36821 Grace Ave · Zephyrhills West, FL 33542

$129,900

3 bd · 2.0 ba · 792 sqft · Manufactured public records · 126 Days on market

Built 1975 5,432 sqft lot Est $112k · 16% over $37/mo HOA · 2% of rent

---

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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Schools +4.3/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Betmar Acres, a vibrant 55+ golf community where you OWN your land and enjoy an active Florida lifestyle at an affordable annual community fee of $448! This well-maintained 2BR/2BA split-bedroom home offers a comfortable and functional layout designed for both everyday living and entertaining. The open floor plan seamlessly connects the spacious living room to the eat-in kitchen, creating a welcoming atmosphere for gatherings with friends and neighbors. An addition to the living room provides extra square footage, giving you even more space to relax and unwind. Just off the living area, you’ll find a bright and inviting Florida Room featuring ceramic tile flooring and a wal

Key facts

• Laminate flooring
• Florida room
• 5,432 sq ft lot

Tags

• FLORIDA ROOM
• ATTACHED STORAGE BUILDING
• DETACHED METAL BUILDING
• LAMINATE FLOORING

Property features AI

Finance

• Other: Property is homesteaded
• Financial info: Lease restrictions apply
• HOA & community: Homeowner association with required approval; Monthly HOA approximately $37.33 (annual $448); Association amenities include pool, clubhouse, tennis courts, pickleball, basketball, shuffleboard, spa/hot tub, golf course and recreation facilities, trails, dog park, street lights; Association fee covers common area taxes, recreational facilities and security; Senior community; Pets allowed (cats and dogs); Buyer approval required; deed restrictions

Exterior

• Parking: Covered driveway; Carport (2 spaces)
• Security: Community security
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected; Cable available; Broadband/High-speed internet available
• Home design: Residential mobile home (single wide); One story; South-facing
• Construction: Vinyl siding; Metal roof; Crawlspace foundation; Built in 1 story (single level)
• Exterior features: Covered enclosed Florida room; Covered side porch; Hurricane shutters; Sliding doors; Level, paved lot; Asphalt/paved road frontage (public maintained road)

Interior

• Kitchen: Built-in oven; Cooktop; Microwave; Refrigerator; Eat-in kitchen layout
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning; Wall/window unit(s)
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; Kitchen/family room combo; Split bedroom floorplan; Thermostat; Window treatments
• Laundry & utility: Washer; Dryer; Laundry areas both inside and outside; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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: amenities F, commute F, employment D-.
• 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: West Zephyrhills Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 615 students, 81% 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 (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 51% district-wide (-19 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); 297 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $898 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 126 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $42k; list at $130k implies a 209% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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 $114,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 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 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
7. 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.
8. 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.
9. 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: 1.27% ✓
• Cap rate: 10.44%
• Cash-on-cash: 14.81%
• DSCR: 1.66
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $111,672
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36905 Kay Ave	0.09mi	2/2.0 (-1)	864 (+9%)	4mo	$148,500	$172	72
5307 Flint St	0.39mi	2/2.0 (-1)	774 (-2%)	3mo	$134,000	$173	70
37235 Eileen Ave	0.45mi	2/2.0 (-1)	784 (-1%)	6mo	$128,000	$163	67
37042 Lois Ave	0.31mi	2/2.0 (-1)	748 (-6%)	8mo	$95,000	$127	65
37031 Karen Ave	0.30mi	2/1.5 (-1)	720 (-9%)	1mo	$92,000	$128	63
36413 Teakwood Ave	0.47mi	2/1.0 (-1)	812 (+2%)	4mo	$159,000	$196	61
37111 Sandra Ave	0.33mi	2/2.0 (-1)	868 (+10%)	8mo	$33,000	$38	57
5722 Pawnne St	0.43mi	2/2.0 (-1)	869 (+10%)	4mo	$48,500	$56	56
36122 Aster Ave	0.69mi	2/2.0 (-1)	816 (+3%)	8mo	$115,000	$141	51
5433 Joyce St	0.45mi	2/2.0 (-1)	888 (+12%)	5mo	$85,000	$96	50
37240 Beverly Ave	0.46mi	2/2.0 (-1)	898 (+13%)	2mo	$130,500	$145	50
37137 Lois Ave	0.39mi	2/1.5 (-1)	684 (-14%)	4mo	$66,000	$96	49

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: 2.0%
• Equity multiple: 1.07×
• Total profit: $2,706
• Equity at exit: $19,369

10-year hold

• IRR: 8.5%
• Equity multiple: 1.56×
• Total profit: $20,461
• Equity at exit: $11,231

Cash invested: $36,372 (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: 297
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,653 high
• Mortgage (P&I): −$681
• Tax from tax record: −$84 /mo · $1,013/yr
• Insurance: −$54
• HOA: −$37
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $449

