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38349 Cottonwood Pl #1
D Composite 43.99
Why this score? — see what drove the D 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).

  • ARV discount +12.0/15.0
  • Cash flow +11.3/30.0
  • 1% rule +5.1/10.0
  • Condition / age +3.8/5.0
  • Livability +3.6/5.0
  • DSCR +3.3/10.0
  • Schools +3.3/10.0
  • Rent growth +1.6/5.0
  • Appreciation +0.0/10.0

$145,000

38349 Cottonwood Pl #1 · Zephyrhills, FL 33542
2 bd · 2.0 ba · 1,094 sqft · Condo · 91 Days on market
55+ age-restricted Built 1987 Good condition $133/sqft · 10% below area Est $161k · 10% under $345/mo HOA · 23% of rent ↓ 18% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

PRICE REDUCED AGAIN!!!! Welcome to Driftwood Condominiums, a highly sought-after 55+ gated community offering the perfect blend of comfort, convenience, and maintenance-free living. This move-in ready 2-bedroom, 2-bath end-unit condo has been beautifully maintained and thoughtfully cared for, featuring stylish ceramic tile flooring throughout. The open-concept living and dining areas create a bright, seamless space ideal for both everyday living and entertaining. Both bedrooms are generously sized and easily accommodate queen-sized furnishings, while the primary suite features a spacious walk-in closet for ample storage.

Key facts

  • $345 HOA
  • Parking
  • Community pool

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2-bed/2.0-bath condo listed at $145k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-175 ($-2k/yr) — negative.
  • To cash-flow at today's rent, offer at most $120k (17.5% below list).
  • Meets the 1% rule at list price ($1k rent vs $145k).
  • Recommended offer: $120k (17.5% below list) — sets the bar for cash-flow.
  • Cap rate 4.8% vs local median 3.9% in Zephyrhills — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: crime C-, 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.
  • Zoned schools: Woodland Elementary School (math 30% / reading 31%, grade F, #1,862 of 2,144 statewide, top 88%, 802 students, 82% FRL); Raymond B. Stewart Middle School (math 33% / reading 30%, grade F, #453 of 571 statewide, top 81%, 988 students, 77% FRL); Zephyrhills High School (math 35% / reading 37%, grade F, #359 of 667 statewide, top 55%, 1,656 students, 70% FRL) — zoned schools average 76% FRL vs 48% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
  • Zoned-school proficiency averages 33% at this address vs 51% district-wide (-18 pts) — the specific schools serving this property underperform the Pasco average; the district grade overstates school quality for this exact location.
  • Market conditions: Rents falling (-3.6%/yr); 423 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 56d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
  • This rent runs 36% 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 $1k 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 91 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
  • 2 sale attempts; this cycle's ask has dropped $45k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

  • Watch-outs: HOA is 23% of rent.
Recommended offer $119,635 (17.5% below list)

Questions for the listing agent

  1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
  2. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
  3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  4. 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?
  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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
  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
1.02%
Cap rate
4.84%
Cash-on-cash
-5.18%
DSCR
0.77
GRM
8.1

CMA / ARV

ARV (median comp)
$161,132
List price
$145,000
Delta
-10.01%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
38644 Remora Ave 0.31mi 2/2.0 1,128 (+3%) 1mo $65,500 $58 80
38237 Eucalyptus Dr 0.11mi 2/2.0 1,201 (+10%) 1mo $185,000 $154 78
38460 Cottonwood Pl #38460 0.09mi 2/2.0 1,216 (+11%) 0mo $173,000 $142 77
6212 18th St 0.66mi 2/2.0 1,068 (-2%) 1mo $254,000 $238 65
7450 23rd St 1.21mi 2/2.0 1,140 (+4%) 1mo $210,000 $184 57
37443 Redberry Ct 1.25mi 2/2.0 1,185 (+8%) 1mo $210,000 $177 50
37732 Cecil Ln 0.73mi 3/1.0 (+1) 1,040 (-5%) 0mo $180,000 $173 48
38831 North Ave 0.79mi 3/1.0 (+1) 1,000 (-9%) 0mo $215,000 $215 41
38619 Trellis Ave 0.76mi 2/2.0 1,365 (+25%) 0mo $287,000 $210 40
5623 Carie Ct 1.44mi 2/2.0 1,272 (+16%) 1mo $259,999 $204 39
5625 23rd St 1.32mi 2/2.0 1,334 (+22%) 1mo $265,000 $199 39
39132 County Road 54 #2130 0.79mi 2/2.0 864 (-21%) 1mo $65,000 $75 39

