4101 Passport Ln #202

New Port Richey East, FL 34653

$124,900C-

2 bd · 2.0 ba · 1,135 sqft · Built 1983 · Condo · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,712/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$103
• HOA: −$450
• Vac / Maint / Mgmt: −$360
• Net cashflow: $145/mo
• Annual: $1,744/yr
• Cap rate: 7.69%
• Cash-on-cash: 4.99%
• DSCR: 1.22
• 1% rule: 1.37%
• Cash to close: $34,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $125k.
• 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).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Watch-outs: HOA is 26% of rent.
• 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 6d on market — plan ~1-2 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.
• This rent runs 41% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.