605 Michigan Blvd #100 · Dunedin, FL 34698

$159,900

3 bd · 2.0 ba · 1,100 sqft · Manufactured public records · 337 Days on market

Built 1991 $225/mo HOA · 9% of rent ↓ 9% since listing

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

Listing remarks

Great Location! Low HOA! NO Lot rent! 55+ community This home is tucked away in the corner which adds privacy. The driveway fits 2-3 cars, this 3 bedroom 2 full bath home is furnished and ready to move right in. The family room, kitchen and dining area has a open concept with cathedral ceiling. Need closet space? this home has it, each bedroom has large closets. Laundry is indoors off the kitchen. This home is minutes from downtown Dunedin, the causeway, Honeymoon Island Beach, the Pinellas Trail, Hammock Park, Dunedin Community Center. This home offers you a home sweet home feeling in the heart of Dunedin.

Key facts

• Privacy
• Open concept
• No lot rent

Tags

• LOW HOA
• NO LOT RENT
• PRIVACY
• DRIVEWAY FITS 2-3 CARS
• OPEN CONCEPT
• CATHEDRAL CEILING

Property features AI

Finance

• Other: Home is furnished; Lease restrictions apply; Total acreage listed as 10 to less than 20 acres; Living area reported as 1,100 (building area total 1,584); Universal property ID available
• HOA & community: Cedar Creek Mobile Home Inc. HOA; Monthly HOA fee $225 (includes water, sewer, trash); Association approval required; Clubhouse on-site; Laundry amenity in association; Senior community; No pets allowed

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected; Community ramp access
• Home design: Manufactured home (double wide); One story; South-facing
• Construction: Vinyl siding; Metal and shingle roof; Crawlspace foundation; Built as a double wide
• Exterior features: Patio; Screened porch; Storage shed(s); Water access to Cedar Creek (creek access); Paved road

Interior

• Kitchen: Dishwasher; Range; Range hood; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air; Wall/window unit(s)
• Interior features: Cathedral ceilings; Ceiling fans; Window treatments; Blinds
• Laundry & utility: Washer; Dryer; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 2.8% in Dunedin — 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 86/100 on livability (#15 in FL, #411 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: employment C-, amenities D.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.7%/yr); 478 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 42% of the median local income ($74k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 337 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 337 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 1.61% ✓
• Cap rate: 11.76%
• Cash-on-cash: 19.54%
• DSCR: 1.87
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.69% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-7,017
• Equity at exit: $23,842

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $17,164
• Equity at exit: $13,825

Cash invested: $44,772 (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 34698

• Rents YoY: 2.7%
• Active inventory: 478
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,582 high
• Mortgage (P&I): −$839
• Tax from tax record: −$180 /mo · $2,162/yr
• Insurance: −$67
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$225
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $303

