4101 Passport Ln #202 · New Port Richey East, FL 34653

$124,900

2 bd · 2.0 ba · 1,135 sqft · Condo public records · 13 Days on market

Built 1983 $450/mo HOA · 26% of rent

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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 +19.7/30.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Schools +4.3/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW NEW NEW NEW! Do not miss your opportunity to own this absolutely gorgeous fully remodeled 2 bedroom, 2 bathroom 1,135 sqft unit with Full-size stackable washer & dryer, All new wood flooring throughout, Brand new energy efficient windows. This unit also boasts a beautifully remodeled kitchen with high end cabinets & fixtures that carry throughout the unit into both master bathroom & second bathroom. This unit also features brand new A/C system in late 2014.

Key facts

• Clubhouse
• Updated kitchen
• Extra storage closet

Tags

• UPDATED KITCHEN
• HURRICANE IMPACT WINDOWS
• COMMUNITY SWIMMING POOL
• CLUBHOUSE
• EXTRA STORAGE CLOSET
• ASSIGNED CARPORT

Property features AI

Finance

• Other: Condo land included; Unfurnished; Living area about 1,135 sq ft (public records)
• Financial info: Total annual association fees approximately $5,400; Lease restrictions apply
• HOA & community: Monthly association fee $450 (includes cable TV, internet, pool, maintenance - structure & grounds, pest control, recreational facilities, sewer, trash); Association approval required; Association name: Emma Bartlett; Buyer approval required for community; Clubhouse, pool, community mailbox, sidewalks, deed restrictions; Pets allowed (cats and dogs); Senior community

Exterior

• Parking: Carport with 1 space
• Utilities: Public water; Public sewer; Electricity available and connected; Cable available; Internet available; Sewer and water available
• Home design: Condominium; 2 total stories; Unit located on 2nd floor; Home faces west; Residential zoning (MF1)
• Construction: Stucco and frame construction; Shingle roof; Slab foundation; Building identified as 4101 PASSPORT #202; Built as multifamily/condominium
• Exterior features: Storage; Asphalt road access; Lot approximately 0.03 acres

Interior

• Kitchen: Cooktop; Range; Microwave; Dishwasher; Disposal; Refrigerator; Breakfast room (separate)
• Bedrooms: 2 bedrooms (unit on 2nd floor)
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Open floor plan; Thermostat; Walk-in closets; Window treatments
• Laundry & utility: Inside laundry; Laundry closet; Washer; Dryer; Inside utility / bonus room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 7.7% vs local median 4.3% in New Port Richey East — 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 68/100 on livability (#499 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment 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.
• Zoned schools: Deer Park Elementary School (math 57% / reading 60%, grade B-, #735 of 2,144 statewide, top 35%, 476 students, 55% FRL); River Ridge High School (math 50% / reading 54%, grade D+, #160 of 667 statewide, top 25%, 1,802 students, 41% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: Rents soft (-2.9%/yr); 305 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 41% of the median local income ($50k/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 $864 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $62k; list at $125k implies a 101% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $124,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.37% ✓
• Cap rate: 7.69%
• Cash-on-cash: 4.99%
• DSCR: 1.22
• GRM: 6.1

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: -13.0%
• Equity multiple: 0.55×
• Total profit: $-15,755
• Equity at exit: $18,623

10-year hold

• IRR: -11.9%
• Equity multiple: 0.42×
• Total profit: $-20,220
• Equity at exit: $10,799

Cash invested: $34,972 (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 34653

• Home prices YoY: -18.4%
• Rents YoY: -2.9%
• Active inventory: 305
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,713 high
• Mortgage (P&I): −$655
• Tax from tax record: −$50 /mo · $606/yr
• Insurance: −$52
• HOA: −$450
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $145