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
-29.8%
Equity multiple
0.04×
Total profit
$-38,773
Equity at exit
$21,620
10-year hold
IRR
-60.8%
Equity multiple
-0.58×
Total profit
$-63,986
Equity at exit
$12,537

Cash invested: $40,600 (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.

ZIP-level market 33542

Home prices YoY
-20.6%
Rents YoY
-3.6%
Active inventory
423
Price-to-rent
8.1×

Monthly cashflow live

Estimated rent
$1,483 high interval (Pro) →
Mortgage (P&I)
$760
Tax est. 1.5%
$181 /mo · $2,175/yr
Insurance
$60
HOA
$345
Vacancy / Maint / Mgmt
$311
Net cashflow
$-175

Break-even live

Break-even rent $1,705
Max offer price $119,635
Occupancy floor

Sensitivity live

Price -10% $-75 -5% $-125 +0% $-175 +5% $-225 +10% $-276
Rent -10% $-292 -5% $-234 +0% $-175 +5% $-117 +10% $-58
Rate -1.0pp $-102 -0.5pp $-138 base $-175 +0.5pp $-213 +1.0pp $-251

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
$36,250
Closing costs
$4,350
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
38350 Ironwood Pl #5 Zephyrhills, FL 2.0 2.0 1094 $1,400 $1.28 32d 1 0.06mi
6788 Basswood Cir Zephyrhills, FL 2.0 2.0 1067 $1,250 $1.17 120d 1 0.12mi
6788 Basswood Cir Zephyrhills, FL 2.0 2.0 1067 $1,650 $1.55 32d 1 0.12mi
38485 County Road 54 Zephyrhills, FL 2.0 1.0 800 $1,100 $1.38 120d 1 0.15mi
38300 Henry Dr Zephyrhills, FL 2.0 1.0 1152 $1,450 $1.26 10d 1 0.42mi
38070 Daughtery Rd Unit 37710 Zephyrhills, FL 2.0 2.0 980 $1,520 $1.55 32d 1 0.44mi
38748 Calumet Ave Zephyrhills, FL 2.0 1.0 750 $1,050 $1.40 82d 1 0.50mi
6206 Daerr Ridge St Zephyrhills, FL 3.0 2.5 1386 $1,850 $1.33 0d 1 0.55mi
6136 Pina Colada St Zephyrhills, FL 3.0 2.5 1386 $2,100 $1.52 108d 1 0.56mi
6195 Daerr Ridge St Zephyrhills, FL 3.0 2.5 1386 $2,000 $1.44 113d 1 0.58mi
6035 10th St Zephyrhills, FL 2.0 1.0 780 $1,650 $2.12 89d 1 0.58mi
6175 Daerr Ridge St Zephyrhills, FL 3.0 2.5 1386 $2,200 $1.59 2d 1 0.59mi
38839 Miller Ave Zephyrhills, FL 2.0 1.0 1088 $1,700 $1.56 0d 1 0.61mi
37826 Daughtery Rd Zephyrhills, FL 2.0 2.0 720 $1,295 $1.80 10d 1 0.62mi
37814 Daughtery Rd Zephyrhills, FL 2.0 1.0 1070 $1,250 $1.17 89d 1 0.65mi
38647 Rose Ln Zephyrhills, FL 2.0 1.0 814 $1,300 $1.60 78d 1 0.67mi
38112 Townview Ave Zephyrhills, FL 2.0 1.0 900 $1,300 $1.44 32d 1 0.68mi
38112 Townview Ave Zephyrhills, FL 1.0 1.0 700 $1,100 $1.57 120d 1 0.68mi
38621 Rose Ln Zephyrhills, FL 2.0 1.0 1040 $1,395 $1.34 32d 1 0.70mi
37732 Cecil Ln Zephyrhills, FL 3.0 1.0 1040 $1,800 $1.73 120d 1 0.71mi
6246 20th St Zephyrhills, FL 3.0 1.5 1029 $1,450 $1.41 84d 1 0.73mi
39132 County Road 54 Zephyrhills, FL 2.0 2.0 864 $1,295 $1.50 3d 1 0.75mi
