40545 Stewart Rd · Zephyrhills, FL 33540

$230,000

2 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 104 Days on market

Built 2021 0.42 ac lot Est $191k · 21% over

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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).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

New Construction - Double wide Champion home on almost 1/2 half acre. This 2021 home offers 1,493 sq/ft with 3 bedrooms and 2 bathrooms with open concept between living, kitchen, and dining rooms. The upgrades include vinyl flooring throughout, double pane windows, center island in kitchen, walk in closets in all three bedrooms, fenced back yard (to be installed), storage shed, and located on own your land with no HOA. The home boasts a spacious master bedroom with ceiling fan and large master bathroom with step-in shower. The Living room is 24'x12' with ceiling fan full view glass storm door, and many windows for additional natural lighting. All new updated appliances in the open concept kitchen and dining area. Two additional bedrooms are on the opposite side of master bedroom. Both bedrooms have walk-in closets and vinyl flooring. Also note this home has inside laundry area and wide hallways. Very centrally located, close to the beaches, top rated schools, medical facilities, places of worship, shopping, entertainment and restaurants, with easy access to major highways. Call for a private showing today of this totally unique gem!

Key facts

• Expansive lot
• No cdd fees
• Spacious kitchen

Tags

• EXPANSIVE LOT
• NO HOA
• NO CDD FEES
• BRIGHT OPEN-CONCEPT FLOOR PLAN
• SPACIOUS KITCHEN
• CENTER ISLAND

Property features AI

Finance

• HOA & community: No association

Exterior

• Utilities: Well water; Septic tank; Electricity available and connected; Water available and connected
• Home design: Manufactured double-wide home; Single-story; Faces south; Crawlspace foundation
• Construction: Vinyl siding; Shingle roof
• Exterior features: Asphalt/paved road access

Interior

• Kitchen: Dishwasher; Range; Range hood; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Built-in features; Ceiling fans; Kitchen open to family room
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $230k.

Deal economics

• At list price, monthly cash flow is $955 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $209k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 3.8% 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: 238 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.40% ✓
• Cap rate: 11.28%
• Cash-on-cash: 17.80%
• DSCR: 1.79
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $190,512
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8514 Bragg St	0.28mi	3/2.0 (+1)	1,404 (-7%)	10mo	$160,000	$114	62
8907 Brazil St	0.58mi	3/2.0 (+1)	1,710 (+13%)	20mo	$215,000	$126	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.37×
• Total profit: $23,614
• Equity at exit: $34,294

10-year hold

• IRR: 18.5%
• Equity multiple: 2.54×
• Total profit: $99,100
• Equity at exit: $19,886

Cash invested: $64,400 (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 33540

• Home prices YoY: -3.0%
• Active inventory: 238
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $3,223 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$289 /mo · $3,472/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$677
• Net cashflow: $955

Break-even live

Break-even rent $2,014

Max offer price $230,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,085	-5% $1,020	+0% $955	+5% $890	+10% $825
Rent	-10% $701	-5% $828	+0% $955	+5% $1,082	+10% $1,210
Rate	-1.0pp $1,071	-0.5pp $1,014	base $955	+0.5pp $896	+1.0pp $835

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8540 Boyt Rd Zephyrhills, FL	3.0	2.0	1674	$3,500	$2.09	25d	1	0.47mi
9960 U.S. 98 Dade City, FL	3.0	2.0	1616	$2,500	$1.55	6d	1	1.27mi

Listing history 19 events

1. 2026-06-18
   days on market $230,000 Active 104 DOM
2. 2026-06-17
   days on market $230,000 Active 103 DOM
3. 2026-06-16
   days on market $230,000 Active 102 DOM
4. 2026-06-15
   days on market $230,000 Active 101 DOM
5. 2026-06-13
   days on market $230,000 Active 99 DOM
6. 2026-06-09
   days on market $230,000 Active 95 DOM
7. 2026-06-08
   days on market $230,000 Active 94 DOM
8. 2026-06-07
   days on market $230,000 Active 93 DOM
9. 2026-06-04
   days on market $230,000 Active 90 DOM
10. 2026-06-03
    pricedays on market $230,000 Active 89 DOM
11. 2026-06-02
    days on market $245,000 Active 88 DOM
12. 2026-06-01
    days on market $245,000 Active 87 DOM
13. 2026-05-31
    days on market $245,000 Active 86 DOM
14. 2026-03-06
    listed $245,000 Active
15. 2021-08-25
    soldstatus $224,000
16. 2021-08-20
    soldstatus $224,000 Closed 1150-char remark

