605 Michigan Blvd #122 · Dunedin, FL 34698

$150,000

2 bd · 1.0 ba · 624 sqft · Manufactured public records · 57 Days on market

Built 1971 $225/mo HOA · 13% 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 +20.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• DSCR +6.4/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready and fully furnished, this beautifully fully renovated in 2024 manufactured home is located in the desirable 55+ Cedar Creek Mobile Home Park in Dunedin. The home features durable vinyl siding, new engineered wood flooring throughout, vinyl plantation blinds, and new door seals for improved efficiency. Stay comfortable year-round with energy-efficient wireless mini-split systems, helping keep electric costs low, along with a tankless water heater for on-demand hot water. An oversized shed provides additional storage and includes a washer and dryer for added convenience. Cedar Creek offers an active and social lifestyle with a clubhouse, recreation facilities, game room, library

Key facts

• Oversized shed
• Fully renovated
• Durable vinyl siding

Tags

• FULLY RENOVATED
• DURABLE VINYL SIDING
• ENGINEERED WOOD FLOORING
• VINYL PLANTATION BLINDS
• TANKLESS WATER HEATER
• OVERSIZED SHED

Property features AI

Finance

• Other: Furnished; Total monthly fees listed as $225; total annual fees listed as $2,700
• Financial info: Lease restrictions apply
• HOA & community: Has HOA managed by Lanier Property Management / Cat Lanier; Monthly HOA fee approximately $225 (includes cable TV, sewer, trash, water); Association approval required; Community amenities: clubhouse, laundry, maintenance, recreation facilities, shuffleboard court, trails; Senior community; pets allowed; golf carts OK; deed restrictions

Exterior

• Parking: Carport with space for 3 vehicles
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable available; Sewer and water connected
• Home design: Residential double-wide mobile home; Single-story (one level); Pillar/post/pier foundation; Faces east
• Construction: Metal frame construction with vinyl siding; Metal roof; Built as double wide mobile home
• Exterior features: Covered patio/porch with side porch; Awnings and shade shutters; Storage; Paved roads; Flood insurance required; On waterfront with creek view and water access (Cedar Creek); approximately 40 feet of total waterfront

Interior

• Kitchen: Dishwasher; Range; Range hood; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Mini-split cooling unit(s)
• Interior features: Open floorplan; Living area about 1,500 square feet
• Laundry & utility: Washer; Dryer; Laundry located outside; Tankless water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $-239 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (28.1% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $108k (28.1% below list) — sets the bar for cash-flow.
• Cap rate 7.8% vs local median 2.9% in Dunedin — 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 86/100 on livability (#15 in FL, #411 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: employment C-, amenities D.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: San Jose Elementary School (math 62% / reading 62%, grade B, #608 of 2,144 statewide, top 29%, 331 students, 56% FRL); Palm Harbor Middle School (math 59% / reading 57%, grade B, #151 of 571 statewide, top 27%, 1,080 students, 37% FRL); Dunedin High School (math 36% / reading 45%, grade F, #294 of 667 statewide, top 44%, 1,203 students, 48% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: Rents rising (+2.7%/yr); 482 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).

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.
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,852 (28.1% 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 57 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 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: 1.16% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.37%
• DSCR: 1.24
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $30,576
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
605 Michigan Blvd #37	0.00mi	2/1.5	680 (+9%)	2mo	$33,000	$49	82

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 · 2.69% rent growth · sell at horizon

5-year hold

• IRR: -28.3%
• Equity multiple: 0.06×
• Total profit: $-39,664
• Equity at exit: $22,365

10-year hold

• IRR: -28.1%
• Equity multiple: -0.30×
• Total profit: $-54,770
• Equity at exit: $12,969

Cash invested: $42,000 (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 34698

• Rents YoY: 2.7%
• Active inventory: 482
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,735 high
• Mortgage (P&I): −$787
• Tax from tax record: −$108 /mo · $1,302/yr
• Insurance: −$62
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$225
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $-239

Break-even live

Break-even rent $2,037

Max offer price $107,852

Occupancy floor —

Sensitivity live

Price	-10% $-154	-5% $-196	+0% $-239	+5% $-281	+10% $-324
Rent	-10% $-376	-5% $-307	+0% $-239	+5% $-170	+10% $-102
Rate	-1.0pp $-163	-0.5pp $-200	base $-239	+0.5pp $-277	+1.0pp $-317

