless-steel appliance package, granite countertops in the kitchen, all concrete block construction on the 1st and 2nd stories, and Home is Connected; D. R. Horton’s Smart Home system. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built. Home and community information, including pricing, included features, terms, availability, and amenities, are subject to change and prior sale at any time without notice or obligation. Materials may vary based on availability. D. R. Horton Reserves all Rights.

Key facts

• Peaceful pond view
• Granite countertops
• 4,400 sq ft lot

Tags

• GRANITE COUNTERTOPS
• CONCRETE BLOCK CONSTRUCTION
• PEACEFUL POND VIEW

Property features AI

Finance

• Other: Total living area 1,516 (public records); Total building area 2,100 (public records); Lot approximately 0.1 acre (public records)
• Financial info: Lease restrictions apply
• HOA & community: HOA (Condominium Associates) with required monthly fee of $71; Association approval required; Community park; Street lights; Cats and dogs allowed

Exterior

• Parking: Attached garage (2 spaces)
• Utilities: Public water; Public sewer; Electricity connected; High-speed internet available; Sewer connected; Water connected; Underground utilities; Fire hydrant nearby
• Home design: Single family residence; Residential property; One story; Faces south; Completed condition
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built by DR Horton
• Exterior features: Sidewalk; On a pond with water view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms (total)
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Thermostat
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $23 ($273/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $233k (16.7% below list).
• Recommended offer: $233k (16.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.6% in Dade City — 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 73/100 on livability (#307 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute 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: Pasco Elementary School (math 29% / reading 30%, grade F, #1,896 of 2,144 statewide, top 90%, 586 students, 89% FRL); Pasco High School (math 40% / reading 40%, grade F, #296 of 667 statewide, top 45%, 1,639 students, 66% FRL) — zoned schools average 77% FRL vs 48% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 35% at this address vs 51% district-wide (-16 pts) — the specific schools serving this property underperform the Pasco average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.0%/yr); 667 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 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 ($69k/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 $2k of loan paydown is wiped out by about $8k 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 15 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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

• Climate carrying-cost: 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 $233,232 (16.7% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $336,552
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36908 Center Ave	0.66mi	3/2.0	1,488 (-2%)	4mo	$354,900	$239	63
36144 Markree Castle Ave	0.56mi	3/2.0	1,461 (-4%)	12mo	$285,000	$195	58
13274 Ogden Glade Rd	0.72mi	3/2.0	1,512 (-0%)	14mo	$355,080	$235	54
37137 Florida Ave	0.58mi	3/2.0	1,441 (-5%)	14mo	$335,000	$232	53
13362 Ogden Glade Rd	0.64mi	4/2.0 (+1)	1,635 (+8%)	2mo	$353,900	$216	50
13080 Kent Bradley St	0.66mi	4/2.0 (+1)	1,635 (+8%)	2mo	$352,500	$216	49
36421 Lanson Ave	0.69mi	3/2.0	1,628 (+7%)	7mo	$200,000	$123	49
13229 Waterford Castle Dr	0.66mi	3/2.0	1,360 (-10%)	6mo	$315,000	$232	47
37236 Poinsettia Ave	0.57mi	3/2.0	1,304 (-14%)	5mo	$135,000	$104	46
36175 Trinity Glade Rd	0.69mi	3/2.0	1,415 (-7%)	14mo	$313,680	$222	45
36164 Trinity Glade Rd	0.72mi	3/2.0	1,415 (-7%)	14mo	$318,580	$225	44
13243 Ogden Glade Rd	0.73mi	3/2.0	1,720 (+14%)	13mo	$379,298	$221	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 · 3.02% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.44×
• Total profit: $-43,912
• Equity at exit: $41,749

10-year hold

• IRR: -7.3%
• Equity multiple: 0.54×
• Total profit: $-36,324
• Equity at exit: $24,209

Cash invested: $78,400 (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 33525

• Home prices YoY: -15.4%
• Rents YoY: 3.0%
• Active inventory: 667
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,332 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$164 /mo · $1,965/yr
• Insurance: −$117
• HOA: −$71
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $23