Break-even live

Break-even rent $2,199

Max offer price $159,900

Occupancy floor 83%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2005 McMullen Ave Dunedin, FL	2.0	2.0	1350	$2,595	$1.92	24d	1	0.08mi
2011 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,395	$1.84	1d	1	0.10mi
2015 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,295	$1.77	24d	1	0.11mi
2019 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,295	$1.77	17d	1	0.13mi
2013 Woodward Ave Dunedin, FL	2.0	2.0	1405	$2,400	$1.71	24d	1	0.17mi
1849 San Mateo Dr Dunedin, FL	3.0	1.0	1128	$2,800	$2.48	17d	1	0.31mi
2233 Snead Ave Dunedin, FL	3.0	2.0	1284	$3,000	$2.34	16d	1	0.66mi
2233 Snead Ave Dunedin, FL	3.0	2.0	1284	$3,000	$2.34	24d	1	0.66mi
2489 Del Rio Way Dunedin, FL	2.0	2.0	1250	$2,500	$2.00	24d	1	0.74mi
2491 Coronado Way Dunedin, FL	3.0	2.0	1346	$2,950	$2.19	4d	1	0.75mi
2494 Del Rio Way Dunedin, FL	3.0	1.5	1058	$3,200	$3.02	24d	1	0.78mi
1579 Bayshore Blvd Dunedin, FL	3.0	2.0	1040	$3,500	$3.37	7d	1	0.80mi
439 S Paula Dr Dunedin, FL	1.0–2.0	1.0	612	$1,995	$3.26	23d	3	0.83mi
433 S Paula Dr #17 Dunedin, FL	2.0	2.5	1290	$2,300	$1.78	7d	1	0.86mi
2021 Valley Dr Dunedin, FL	3.0	2.0	1445	$4,500	$3.11	24d	1	0.88mi
1525 Ruth Rd Dunedin, FL	2.0	2.0	1379	$3,200	$2.32	4d	1	0.88mi
1523 Bayshore Blvd Unit 6 Dunedin, FL	3.0	1.0	1061	$3,000	$2.83	24d	1	0.89mi
1479 Ruth Rd Dunedin, FL	2.0	2.0	1235	$2,700	$2.19	24d	1	0.95mi
1412 Gladys Cir Unit 1466152P Dunedin, FL	3.0	2.0	1097	$3,847	$3.51	2d	1	0.98mi
2651 Michael Pl #104 Dunedin, FL	2.0	2.0	1230	$2,100	$1.71	2d	1	1.01mi
690 Regina Rd Dunedin, FL	2.0	1.0	745	$2,195	$2.95	4d	1	1.01mi
444 N Paula Dr Dunedin, FL	1.0–2.0	1.0–2.0	750	$1,770	$2.36	1d	9	1.07mi
1141 San Christopher Dr Apt B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	1d	1	1.08mi
300 Woodette Dr Unit 605A Dunedin, FL	2.0	2.0	1375	$2,300	$1.67	24d	1	1.08mi
300 Woodette Dr Unit 404B Dunedin, FL	2.0	2.0	1180	$2,975	$2.52	4d	1	1.08mi
1388 Robin Hood Ln Unit 1141-B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	1d	1	1.09mi
1235 Bass Blvd Dunedin, FL	3.0	2.0	1300	$2,550	$1.96	17d	1	1.11mi
1454 Michigan Blvd Dunedin, FL	2.0	1.0	1000	$2,300	$2.30	3d	1	1.16mi
1187 Bass Blvd Unit A Dunedin, FL	2.0	1.0	850	$1,850	$2.18	24d	1	1.19mi
1187 Bass Blvd Unit C Dunedin, FL	2.0	1.0	850	$1,850	$2.18	17d	1	1.19mi
2700 Bayshore Blvd Dunedin, FL	1.0–3.0	1.0–2.5	1114	$3,895	$3.50	4d	8	1.20mi
1450 Mahogany Ln Palm Harbor, FL	2.0	2.0	1353	$2,300	$1.70	24d	1	1.29mi
612 Bass Ct Dunedin, FL	1.0–2.0	1.0	698	$2,031	$2.91	1d	6	1.31mi
525 Bay St Dunedin, FL	2.0	1.0	1104	$3,500	$3.17	4d	1	1.36mi
580 Skinner Blvd Unit 4 Dunedin, FL	2.0	1.0	750	$2,045	$2.73	24d	1	1.43mi
451 Skinner Blvd Unit A Dunedin, FL	2.0	1.0	750	$1,500	$2.00	7d	1	1.49mi

HOA detail

• Monthly dues: $225 · $2,700/yr

Listing history 2 events

1. 2025-07-14
   price $159,900
2. 2025-06-23
   listed $174,900 Active

ⓘ 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: $2,162 · $180/mo
• Projected year-2 tax: $2,162 · $180/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,978
• − Mortgage interest: −$8,957
• − Property taxes: −$2,162
• − Insurance: −$5,918
• − Repairs & maintenance: −$2,478
• − Management: −$2,478
• − HOA: −$2,700
• − Depreciation: −$4,652
• Taxable income: $1,633
• Est. tax owed @ 24.0%: −$392
• After-tax cash flow: $3,239/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: Pinellas
• NCES district ID: 1201560
• Math proficiency: 51% ▼ -5.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $46,270
• Composite: 43.27/100
• National rank: #3046
• State rank: #31 of 73 in FL

Livability — Dunedin

• Score: 86/100
• State rank: #15
• US rank: #411

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunedin, FL
• County: Pinellas County · 939,478 people
• City population: 38,171
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 38,171
• Household income: $74,078
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 1390.0

Population outlook (Pinellas County) Hauer SSP2

• Today (2025): 1,027,532 people
• By 2030: 1,063,586 · +3.5%
• By 2040: 1,125,020 · +9.5%
• By 2050: 1,168,637 · +13.7%
• By 2075: 1,265,188 · +23.1%
• By 2100: 1,260,357 · +22.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 7% Hispanic / Latino 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Slovak 3% Romanian 3%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Pinellas

• 2024 margin: Lean R (+5.2) · D 46.9% · R 52.1%
• 2008→2024 swing: -13.5pp toward R · 2008: 8.3pp · 2024: -5.2pp
• All cycles: 2024: R+5.2 2020: D+0.2 2016: R+1.1 2012: D+5.6 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -515.66%
• Current HPI: 387.4694
• Rent YoY: ▲ 2.69%
• 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

-8.6% since first listed

2 events — show timeline

• 2025-07-14 Price Changed $159,900 Stellar MLS as Distributed by MLS Grid
• 2025-06-23 Listed $174,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+4.8%/yr

Latest (2025): $2,162 · +15.7% YoY. Source: county tax records.