5932 15th St Zephyrhills, FL 3.0 2.0 1326 $1,700 $1.28 44d 1 0.76mi
39132 County Rd Zephyrhills, FL 2.0 2.0 864 $1,500 $1.74 120d 1 0.77mi
37661 Aaralyn Rd Zephyrhills, FL 3.0 2.5 1363 $1,800 $1.32 120d 1 0.79mi
38719 12th Ave Zephyrhills, FL 2.0 1.5 1246 $1,400 $1.12 120d 1 0.79mi
6246 Timberly Ln Zephyrhills, FL 3.0 2.5 1363 $1,900 $1.39 120d 1 0.80mi
39132 County Road 54 #2070 Zephyrhills, FL 2.0 2.0 870 $1,450 $1.67 2d 1 0.80mi
39132 County Road 54 #2236 Zephyrhills, FL 2.0 2.0 864 $1,295 $1.50 10d 1 0.80mi
39132 County Road 54 #2024 Zephyrhills, FL 2.0 2.0 875 $1,395 $1.59 2d 1 0.80mi
39132 County Road 54 #2066 Zephyrhills, FL 2.0 2.0 876 $1,300 $1.48 29d 1 0.80mi
39132 County Road 54 #2088 Zephyrhills, FL 2.0 2.0 864 $1,350 $1.56 10d 1 0.80mi
39132 County Road 54 #2172 Zephyrhills, FL 2.0 2.0 876 $1,400 $1.60 10d 1 0.80mi
39132 County Road 54 Unit 54 Zephyrhills, FL 2.0 2.0 864 $1,500 $1.74 27d 1 0.82mi
37603 Daliha Ter Zephyrhills, FL 3.0 2.5 1363 $1,600 $1.17 56d 1 0.82mi
6039 20th St Zephyrhills, FL 2.0 1.5 924 $1,750 $1.89 56d 1 0.83mi
37555 Daliha Ter Zephyrhills, FL 3.0 2.5 1365 $1,558 $1.14 69d 1 0.84mi
37554 Daliha Ter Zephyrhills, FL 3.0 2.5 1363 $1,500 $1.10 7d 1 0.84mi
38939 North Ave Unit 2 Zephyrhills, FL 2.0 1.0 870 $1,300 $1.49 113d 1 0.86mi
6262 Maisie Rd Zephyrhills, FL 3.0 2.5 1363 $1,700 $1.25 120d 1 0.87mi

Property features AI

Finance

Other
Association contact: Cheryl Hiaffer
Financial info
Total annual fees $4,140Lease restrictions apply
HOA & community
Monthly association fee of $345HOA includes pool, insurance, structure and grounds maintenance, private road, sewer, trash, and waterAssociation approval requiredCommunity clubhouse, pool and sidewalksDeed restrictionsAssociation recreation (leased and owned)Senior communityPets not allowed

Exterior

Parking
Carport with 1 space
Utilities
Public waterPublic sewerElectricity connectedCable available
Home design
Residential condominiumOne storyFacing south
Construction
Block and stucco constructionShingle roofBuilt on slab foundation
Exterior features
StoragePaved road access

Interior

Kitchen
DishwasherMicrowaveRangeRefrigerator
Bedrooms
2 bedrooms
Flooring
Ceramic tileSlab foundation
Bathrooms
2 full bathrooms
Heating & cooling
Central heatingCentral air conditioning
Interior features
Cathedral ceilingsCeiling fansLiving room/dining room comboOpen floorplanSplit bedroom layoutWalk-in closet(s)
Laundry & utility
Inside laundry in a laundry closet

HOA detail $345/mo · $4,140/yr condo

Likely covers
security
Assessments
None detected in remarks — confirm with the listing agent.