Break-even live

Break-even rent $2,304

Max offer price $279,999

Occupancy floor 94%

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36350 Spanish Rose Dr Dade City, FL	4.0	2.0	1828	$2,149	$1.18	5d	1	0.31mi
13911 19th St Dade City, FL	2.0	1.0	1600	$1,495	$0.93	5d	1	0.55mi
13911 19th St Dade City, FL	2.0	1.0	1600	$1,495	$0.93	3d	1	0.55mi
37135 Grassy Hill Ln Unit 1234475P Dade City, FL	3.0	2.0	1205	$3,535	$2.93	2d	1	0.56mi
37135 Grassy Hill Ln Unit 1 Dade City, FL	3.0	2.0	1212	$3,500	$2.89	24d	1	0.56mi
37132 Grassy Hill Ln Unit 1 Dade City, FL	3.0	2.0	1212	$3,500	$2.89	24d	1	0.58mi
37132 Grassy Hill Ln Unit 1234477P Dade City, FL	3.0	2.0	1205	$3,594	$2.98	2d	1	0.58mi
37215 Grassy Hill Ln Dade City, FL	3.0	2.0	1212	$1,495	$1.23	24d	1	0.62mi
37228 Grassy Hill Ln Unit 1 Dade City, FL	3.0	2.0	1212	$1,750	$1.44	3d	1	0.67mi
36169 Trinity Glade Rd Dade City, FL	4.0	2.5	2181	$2,600	$1.19	11d	1	0.69mi
13253 Waterford Castle Dr Dade City, FL	3.0	2.0	1189	$1,749	$1.47	2d	1	0.73mi
36132 Trinity Glade Rd Dade City, FL	3.0	2.0	1515	$2,425	$1.60	15d	1	0.74mi
12945 Ogden Glade Rd Dade City, FL	4.0	2.0	1815	$2,195	$1.21	18d	1	0.74mi
37329 Magnolia Ave Unit 1234471P Dade City, FL	3.0	2.0	1216	$3,391	$2.79	5d	1	0.99mi
37848 Bougainvillea Ave Unit The Carriage House Dade City, FL	2.0	2.0	2000	$2,800	$1.40	22d	1	1.18mi
37011 Bear Branch Dr Dade City, FL	3.0–4.0	2.0–3.0	1730	$1,837	$1.06	2d	16	1.20mi
35514 Mahwah Ave Dade City, FL	4.0	3.0	2020	$2,400	$1.19	20d	1	1.22mi
36111 Canelli Way Dade City, FL	4.0	2.0	2008	$2,295	$1.14	2d	1	1.32mi
37015 Waldo Dr Dade City, FL	4.0	2.0	1480	$3,750	$2.53	24d	1	1.35mi
14907 Lucca Way Unit 1 Dade City, FL	3.0	2.5	1386	$2,100	$1.52	24d	1	1.43mi

HOA detail

• Monthly dues: $71 · $852/yr

Listing history 10 events

1. 2026-06-18
   days on market $279,999 Active 15 DOM
2. 2026-06-17
   days on market $279,999 Active 14 DOM
3. 2026-06-16
   days on market $279,999 Active 13 DOM
4. 2026-06-15
   days on market $279,999 Active 12 DOM
5. 2026-06-13
   days on market $279,999 Active 10 DOM
6. 2026-06-09
   days on market $279,999 Active 6 DOM
7. 2026-06-08
   days on market $279,999 Active 5 DOM
8. 2026-06-07
   days on market $279,999 Active 4 DOM
9. 2026-06-04
   remarks 332-char remark
10. 2026-06-04
    listed $279,999 Active 1 DOM

ⓘ 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: $1,965 · $164/mo
• Projected year-2 tax: $2,324 · $194/mo
• Expected delta: +$359/yr (+$30/mo · 18.3%)

ⓘ 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 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,988
• − Mortgage interest: −$15,684
• − Property taxes: −$1,965
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,239
• − Management: −$2,239
• − HOA: −$852
• − Depreciation: −$8,145
• Taxable loss: −$4,537
• Est. tax savings @ 24.0%: +$1,089
• After-tax cash flow: $1,362/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This home is in good condition with modern finishes and a good layout. It is move-in ready with minor maintenance items to address.

Value-add opportunities

• Resale Paint exterior — Fresh paint enhances curb appeal and property value
• Rental Clean gutters — Clean gutters improve property maintenance and reduce maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Fresh paint enhances curb appeal and property value ↑
• Rental Clean gutters — Clean gutters improve property maintenance and reduce maintenance costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Dade City

• Score: 73/100
• State rank: #307
• US rank: #5215

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dade City, FL
• County: Pasco County · 524,098 people
• City population: 21,077
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 21,077
• Household income: $69,068
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 322.0

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 16% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 9% Puerto Rican 3%
• Common ancestry: Lithuanian 2% Romanian 2% Serbian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 87% English-only · Spanish 11% Other Asian/Pacific 1% Other Indo-European 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: ▼ -65.48%
• Current HPI: 358.2149
• Rent YoY: ▲ 3.02%
• 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

-12.9% since first listed

8 events — show timeline

• 2026-06-03 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-06-03 Price Changed $279,999 Stellar MLS as Distributed by MLS Grid
• 2026-05-29 Listed $280,000 Stellar MLS as Distributed by MLS Grid
• 2023-01-31 Sold (MLS) $299,990 Stellar MLS as Distributed by MLS Grid
• 2022-10-19 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-10-13 Price Changed $299,990 Stellar MLS as Distributed by MLS Grid
• 2022-10-05 Price Changed $309,990 Stellar MLS as Distributed by MLS Grid
• 2022-09-13 Listed $321,490 Stellar MLS as Distributed by MLS Grid

Property tax history

+69.8%/yr

Latest (2025): $1,965 · +2.2% YoY. Source: county tax records.