35101 Condominium Blvd #239 · Zephyrhills West, FL 33541

$132,000

2 bd · 1.0 ba · 660 sqft · SingleFamily · 76 Days on market

Built 1986 Good condition 3,156 sqft lot Est $102k · 30% over $130/mo HOA · 7% of rent

---

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 +27.1/30.0
• DSCR +9.4/10.0
• 1% rule +8.6/10.0
• Schools +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.1/5.0
• Rent growth +1.9/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This beautifully remodeled Park Model is ready to move into! The large master bedroom has a generous seating area for you to lounge around in before your day starts. The Bonus room, a large foyer with coat closet, greets your guests and makes them feel welcome. The living room is combined with the kitchen and dinette has ample space to for entertaining. And there is room for overnight visitors in the second bedroom. In addition, this home has a large screened-in side porch for entertaining and cook-outs! There is a shed behind the screened porch that is ready for a washer & dryer to be added. The park has laundry facilities, so you can save the space to use the shed as a workshop or

Key facts

• Gated community
• Remodeled park model
• Clubhouse

Tags

• REMODELED PARK MODEL
• LARGE SCREENED-IN SIDE PORCH
• GATED COMMUNITY
• HEATED POOL
• CLUBHOUSE
• EXERCISE ROOM

Property features AI

Finance

• Other: Furnished; Association fee includes pool, recreational facilities, private road maintenance, trash, insurance, escrow reserves, fidelity bond, and common area taxes
• Financial info: Lease restrictions apply; Total annual fees $1,560
• HOA & community: HOA required; monthly fee $130; Association requires approval; Association amenities include clubhouse, fitness center, pool, spa/hot tub, sauna, tennis, pickleball, shuffleboard, recreation facilities, gated access, vehicle restrictions, fence restrictions, laundry, and common area maintenance; Senior community; Pets allowed with limits (cats and dogs; weight limit 20 lbs)

Exterior

• Parking: Private paved access (private maintained road)
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected; Cable available; Phone available; BB/HS internet available; Underground utilities
• Home design: Residential modular home (single wide); One story; Faces south; Entry level: One
• Construction: Metal siding; Membrane and metal roof with roof over; Crawlspace foundation; Manufactured 1986 Park model
• Exterior features: Screened side porch; Rain gutters; Shed(s)

Interior

• Kitchen: Dishwasher; Microwave; Range; Range hood; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Concrete; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air
• Interior features: Ceiling fans; Kitchen/family room combo; Thermostat; Vaulted ceilings; Window treatments; Bonus room
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $132k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $124k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 7.8% in Zephyrhills West — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 61/100 on livability (#772 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living 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: Rents soft (-2.5%/yr); 856 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 38% of the median local income ($57k/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 $913 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 76 days — a 6% lower offer ($124k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $124,080 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.36% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.14%
• DSCR: 1.54
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $101,640
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35038 Dale Ave	0.13mi	2/1.0	684 (+4%)	22mo	$90,000	$132	69
4942 Britni Way #0790	0.21mi	2/2.0	680 (+3%)	23mo	$140,000	$206	62
34920 Happiness Way	0.69mi	2/1.0	616 (-7%)	23mo	$95,000	$154	37

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: -2.0%
• Equity multiple: 0.93×
• Total profit: $-2,716
• Equity at exit: $19,682

10-year hold

• IRR: 3.7%
• Equity multiple: 1.23×
• Total profit: $8,438
• Equity at exit: $11,413

Cash invested: $36,960 (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 33541

• Home prices YoY: -15.2%
• Rents YoY: -2.5%
• Active inventory: 856
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,793 medium
• Mortgage (P&I): −$692
• Tax est. 1.5%: −$165 /mo · $1,980/yr
• Insurance: −$55
• HOA: −$130
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $374

Break-even live

Break-even rent $1,319

Max offer price $132,000

Occupancy floor 74%

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34002 Painthorse Way Wesley Chapel, FL	1.0–3.0	1.0–2.0	1022	$2,208	$2.16	2d	46	1.44mi

HOA detail

• Monthly dues: $130 · $1,560/yr

Listing history 14 events

1. 2026-06-18
   days on market $132,000 Active 76 DOM
2. 2026-06-17
   days on market $132,000 Active 75 DOM
3. 2026-06-16
   days on market $132,000 Active 74 DOM
4. 2026-06-15
   days on market $132,000 Active 73 DOM
5. 2026-06-13
   days on market $132,000 Active 71 DOM
6. 2026-06-09
   days on market $132,000 Active 67 DOM
7. 2026-06-08
   days on market $132,000 Active 66 DOM
8. 2026-06-07
   days on market $132,000 Active 65 DOM
9. 2026-06-04
   days on market $132,000 Active 62 DOM
10. 2026-06-03
    days on market $132,000 Active 61 DOM
11. 2026-06-02
    days on market $132,000 Active 60 DOM
12. 2026-06-01
    days on market $132,000 Active 59 DOM
13. 2026-05-31
    days on market $132,000 Active 58 DOM
14. 2026-04-03
    listed $132,000 Active

ⓘ 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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 26 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: $21,512
• − Mortgage interest: −$7,394
• − Property taxes: −$1,980
• − Insurance: −$660
• − Repairs & maintenance: −$1,721
• − Management: −$1,721
• − HOA: −$1,560
• − Depreciation: −$3,840
• Taxable income: $2,636
• Est. tax owed @ 24.0%: −$633
• After-tax cash flow: $3,855/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 80/100 Cosmetic rehab

This beautifully remodeled Park Model is move-in ready with good condition and minimal repairs needed. It offers a spacious living area, a large screened-in porch, and a well-maintained exterior. The home is ready for a new owner to move in and enjoy!

Value-add opportunities

• Both paint the exterior — enhances curb appeal and resale value
• Both install new flooring — improves aesthetics and rental value
• Both update the kitchen appliances — modernizes the space and increases value

Renovation cost estimate screening

Value-add ROI direction

• Both paint the exterior — enhances curb appeal and resale value ↑
• Both install new flooring — improves aesthetics and rental value ↑
• Both update the kitchen appliances — modernizes the space and increases value ↑

ⓘ 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 — Zephyrhills West

• Score: 61/100
• State rank: #772
• US rank: #17403

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasco County · 524,098 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 24,654
• Household income: $56,579
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 393.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 8% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 9%
• Common ancestry: Lithuanian 4% Romanian 3% Serbian 3%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 9% Tagalog/Filipino 1% Other Asian/Pacific 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: ▼ -55.21%
• Current HPI: 308.0619
• Rent YoY: ▼ -2.51%
• 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

1 event — show timeline

• 2026-04-03 Listed $132,000 Stellar MLS as Distributed by MLS Grid