12141 Spartan Way #202 · Bayonet Point, FL 34667

$120,000

2 bd · 2.0 ba · 1,103 sqft · Condo public records · 323 Days on market

Built 1987 $375/mo HOA · 22% of rent ↓ 8% since listing

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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 +23.8/30.0
• 1% rule +9.0/10.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy, MAINTENANCE-FREE living in the desirable 55+ Hillside Condo Community! This well-maintained second-floor condo offers 2 bedrooms, 2 bathrooms, covered parking, and a relaxed Florida lifestyle with an HOA THAT COVERS water, sewer, trash, cable, internet, exterior maintenance, roof care, pest control, and beautifully maintained grounds. Inside, you’ll find a bright open living and dining area with sliding glass doors leading to a covered, SCREENED PORCH—perfect for enjoying morning coffee or evening relaxation. The kitchen features a breakfast bar, generous cabinet space, and a spacious breakfast nook with peaceful views. The SPLIT-BEDROOMS layout provides privacy

Key facts

• En suite bathroom
• Large walk in closet
• Breakfast bar

Tags

• COVERED SCREENED IN PORCH
• BREAKFAST BAR
• LARGE WALK IN CLOSET
• EN SUITE BATHROOM
• UPDATED LAMINATE FLOORING
• UPDATED CERAMIC TILE FLOORING

Property features AI

Finance

• Other: Condo land included; No condo fee amount listed separately
• Financial info: Total monthly fees $375; total annual fees $4,500; Lease restrictions apply
• HOA & community: Monthly HOA fee $375 (includes cable TV, internet, pool, trash, water, sewer, pest control, maintenance grounds and structure, recreational facilities, escrow reserves); Association approval required; Community amenities: clubhouse, pool, recreation facilities, shuffleboard court, community mailbox, deed restrictions; Pets allowed (max 30 lbs); Senior community

Exterior

• Parking: Carport with 1 space
• Utilities: Public water; Public sewer; Cable available; Broadband/high-speed internet available; Electricity connected; Water connected; Sewer connected
• Home design: Condominium (residential); One story (unit on 2nd floor); Faces northeast
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as part of a multi-unit building
• Exterior features: Covered patio/porch; Front porch; Rear porch; Screened porch; Balcony; Sliding doors; On-site storage shed(s)

Interior

• Kitchen: Dishwasher; Range (stove); Range hood; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Kitchen/family room combo; Living room/dining room combo; Open floorplan; Split bedroom layout
• Laundry & utility: Washer; Dryer; Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 5.3% in Bayonet Point — 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 69/100 on livability (#485 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D+, schools 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 (-2.3%/yr); 790 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 39% of the median local income ($51k/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 $830 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 323 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major 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 $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 323 days. Have you received any prior offers? Is the seller open to a 12% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.26%
• DSCR: 1.37
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -7.9%
• Equity multiple: 0.72×
• Total profit: $-9,436
• Equity at exit: $17,892

10-year hold

• IRR: -4.0%
• Equity multiple: 0.78×
• Total profit: $-7,477
• Equity at exit: $10,375

Cash invested: $33,600 (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 34667

• Rents YoY: -2.3%
• Active inventory: 790
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,678 high
• Mortgage (P&I): −$629
• Tax from tax record: −$40 /mo · $475/yr
• Insurance: −$50
• HOA: −$375
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $231

Break-even live

Break-even rent $1,385

Max offer price $120,000

Occupancy floor 81%

Sensitivity live

Price	-10% $299	-5% $265	+0% $231	+5% $197	+10% $163
Rent	-10% $99	-5% $165	+0% $231	+5% $298	+10% $364
Rate	-1.0pp $292	-0.5pp $262	base $231	+0.5pp $200	+1.0pp $169