Break-even live

Break-even rent $1,084

Max offer price $129,900

Occupancy floor 68%

Sensitivity live

Price	-10% $523	-5% $486	+0% $449	+5% $412	+10% $375
Rent	-10% $318	-5% $384	+0% $449	+5% $514	+10% $580
Rate	-1.0pp $514	-0.5pp $482	base $449	+0.5pp $415	+1.0pp $381

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5168 Crooked Ln Zephyrhills, FL	2.0	1.0	600	$1,645	$2.74	23d	1	0.23mi
36801 Camelia Ct Zephyrhills, FL	2.0	2.0	864	$1,350	$1.56	26d	1	0.23mi
5521 Barbara St Zephyrhills, FL	2.0	2.0	1056	$1,800	$1.70	26d	1	0.53mi
5914 Willow Ridge Dr #101 Zephyrhills, FL	2.0	2.0	987	$1,500	$1.52	26d	1	0.78mi
36321 Stonewood Ln #103 Zephyrhills, FL	2.0	2.0	987	$1,525	$1.55	26d	1	0.78mi
35940 Inspiration Dr Zephyrhills, FL	1.0–3.0	1.0–2.0	1034	$2,201	$2.13	1d	22	0.90mi
36009 Deer Creek Dr #104 Zephyrhills, FL	2.0	2.0	1029	$1,450	$1.41	26d	1	1.01mi
36015 Deer Creek Dr #202 Zephyrhills, FL	2.0	2.0	1062	$1,450	$1.37	26d	1	1.02mi
6302 Abbott Station Dr Zephyrhills, FL	3.0	1.0–2.5	855	$1,999	$2.34	0d	141	1.09mi
37812 15th Ave Zephyrhills, FL	2.0	2.0	1000	$1,850	$1.85	26d	1	1.11mi
37902 7th Ave Zephyrhills, FL	3.0	1.0	900	$1,775	$1.97	26d	1	1.11mi
5237 1st St Zephyrhills, FL	3.0	1.0	964	$1,700	$1.76	26d	1	1.20mi
4833 Royal Palm Dr Zephyrhills, FL	2.0	1.0	672	$1,090	$1.62	26d	1	1.24mi
4639 Coral St Zephyrhills, FL	2.0	2.0	1056	$1,250	$1.18	26d	1	1.28mi
37819 Alissa Dr Zephyrhills, FL	2.0	2.0	864	$1,450	$1.68	19d	1	1.30mi
37732 Cecil Ln Zephyrhills, FL	3.0	1.0	1040	$1,800	$1.73	26d	1	1.37mi
37925 Date Palm Dr Zephyrhills, FL	3.0	1.5	720	$1,300	$1.81	26d	1	1.39mi
5441 6th St Zephyrhills, FL	2.0	1.0	1014	$1,650	$1.63	26d	1	1.41mi

HOA detail

• Monthly dues: $37 · $444/yr

Listing history 15 events

1. 2026-06-18
   days on market $129,900 Active 126 DOM
2. 2026-06-17
   days on market $129,900 Active 125 DOM
3. 2026-06-16
   days on market $129,900 Active 124 DOM
4. 2026-06-15
   days on market $129,900 Active 123 DOM
5. 2026-06-13
   days on market $129,900 Active 121 DOM
6. 2026-06-09
   days on market $129,900 Active 117 DOM
7. 2026-06-08
   days on market $129,900 Active 116 DOM
8. 2026-06-07
   days on market $129,900 Active 115 DOM
9. 2026-06-04
   days on market $129,900 Active 112 DOM
10. 2026-06-03
    days on market $129,900 Active 111 DOM
11. 2026-06-02
    days on market $129,900 Active 110 DOM
12. 2026-06-01
    days on market $129,900 Active 109 DOM
13. 2026-05-31
    days on market $129,900 Active 108 DOM
14. 2026-02-12
    listed $129,900 Active
15. 2002-03-19
    soldstatus $42,000

ⓘ 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: $1,013 · $84/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$65/yr (+$5/mo · 6.5%)

ⓘ 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 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: $19,834
• − Mortgage interest: −$7,276
• − Property taxes: −$1,013
• − Insurance: −$650
• − Repairs & maintenance: −$1,587
• − Management: −$1,587
• − HOA: −$444
• − Depreciation: −$3,779
• Taxable income: $3,499
• Est. tax owed @ 24.0%: −$840
• After-tax cash flow: $4,549/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

+209.3% since first listed

2 events — show timeline

• 2026-02-12 Listed $129,900 Stellar MLS as Distributed by MLS Grid
• 2002-03-19 Sold (Public Records) $42,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $1,013 · +3.6% YoY. Source: county tax records.