Break-even live

Break-even rent $1,528

Max offer price $124,900

Occupancy floor 87%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8930 Lazy River Loop New Port Richey, FL	1.0–3.0	1.0–2.0	1018	$1,640	$1.61	2d	12	0.22mi
3952 Elvira Ct New Port Richey, FL	2.0	2.0	957	$1,450	$1.52	22d	1	0.23mi
4031 Vista Verde Dr New Port Richey, FL	1.0–2.0	1.0–2.0	825	$1,669	$2.02	2d	6	0.29mi
4105 La Pasida Ln New Port Richey, FL	2.0	2.0	972	$1,750	$1.80	24d	1	0.32mi
8563 Pilgrim Ct New Port Richey, FL	2.0	1.5	1236	$1,400	$1.13	5d	1	0.33mi
4147 La Pasida Ln New Port Richey, FL	2.0	2.0	1149	$1,800	$1.57	5d	1	0.33mi
9110 Via Recreo New Port Richey, FL	2.0	2.0	891	$1,550	$1.74	5d	1	0.33mi
8559 Pilgrim Ct New Port Richey, FL	2.0	1.5	1236	$1,500	$1.21	20d	1	0.33mi
9400 Alta Sol Way New Port Richey, FL	2.0	2.0	1177	$1,949	$1.66	12d	1	0.52mi
4420 Sawgrass Blvd New Port Richey, FL	3.0	2.0	1400	$2,300	$1.64	24d	1	0.62mi
4347 Otter Way New Port Richey, FL	3.0	2.0	1344	$1,715	$1.28	2d	1	0.63mi
9026 Severn Ln New Port Richey, FL	2.0	2.0	1476	$1,800	$1.22	3d	1	0.68mi
3683 Trophy Blvd New Port Richey, FL	2.0	2.0	923	$1,650	$1.79	5d	1	0.78mi
8135 Brown Pelican Ave New Port Richey, FL	2.0	2.0	1089	$2,000	$1.84	5d	1	0.79mi
9616 Midiron Ct New Port Richey, FL	2.0	2.0	956	$1,950	$2.04	5d	1	0.81mi
8107 Blue Finch Way New Port Richey, FL	3.0	2.0	1320	$1,975	$1.50	24d	1	0.86mi
3668 Trophy Blvd New Port Richey, FL	2.0	2.0	923	$2,000	$2.17	24d	1	0.86mi
3832 Teeside Dr Unit 1 New Port Richey, FL	2.0	2.0	1034	$1,495	$1.45	5d	1	0.93mi
3832 Teeside Dr Unit 4 New Port Richey, FL	2.0	2.0	956	$1,495	$1.56	10d	1	0.93mi
7910 Hardwick Dr #713 New Port Richey, FL	2.0	1.0	925	$1,595	$1.72	5d	1	0.97mi
7828 Hardwick Dr #927 New Port Richey, FL	2.0	2.0	1025	$1,650	$1.61	5d	1	1.03mi
7911 Aden Loop New Port Richey, FL	3.0	2.0	1067	$1,785	$1.67	24d	1	1.03mi
3554 Teeside Dr New Port Richey, FL	2.0	2.0	1148	$1,950	$1.70	24d	1	1.05mi
3516 Teeside Dr New Port Richey, FL	2.0	2.0	1148	$2,000	$1.74	2d	1	1.05mi
8403 Yearling Ln New Port Richey, FL	3.0	2.0	1277	$2,125	$1.66	11d	1	1.07mi
5223 Hunters Ridge Dr New Port Richey, FL	1.0–2.0	1.0–2.0	1128	$2,235	$1.98	22d	5	1.11mi
3707 Mexicali St New Port Richey, FL	3.0	2.0	1185	$1,925	$1.62	5d	1	1.15mi
9635 Greenskeeper Dr New Port Richey, FL	2.0	2.0	1148	$1,900	$1.66	24d	1	1.16mi
7733 Atherton Ave New Port Richey, FL	2.0	2.0	1291	$1,775	$1.37	17d	1	1.17mi
3602 Murrow St New Port Richey, FL	3.0	2.0	1283	$2,090	$1.63	5d	1	1.21mi
4851 Mill Run Dr New Port Richey, FL	3.0	2.0	1456	$2,185	$1.50	15d	1	1.22mi
3544 Martell St New Port Richey, FL	2.0	1.0	775	$1,600	$2.06	24d	1	1.26mi
3406 Murrow St New Port Richey, FL	2.0	1.0	1262	$1,750	$1.39	2d	1	1.30mi
3455 Monte Rio St New Port Richey, FL	2.0	2.0	1291	$1,775	$1.37	18d	1	1.37mi
5101 Glenhurst Ln New Port Richey, FL	3.0	2.0	1419	$2,310	$1.63	5d	1	1.43mi
7441 Carmel Ave New Port Richey, FL	3.0	1.0	1238	$1,875	$1.51	3d	1	1.47mi
4331 Fiji Dr New Port Richey, FL	1.0–5.0	2.0–5.0	1343	$1,479	$1.10	3d	11	1.48mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-18
   days on market $124,900 Active 13 DOM
2. 2026-06-17
   days on market $124,900 Active 12 DOM
3. 2026-06-16
   days on market $124,900 Active 11 DOM
4. 2026-06-15
   days on market $124,900 Active 10 DOM
5. 2026-06-13
   days on market $124,900 Active 8 DOM
6. 2026-06-09
   days on market $124,900 Active 4 DOM
7. 2026-06-08
   days on market $124,900 Active 3 DOM
8. 2026-06-07
   remarks 699-char remark
9. 2026-06-07
   listed $124,900 Active 2 DOM