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12041 Hoosier Ct #204 Hudson, FL	2.0	2.0	1103	$1,495	$1.36	25d	1	0.11mi
12041 Hoosier Ct #204 Hudson, FL	2.0	2.0	1103	$1,495	$1.36	18d	1	0.11mi
12027 Hoosier Ct #203 Hudson, FL	2.0	2.0	1103	$1,550	$1.41	25d	1	0.15mi
7616 Danube Dr Hudson, FL	2.0	2.0	1125	$1,350	$1.20	25d	1	0.22mi
7602 Danube Dr Unit 7602 Hudson, FL	2.0	2.0	1125	$1,600	$1.42	25d	1	0.23mi
7924 Halsey Dr Port Richey, FL	3.0	2.0	1272	$1,800	$1.42	5d	1	0.42mi
7924 Halsey Dr Port Richey, FL	3.0	2.0	1272	$1,800	$1.42	22d	1	0.42mi
12200 Hudson Ridge Dr Port Richey, FL	2.0–3.0	2.0	1107	$1,468	$1.33	3d	10	0.43mi
11630 Paige Dr Port Richey, FL	3.0	1.0	1152	$1,680	$1.46	13d	1	0.54mi
7433 Greystone Dr #7433 Hudson, FL	2.0	2.0	1029	$1,300	$1.26	18d	1	0.56mi
11610 Meadow Dr Port Richey, FL	2.0	2.0	1128	$1,570	$1.39	13d	1	0.56mi
11611 Constance Dr Port Richey, FL	3.0	1.0	984	$1,540	$1.57	25d	1	0.56mi
11611 Constance Dr Port Richey, FL	3.0	1.0	984	$1,540	$1.57	12d	1	0.56mi
7539 Gulf Highlands Dr Port Richey, FL	2.0	1.5	936	$1,550	$1.66	5d	1	0.58mi
8304 Mill Creek Ln Hudson, FL	2.0	2.0	1000	$1,650	$1.65	25d	1	0.60mi
7715 Sue Ellen Dr Port Richey, FL	2.0	2.0	1080	$1,495	$1.38	4d	1	0.61mi
8312 Mill Creek Ln Hudson, FL	2.0	2.0	1152	$1,600	$1.39	0d	1	0.64mi
8312 Mill Creek Ln Hudson, FL	2.0	2.0	1152	$1,600	$1.39	25d	1	0.64mi
7608 Sue Ellen Dr Port Richey, FL	3.0	2.0	1310	$2,400	$1.83	25d	1	0.66mi
7804 Topay Ln Port Richey, FL	3.0	2.0	1125	$1,795	$1.60	0d	1	0.67mi
12702 Social Dr Hudson, FL	2.0	1.0	1032	$1,500	$1.45	5d	1	0.70mi
12809 College Hill Dr Hudson, FL	3.0	2.0	1114	$1,780	$1.60	5d	1	0.75mi
7530 Judith Cres Port Richey, FL	2.0	2.0	1446	$1,695	$1.17	21d	1	0.76mi
7530 Judith Cres Port Richey, FL	2.0	2.0	1446	$2,200	$1.52	25d	1	0.76mi
7520 Hawthorn Dr Unit NA Port Richey, FL	2.0	2.0	1303	$1,900	$1.46	25d	1	0.84mi
7520 Hawthorn Dr Port Richey, FL	2.0	2.0	1303	$1,800	$1.38	24d	1	0.84mi
7531 Greybirch Ter Port Richey, FL	3.0	2.0	1400	$2,000	$1.43	25d	1	0.85mi
7300 Country Club Dr Hudson, FL	2.0	1.0	926	$1,400	$1.51	3d	1	0.86mi
11241 Yewtree Ave Port Richey, FL	3.0	2.0	1306	$1,950	$1.49	24d	1	0.89mi
8161 Braddock Cir #1 Port Richey, FL	2.0	2.0	1000	$1,595	$1.59	18d	1	0.90mi
11635 Salmon Dr Port Richey, FL	2.0	1.5	816	$1,500	$1.84	25d	1	0.91mi
8305 Sandwedge Cir Unit A Hudson, FL	2.0	2.0	1144	$1,450	$1.27	22d	1	0.97mi
11138 Yellowwood Ln Unit NA Port Richey, FL	3.0	1.0	1000	$1,800	$1.80	25d	1	1.00mi
7540 Venice Dr Port Richey, FL	3.0	2.0	1394	$1,775	$1.27	5d	1	1.03mi
7724 Tyson Dr Port Richey, FL	2.0	2.0	1200	$1,550	$1.29	0d	1	1.05mi
7705 Ilex Dr Port Richey, FL	3.0	2.0	1349	$2,000	$1.48	25d	1	1.06mi
12221 Holbrook Dr Bayonet Point, FL	1.0–2.0	1.0–2.0	761	$1,685	$2.21	0d	58	1.07mi
7213 Seward Dr Port Richey, FL	2.0	1.0	700	$1,500	$2.14	25d	1	1.16mi
11103 Harding Dr Unit 2 Port Richey, FL	2.0	1.0	760	$1,450	$1.91	20d	1	1.18mi
12535 3rd Isle Hudson, FL	2.0	2.0	1389	$2,600	$1.87	25d	1	1.28mi

HOA detail condo

• Monthly dues: $375 · $4,500/yr
• Likely covers: watersewertrashinternetcablelandscapingexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $120,000 Active 323 DOM
2. 2026-06-17
   days on market $120,000 Active 322 DOM
3. 2026-06-16
   days on market $120,000 Active 321 DOM
4. 2026-06-15
   days on market $120,000 Active 320 DOM
5. 2026-06-13
   days on market $120,000 Active 318 DOM
6. 2026-06-09
   days on market $120,000 Active 314 DOM
7. 2026-06-08
   days on market $120,000 Active 313 DOM
8. 2026-06-07
   days on market $120,000 Active 312 DOM
9. 2026-06-04
   days on market $120,000 Active 309 DOM
10. 2026-06-03
    days on market $120,000 Active 308 DOM
11. 2026-06-02
    days on market $120,000 Active 307 DOM
12. 2026-06-01
    days on market $120,000 Active 306 DOM
13. 2026-05-31
    days on market $120,000 Active 305 DOM
14. 2026-03-30
    price $120,000
15. 2026-01-09
    price $127,000
16. 2025-08-17
    price $128,000
17. 2025-07-30
    listed $130,000 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: $475 · $40/mo
• Projected year-2 tax: $996 · $83/mo
• Expected delta: +$521/yr (+$43/mo · 109.7%)

ⓘ 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 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥114°F today · 24 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,131
• − Mortgage interest: −$6,722
• − Property taxes: −$475
• − Insurance: −$600
• − Repairs & maintenance: −$1,610
• − Management: −$1,610
• − HOA: −$4,500
• − Depreciation: −$3,491
• Taxable income: $1,122
• Est. tax owed @ 24.0%: −$269
• After-tax cash flow: $2,507/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 — Bayonet Point

• Score: 69/100
• State rank: #485
• US rank: #8934

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bayonet Point, FL
• County: Pasco County · 524,098 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 30,689
• Household income: $51,280
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 946.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 6% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 7% · Canada, Jamaica, Vietnam
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 0%

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: ▼ -183.96%
• Current HPI: 307.5552
• Rent YoY: ▼ -2.26%
• 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

-7.7% since first listed

4 events — show timeline

• 2026-03-30 Price Changed $120,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-09 Price Changed $127,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-17 Price Changed $128,000 Stellar MLS as Distributed by MLS Grid
• 2025-07-30 Listed $130,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2025): $475 · +5.2% YoY. Source: county tax records.