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
639 Michigan Blvd Unit 1800 Dunedin, FL	1.0	1.0	616	$1,200	$1.95	26d	1	0.04mi
1600 Pasadena Dr Unit A Dunedin, FL	1.0	1.0	385	$1,250	$3.25	15d	1	0.74mi
1600 Pasadena Dr Unit B Dunedin, FL	1.0	1.0	400	$1,450	$3.62	26d	1	0.74mi
439 S Paula Dr Dunedin, FL	1.0–2.0	1.0	612	$1,995	$3.26	25d	3	0.83mi
1523 Bayshore Blvd Unit 3 Dunedin, FL	1.0	1.0	640	$2,750	$4.30	26d	1	0.89mi
690 Regina Rd Dunedin, FL	2.0	1.0	745	$2,195	$2.95	6d	1	1.01mi
464 N Paula Dr Dunedin, FL	1.0	1.0	704	$2,225	$3.16	6d	1	1.05mi
464 N Paula Dr Dunedin, FL	1.0	1.0	704	$2,125	$3.02	19d	2	1.05mi
444 N Paula Dr Dunedin, FL	1.0–2.0	1.0–2.0	750	$1,770	$2.36	3d	9	1.07mi
300 Woodette Dr #303 Dunedin, FL	1.0	1.0	720	$2,100	$2.92	3d	1	1.08mi
Bayshore Blvd Palm Harbor, FL	1.0	1.0	700	$1,325	$1.89	26d	1	1.15mi
2700 Bayshore Blvd Dunedin, FL	1.0–3.0	1.0–2.5	1114	$2,772	$2.49	0d	6	1.20mi
612 Bass Ct Dunedin, FL	1.0–2.0	1.0	698	$2,040	$2.92	0d	6	1.31mi
580 Skinner Blvd Unit 4 Dunedin, FL	2.0	1.0	750	$2,045	$2.73	26d	1	1.43mi
1196 Angle Rd Dunedin, FL	1.0	1.0	700	$1,675	$2.39	6d	1	1.43mi
602 Skinner Blvd Dunedin, FL	1.0	1.5	448	$2,750	$6.14	26d	1	1.44mi
2920 U.S. 19 Alternate Unit 235 Dunedin, FL	2.0	1.5	600	$2,300	$3.83	26d	1	1.45mi
416 Skinner Blvd Unit B Dunedin, FL	1.0	1.0	620	$1,795	$2.90	26d	1	1.47mi
451 Skinner Blvd Unit A Dunedin, FL	2.0	1.0	750	$1,500	$2.00	9d	1	1.49mi

HOA detail

• Monthly dues: $225 · $2,700/yr
• Likely covers: waterelectric

Listing history 14 events

1. 2026-06-22
   days on market $150,000 Active 57 DOM
2. 2026-06-18
   days on market $150,000 Active 54 DOM
3. 2026-06-17
   days on market $150,000 Active 53 DOM
4. 2026-06-16
   days on market $150,000 Active 52 DOM
5. 2026-06-15
   days on market $150,000 Active 51 DOM
6. 2026-06-13
   days on market $150,000 Active 49 DOM
7. 2026-06-09
   days on market $150,000 Active 45 DOM
8. 2026-06-08
   days on market $150,000 Active 44 DOM
9. 2026-06-07
   days on market $150,000 Active 43 DOM
10. 2026-06-04
    days on market $150,000 Active 40 DOM
11. 2026-06-03
    days on market $150,000 Active 39 DOM
12. 2026-06-01
    days on market $150,000 Active 37 DOM
13. 2026-05-31
    days on market $150,000 Active 36 DOM
14. 2026-04-25
    listed $150,000 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: $1,302 · $108/mo
• Projected year-2 tax: $1,302 · $108/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,818
• − Mortgage interest: −$8,402
• − Property taxes: −$1,302
• − Insurance: −$5,868
• − Repairs & maintenance: −$1,665
• − Management: −$1,665
• − HOA: −$2,700
• − Depreciation: −$4,364
• Taxable loss: −$5,149
• Est. tax savings @ 24.0%: +$1,236
• After-tax cash flow: $-1,627/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: Pinellas
• NCES district ID: 1201560
• Math proficiency: 51% ▼ -5.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $46,270
• Composite: 43.27/100
• National rank: #3046
• State rank: #31 of 73 in FL

Livability — Dunedin

• Score: 86/100
• State rank: #15
• US rank: #411

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunedin, FL
• County: Pinellas County · 939,478 people
• City population: 38,171
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 38,171
• Household income: $74,078
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 1390.0

Population outlook (Pinellas County) Hauer SSP2

• Today (2025): 1,027,532 people
• By 2030: 1,063,586 · +3.5%
• By 2040: 1,125,020 · +9.5%
• By 2050: 1,168,637 · +13.7%
• By 2075: 1,265,188 · +23.1%
• By 2100: 1,260,357 · +22.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 7% Hispanic / Latino 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Slovak 3% Romanian 3%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Pinellas

• 2024 margin: Lean R (+5.2) · D 46.9% · R 52.1%
• 2008→2024 swing: -13.5pp toward R · 2008: 8.3pp · 2024: -5.2pp
• All cycles: 2024: R+5.2 2020: D+0.2 2016: R+1.1 2012: D+5.6 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -515.66%
• Current HPI: 387.4694
• Rent YoY: ▲ 2.69%
• 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

1 event — show timeline

• 2026-04-25 Listed $150,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2025): $1,302 · +13.9% YoY. Source: county tax records.