ⓘ 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: $606 · $50/mo
• Projected year-2 tax: $1,037 · $86/mo
• Expected delta: +$431/yr (+$36/mo · 71.2%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 27 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,552
• − Mortgage interest: −$6,996
• − Property taxes: −$606
• − Insurance: −$624
• − Repairs & maintenance: −$1,644
• − Management: −$1,644
• − HOA: −$5,400
• − Depreciation: −$3,633
• Taxable income: $3
• Est. tax owed @ 24.0%: −$1
• After-tax cash flow: $1,745/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 — New Port Richey East

• Score: 68/100
• State rank: #499
• US rank: #9203

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasco County · 524,098 people
• City population: 36,086
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 35,945
• Household income: $49,563
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1439.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 9% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% Russian/Polish/Slavic 2%

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: ▼ -73.10%
• Current HPI: 324.6519
• Rent YoY: ▼ -2.92%
• 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

+284.3% since first listed

21 events — show timeline

• 2026-06-06 Listed $124,900 Stellar MLS as Distributed by MLS Grid
• 2016-09-15 Sold (Public Records) $62,000 Public Records
• 2016-09-13 Sold (MLS) $62,000 Stellar MLS as Distributed by MLS Grid
• 2016-09-08 Pending — Stellar MLS as Distributed by MLS Grid
• 2016-08-30 Contingent — Stellar MLS as Distributed by MLS Grid
• 2016-07-12 Price Changed $68,999 Stellar MLS as Distributed by MLS Grid
• 2016-07-12 Relisted — Stellar MLS as Distributed by MLS Grid
• 2016-07-02 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2016-06-16 Price Changed $72,499 Stellar MLS as Distributed by MLS Grid
• 2016-05-24 Listed $74,999 Stellar MLS as Distributed by MLS Grid
• 2014-05-14 Sold (MLS) $24,000 Stellar MLS as Distributed by MLS Grid
• 2013-09-10 Listed $25,020 Stellar MLS as Distributed by MLS Grid
• 2012-09-04 Listed $38,000 Stellar MLS as Distributed by MLS Grid
• 2012-04-30 Listed $26,000 Stellar MLS as Distributed by MLS Grid
• 2011-12-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2011-02-11 Listed $25,000 Stellar MLS as Distributed by MLS Grid
• 2011-02-09 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2010-08-24 Listed $35,000 Stellar MLS as Distributed by MLS Grid
• 2009-12-02 Listed $50,000 Stellar MLS as Distributed by MLS Grid
• 2003-11-20 Sold (Public Records) $48,175 Public Records
• 2000-06-12 Sold (Public Records) $32,500 Public Records

Property tax history

+2.5%/yr

Latest (2025): $606 · +1.7% YoY. Source: county tax records.