    Show marketing remark (1150 chars)

    New Construction - Double wide Champion home on almost 1/2 half acre. This 2021 home offers 1,493 sq/ft with 3 bedrooms and 2 bathrooms with open concept between living, kitchen, and dining rooms. The upgrades include vinyl flooring throughout, double pane windows, center island in kitchen, walk in closets in all three bedrooms, fenced back yard (to be installed), storage shed, and located on own your land with no HOA. The home boasts a spacious master bedroom with ceiling fan and large master bathroom with step-in shower. The Living room is 24'x12' with ceiling fan full view glass storm door, and many windows for additional natural lighting. All new updated appliances in the open concept kitchen and dining area. Two additional bedrooms are on the opposite side of master bedroom. Both bedrooms have walk-in closets and vinyl flooring. Also note this home has inside laundry area and wide hallways. Very centrally located, close to the beaches, top rated schools, medical facilities, places of worship, shopping, entertainment and restaurants, with easy access to major highways. Call for a private showing today of this totally unique gem!

17. 2021-06-23
    status Pending 1150-char remark

    Show marketing remark (1150 chars)

    New Construction - Double wide Champion home on almost 1/2 half acre. This 2021 home offers 1,493 sq/ft with 3 bedrooms and 2 bathrooms with open concept between living, kitchen, and dining rooms. The upgrades include vinyl flooring throughout, double pane windows, center island in kitchen, walk in closets in all three bedrooms, fenced back yard (to be installed), storage shed, and located on own your land with no HOA. The home boasts a spacious master bedroom with ceiling fan and large master bathroom with step-in shower. The Living room is 24'x12' with ceiling fan full view glass storm door, and many windows for additional natural lighting. All new updated appliances in the open concept kitchen and dining area. Two additional bedrooms are on the opposite side of master bedroom. Both bedrooms have walk-in closets and vinyl flooring. Also note this home has inside laundry area and wide hallways. Very centrally located, close to the beaches, top rated schools, medical facilities, places of worship, shopping, entertainment and restaurants, with easy access to major highways. Call for a private showing today of this totally unique gem!

18. 2021-06-07
    listed $219,000 Active 1150-char remark

    Show marketing remark (1150 chars)

    New Construction - Double wide Champion home on almost 1/2 half acre. This 2021 home offers 1,493 sq/ft with 3 bedrooms and 2 bathrooms with open concept between living, kitchen, and dining rooms. The upgrades include vinyl flooring throughout, double pane windows, center island in kitchen, walk in closets in all three bedrooms, fenced back yard (to be installed), storage shed, and located on own your land with no HOA. The home boasts a spacious master bedroom with ceiling fan and large master bathroom with step-in shower. The Living room is 24'x12' with ceiling fan full view glass storm door, and many windows for additional natural lighting. All new updated appliances in the open concept kitchen and dining area. Two additional bedrooms are on the opposite side of master bedroom. Both bedrooms have walk-in closets and vinyl flooring. Also note this home has inside laundry area and wide hallways. Very centrally located, close to the beaches, top rated schools, medical facilities, places of worship, shopping, entertainment and restaurants, with easy access to major highways. Call for a private showing today of this totally unique gem!

19. 2021-04-13
    soldstatus $70,000

ⓘ 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: $3,472 · $289/mo
• Projected year-2 tax: $3,472 · $289/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,681
• − Mortgage interest: −$12,884
• − Property taxes: −$3,472
• − Insurance: −$1,150
• − Repairs & maintenance: −$3,094
• − Management: −$3,094
• − Depreciation: −$6,691
• Taxable income: $8,295
• Est. tax owed @ 24.0%: −$1,991
• After-tax cash flow: $9,471/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

• City population: 48,266
• Population (ZIP): 11,098

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 10% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Cuban 2%
• Common ancestry: Lithuanian 4% Romanian 3% Italian 2%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 9% French/Haitian/Cajun 2% 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: ▼ -11.57%
• Current HPI: 370.8747
• Rent YoY: —
• Metro: —
• 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

+250.0% since first listed

6 events — show timeline

• 2026-03-06 Listed $245,000 Stellar MLS as Distributed by MLS Grid
• 2021-08-25 Sold (Public Records) $224,000 Public Records
• 2021-08-20 Sold (MLS) $224,000 Stellar MLS as Distributed by MLS Grid
• 2021-06-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-06-07 Listed $219,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-13 Sold (Public Records) $70,000 Public Records

Property tax history

+30.5%/yr

Latest (2025): $3,472 · +2.4% YoY. Source: county tax records.