Mulberry Plan · Connerton, FL 34637

$272,490

3 bd · 2.5 ba · 1,601 sqft · Townhouse · 274 Days on market

---

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).

• Cash flow +22.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +4.3/10.0
• Appreciation +4.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

A porch leads into the first level of this two-story townhome where the family room, dining room and kitchen are situated among an open floorplan that maximizes the footprint of the interior. A lanai at the back is the perfect spot to enjoy a morning cup of coffee. Three bedrooms, all situated upstairs, complete this home.

Key facts

• Open floorplan
• Lanai
• Garage

Tags

• OPEN FLOORPLAN
• LANAI

Property features AI

Finance

• Other: Listing status: Active
• Financial info: List price: $281,190

Exterior

• Parking: 1 garage space (1 total parking space)
• Home design: New construction plan: Mulberry; Inventory type: Plan
• Exterior features: Address: 20421 Rose Cottage Way, Land O Lakes, FL 34637

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms and 1 half bathroom (2.5 total)
• Interior features: Open floor plan (Mulberry plan); Living area approximately 1601

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $272k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $272k).
• Recommended offer: $240k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.3% in Connerton — 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 66/100 on livability (#596 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D+, 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.
• Market conditions: 285 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 31% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-1.5%/yr); year-one equity from $2k 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 274 days — a 12% lower offer ($240k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $239,791 (12.0% below list)

Questions for the listing agent

1. It's been on market 274 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. 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. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 8.25%
• Cash-on-cash: 6.99%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.54% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.91×
• Total profit: $-6,610
• Equity at exit: $58,803

10-year hold

• IRR: 5.3%
• Equity multiple: 1.48×
• Total profit: $36,531
• Equity at exit: $55,985

Cash invested: $76,297 (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 34637

• Home prices YoY: -1.2%
• Active inventory: 285
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,946 high
• Mortgage (P&I): −$1,429
• Tax est. 1.5%: −$341 /mo · $4,087/yr
• Insurance: −$114
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$619
• Net cashflow: $319

Break-even live

Break-even rent $2,542

Max offer price $272,490

Occupancy floor 84%

Sensitivity live

Price	-10% $508	-5% $414	+0% $319	+5% $225	+10% $131
Rent	-10% $87	-5% $203	+0% $319	+5% $436	+10% $552
Rate	-1.0pp $457	-0.5pp $389	base $319	+0.5pp $249	+1.0pp $177

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: $68,122
• Closing costs: $8,175
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8710 Preston Woods Ct Land O Lakes, FL	3.0	2.0	1684	$2,850	$1.69	18d	1	0.90mi
20191 Sabal Palm Ct Land O' Lakes, FL	1.0–3.0	1.0–2.5	1404	$3,338	$2.38	0d	21	1.30mi
21030 Green Wing Ct Land O Lakes, FL	4.0	2.5	1945	$2,185	$1.12	25d	1	1.39mi
21818 Lyonia Ln Land O Lakes, FL	3.0	2.5	1601	$2,250	$1.41	15d	1	1.45mi
21831 Adriatic Ln Land O Lakes, FL	3.0	3.0	1601	$1,995	$1.25	0d	1	1.49mi
21831 Adriatic Ln Land O Lakes, FL	3.0	3.0	1601	$1,995	$1.25	5d	1	1.49mi
9750 Campanula Ct Land O Lakes, FL	3.0	2.5	2208	$2,700	$1.22	25d	1	1.49mi

Listing history 14 events

1. 2026-06-18
   days on market $272,490 Active 274 DOM
2. 2026-06-17
   days on market $272,490 Active 273 DOM
3. 2026-06-16
   days on market $272,490 Active 272 DOM
4. 2026-06-15
   price $272,490 Active 271 DOM
5. 2026-06-15
   pricedays on market $272,390 Active 271 DOM
6. 2026-06-13
   pricedays on market $271,390 Active 269 DOM
7. 2026-06-09
   days on market $271,290 Active 265 DOM
8. 2026-06-08
   days on market $271,290 Active 264 DOM
9. 2026-06-07
   pricedays on market $271,290 Active 263 DOM
10. 2026-06-04
    days on market $271,190 Active 260 DOM
11. 2026-06-03
    days on market $271,190 Active 259 DOM
12. 2026-06-02
    pricedays on market $271,190 Active 258 DOM
13. 2026-06-01
    days on market $281,190 Active 257 DOM
14. 2026-05-31
    days on market $281,190 Active 256 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone A · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 27 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,357
• − Mortgage interest: −$15,264
• − Property taxes: −$4,087
• − Insurance: −$2,865
• − Repairs & maintenance: −$2,829
• − Management: −$2,829
• − Depreciation: −$7,927
• Taxable loss: −$443
• Est. tax savings @ 24.0%: +$106
• After-tax cash flow: $3,939/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 — Connerton

• Score: 66/100
• State rank: #596
• US rank: #11437

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connerton, FL
• County: Pasco County · 524,098 people
• City population: 11,398
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 13,049
• Household income: $115,214
• Rent vs Own: 8.7% rent · 91.3% own
• Severe rent burden: 96.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 16% Two or more races 10% Black 7% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 5% Italian 3% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 85% English-only · Spanish 8% Other Indo-European 4% Tagalog/Filipino 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: ▼ -1.54%
• Current HPI: 126.1415
• Rent YoY: —
• 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