Listing history 28 events

  1. 2026-06-30
    days on market $145,000 Active 91 DOM
  2. 2026-06-29
    days on market $145,000 Active 90 DOM
  3. 2026-06-28
    days on market $145,000 Active 89 DOM
  4. 2026-06-27
    days on market $145,000 Active 88 DOM
  5. 2026-06-26
    days on market $145,000 Active 87 DOM
  6. 2026-06-24
    days on market $145,000 Active 85 DOM
  7. 2026-06-22
    days on market $145,000 Active 83 DOM
  8. 2026-06-22
    days on market $145,000 Active 82 DOM
  9. 2026-06-18
    days on market $145,000 Active 79 DOM
  10. 2026-06-17
    days on market $145,000 Active 78 DOM
  11. 2026-06-16
    days on market $145,000 Active 77 DOM
  12. 2026-06-15
    days on market $145,000 Active 76 DOM
  13. 2026-06-13
    days on market $145,000 Active 74 DOM
  14. 2026-06-09
    days on market $145,000 Active 70 DOM
  15. 2026-06-08
    days on market $145,000 Active 69 DOM
  16. 2026-06-07
    days on market $145,000 Active 68 DOM
  17. 2026-06-04
    days on market $145,000 Active 65 DOM
  18. 2026-06-03
    days on market $145,000 Active 64 DOM
  19. 2026-06-02
    days on market $145,000 Active 63 DOM
  20. 2026-06-01
    days on market $145,000 Active 62 DOM
  21. 2026-05-31
    days on market $145,000 Active 61 DOM
  22. 2026-05-19
    status Active
  23. 2026-05-14
    historical
  24. 2026-05-13
    price $155,000
  25. 2026-05-13
    price $150,000
  26. 2026-04-30
    price $170,000
  27. 2026-04-20
    price $180,000
  28. 2026-03-26
    listed $190,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$17,799
− Mortgage interest
−$8,122
− Property taxes
−$2,175
− Insurance
−$725
− Repairs & maintenance
−$1,424
− Management
−$1,424
− HOA
−$4,140
− Depreciation
−$4,218
Taxable loss
−$4,429
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$1,063
After-tax cash flow
$-1,041/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab Est. rehab $5,470–$16,410 screening

This move-in ready 2-bedroom, 2-bath end-unit condo in a highly sought-after 55+ gated community has good condition and minimal repairs needed, making it an attractive investment.

Repairs flagged

  • Minor Kitchen cabinets — Aesthetic update needed.
  • Minor Bathtub and fixtures — Update needed for a fresh look.

Value-add opportunities

  • Both Paint exterior — Enhances curb appeal and resale value.
  • Both Replace kitchen cabinets — Modernizes the space and increases appeal.
  • Both Update bathroom fixtures — Improves functionality and aesthetics.

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 33/100

Zoned Schools

Elementary Woodland Elementary School F FL #1,862/2,144 Nat'l #26,279/41,679 Middle Raymond B. Stewart Middle School F FL #453/571 Nat'l #8,497/14,009 High Zephyrhills High School F FL #359/667 Nat'l #9,405/17,239

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
B Composite livability gradescore 72/100

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

Census place
Zephyrhills, FL
County
Pasco County · 570,045 people
City population
48,266
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
6% of renters

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

Price history

-18.4% since first listed
7 events — show timeline
  • 2026-05-19 Relisted Stellar MLS as Distributed by MLS Grid
  • 2026-05-14 Listing Removed Stellar MLS as Distributed by MLS Grid
  • 2026-05-13 Price Changed $155,000 Stellar MLS as Distributed by MLS Grid
  • 2026-05-13 Price Changed $150,000 Stellar MLS as Distributed by MLS Grid
  • 2026-04-30 Price Changed $170,000 Stellar MLS as Distributed by MLS Grid
  • 2026-04-20 Price Changed $180,000 Stellar MLS as Distributed by MLS Grid
  • 2026-03-26 Listed $190,000 Stellar MLS as Distributed by MLS Grid

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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