37021 Karen Ave · Zephyrhills West, FL 33542

$84,900

3 bd · 2.0 ba · 754 sqft · Manufactured public records · 218 Days on market

Built 1974 5,175 sqft lot Est $97k · 12% under $40/mo HOA · 2% of rent

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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
• ARV discount +12.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the perfect place to call home! This delightful, ready-to-move-in, fully furnished two-bedroom, one- & one-half bathroom home features a welcoming Florida room at street level which invites you in, boasting French doors for convenient access & golf cart parking, there's also an adjoining utility room complete with work bench, storage cabinets & utility sink. Upon entering the home, the half bathroom & laundry area is to your right and presents wood-look vinyl flooring, storage closet & ceiling fan. To the left is the primary bedroom featuring dual closets, an efficient 8-drawer built-in dresser, and a ceiling fan. Adjacent to the bedrooms the second ba

Key facts

• Work bench
• Utility room
• Florida room

Tags

• FLORIDA ROOM
• GOLF CART PARKING
• UTILITY ROOM
• WORK BENCH
• STORAGE CABINETS
• UTILITY SINK

Property features AI

Finance

• Other: Total acreage: less than 1/4 acre (approx. 0.12 acres); Lot features: Flood zone, in county, level, near golf course, paved; Lot dimensions: 45 x 116 (private maintained asphalt road); Living area: 754 sq ft (per public records); Building area total: 1772 sq ft (per public records)
• Financial info: Lease restrictions apply
• HOA & community: Has HOA (monthly $40.67; annual $488); Association approval required; Association amenities include clubhouse, pool, spa/hot tub, golf course, tennis, pickleball, basketball, shuffleboard, trails, park, dog park, storage, recreation facilities, maintenance, security, street lights, sidewalks; optional additional fees; Association fee includes common area taxes, grounds maintenance, and security; Furnished (Yes); Senior community; Buyer approval required; Deed restrictions; Golf carts allowed; Pets not allowed

Exterior

• Parking: Golf cart parking; Off-street parking; Carport (1 space)
• Security: Security lights; Community security
• Utilities: Public water; Public sewer; Electricity connected; Fiber optics; BB/HS internet available; Phone available; Fire hydrant nearby; Sewer connected; Water connected
• Home design: Residential mobile home; Single wide; One story; Faces south; Completed condition; Entry level: One
• Construction: Metal siding; Metal roof; Crawlspace foundation; Pillar/post/pier foundation; Built in (year not provided)
• Exterior features: Screened patio/porch; Side porch; Storage; Shade shutters; Awnings; French doors; Rain gutters; Sliding doors; Pool (other features)

Interior

• Kitchen: Range; Range hood; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet; Concrete; Vinyl
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Baseboard heating; Central heating; Electric heating; Central air conditioning
• Interior features: Window treatments; Built-in features; Ceiling fans; Eat-in kitchen; Thermostat; Security lights
• Laundry & utility: Washer hookup; Dryer; Electric dryer hookup; Washer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 7.8% in Zephyrhills West — 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 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 falling (-3.6%/yr); 294 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 40% of the median local income ($49k/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 $587 of loan paydown is wiped out by about $3k 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 + 0.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 218 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $38k; list at $85k implies a 123% gain — meaningful room to come down on a strong offer.

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; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.96% ✓
• Cap rate: 15.48%
• Cash-on-cash: 32.82%
• DSCR: 2.46
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $96,512
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37042 Lois Ave	0.05mi	2/2.0 (-1)	748 (-1%)	8mo	$95,000	$127	85
37031 Karen Ave	0.02mi	2/1.5 (-1)	720 (-4%)	1mo	$92,000	$128	84
5307 Flint St	0.26mi	2/2.0 (-1)	774 (+3%)	3mo	$134,000	$173	76
37235 Eileen Ave	0.32mi	2/2.0 (-1)	784 (+4%)	6mo	$128,000	$163	69
37137 Lois Ave	0.15mi	2/1.5 (-1)	684 (-9%)	4mo	$66,000	$96	68
37113 Lois Ave	0.11mi	2/1.0 (-1)	672 (-11%)	3mo	$75,000	$112	66
36905 Kay Ave	0.20mi	2/2.0 (-1)	864 (+15%)	4mo	$148,500	$172	58
5241 Bolton Dr	0.41mi	2/1.0 (-1)	672 (-11%)	6mo	$80,000	$119	48
36413 Teakwood Ave	0.62mi	2/1.0 (-1)	812 (+8%)	4mo	$159,000	$196	46
5313 Aurora Dr	0.63mi	2/1.5 (-1)	672 (-11%)	4mo	$66,000	$98	42
36416 Cordova Cir	0.67mi	2/1.0 (-1)	672 (-11%)	1mo	$60,000	$89	41
36801 Judee Dr	0.67mi	2/2.0 (-1)	864 (+15%)	1mo	$159,900	$185	38

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: 16.3%
• Equity multiple: 1.63×
• Total profit: $14,957
• Equity at exit: $12,659

10-year hold

• IRR: 22.2%
• Equity multiple: 2.59×
• Total profit: $37,861
• Equity at exit: $7,341

Cash invested: $23,772 (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 33542

• Home prices YoY: -20.6%
• Rents YoY: -3.6%
• Active inventory: 294
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,662 high
• Mortgage (P&I): −$445
• Tax from tax record: −$142 /mo · $1,704/yr
• Insurance: −$35
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$40
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $525

Break-even live

Break-even rent $997

Max offer price $84,900

Occupancy floor 63%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5168 Crooked Ln Zephyrhills, FL	2.0	1.0	600	$1,645	$2.74	21d	1	0.10mi
5521 Barbara St Zephyrhills, FL	2.0	2.0	1056	$1,800	$1.70	24d	1	0.48mi
36801 Camelia Ct Zephyrhills, FL	2.0	2.0	864	$1,350	$1.56	24d	1	0.51mi
37902 7th Ave Zephyrhills, FL	3.0	1.0	900	$1,775	$1.97	24d	1	0.86mi
4833 Royal Palm Dr Zephyrhills, FL	2.0	1.0	672	$1,090	$1.62	24d	1	0.94mi
5237 1st St Zephyrhills, FL	3.0	1.0	964	$1,700	$1.76	24d	1	0.96mi
4639 Coral St Zephyrhills, FL	2.0	2.0	1056	$1,250	$1.18	24d	1	0.96mi
37819 Alissa Dr Zephyrhills, FL	2.0	2.0	864	$1,450	$1.68	17d	1	0.98mi
37812 15th Ave Zephyrhills, FL	2.0	2.0	1000	$1,850	$1.85	24d	1	1.01mi
37925 Date Palm Dr Zephyrhills, FL	3.0	1.5	720	$1,300	$1.81	24d	1	1.07mi
36321 Stonewood Ln #103 Zephyrhills, FL	2.0	2.0	987	$1,525	$1.55	24d	1	1.10mi
5914 Willow Ridge Dr #101 Zephyrhills, FL	2.0	2.0	987	$1,500	$1.52	24d	1	1.10mi
35940 Inspiration Dr Zephyrhills, FL	1.0–3.0	1.0–2.0	1034	$1,988	$1.92	2d	21	1.13mi
6302 Abbott Station Dr Zephyrhills, FL	3.0	1.0–2.5	855	$1,999	$2.34	1d	142	1.20mi
5441 6th St Zephyrhills, FL	2.0	1.0	1014	$1,650	$1.63	24d	1	1.21mi
4940 4th St Zephyrhills, FL	2.0	2.0	900	$1,350	$1.50	24d	1	1.29mi
5022 5th St Zephyrhills, FL	2.0	1.5	974	$1,595	$1.64	24d	1	1.32mi
36009 Deer Creek Dr #104 Zephyrhills, FL	2.0	2.0	1029	$1,450	$1.41	24d	1	1.33mi
36015 Deer Creek Dr #202 Zephyrhills, FL	2.0	2.0	1062	$1,450	$1.37	24d	1	1.34mi
37732 Cecil Ln Zephyrhills, FL	3.0	1.0	1040	$1,800	$1.73	24d	1	1.38mi

HOA detail

• Monthly dues: $40 · $480/yr

Listing history 16 events

1. 2026-06-18
   days on market $84,900 Active 218 DOM
2. 2026-06-17
   days on market $84,900 Active 217 DOM
3. 2026-06-16
   days on market $84,900 Active 216 DOM
4. 2026-06-15
   days on market $84,900 Active 215 DOM
5. 2026-06-13
   days on market $84,900 Active 213 DOM
6. 2026-06-09
   days on market $84,900 Active 209 DOM
7. 2026-06-08
   days on market $84,900 Active 208 DOM
8. 2026-06-07
   days on market $84,900 Active 207 DOM
9. 2026-06-04
   days on market $84,900 Active 204 DOM
10. 2026-06-03
    days on market $84,900 Active 203 DOM
11. 2026-06-02
    days on market $84,900 Active 202 DOM
12. 2026-06-01
    days on market $84,900 Active 201 DOM
13. 2026-05-31
    days on market $84,900 Active 200 DOM
14. 2026-04-07
    price $89,900
15. 2025-11-12
    listed $98,900 Active
16. 1990-05-01
    soldstatus $38,000

ⓘ 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: $1,704 · $142/mo
• Projected year-2 tax: $1,704 · $142/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 6/10 Major FEMA zone A · 71% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,941
• − Mortgage interest: −$4,756
• − Property taxes: −$1,704
• − Insurance: −$1,927
• − Repairs & maintenance: −$1,595
• − Management: −$1,595
• − HOA: −$480
• − Depreciation: −$2,470
• Taxable income: $5,414
• Est. tax owed @ 24.0%: −$1,299
• After-tax cash flow: $5,000/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 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

• Census place: Zephyrhills West, FL
• County: Pasco County · 524,098 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 23,612
• Household income: $49,316
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 831.0

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 17% Two or more races 8% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -81.25%
• Current HPI: 313.3993
• Rent YoY: ▼ -3.56%
• 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

+136.6% since first listed

3 events — show timeline

• 2026-04-07 Price Changed $89,900 Stellar MLS as Distributed by MLS Grid
• 2025-11-12 Listed $98,900 Stellar MLS as Distributed by MLS Grid
• 1990-05-01 Sold (Public Records) $38,000 Public Records

Property tax history

+15.4%/yr

Latest (2025): $1,704 · +4.9% YoY. Source: county tax records.