6615 Bandura Ave

New Port Richey, FL 34653

$164,900C

3 bd · 2.0 ba · 784 sqft · Built 2025 · Other · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,623/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$102
• HOA: −$0
• Vac / Maint / Mgmt: −$341
• Net cashflow: $315/mo
• Annual: $3,776/yr
• Cap rate: 8.58%
• Cash-on-cash: 8.18%
• DSCR: 1.36
• 1% rule: 0.98%
• Cash to close: $46,172

Investor read

• This is a 3-bed/2.0-bath other listed at $165k.
• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (1.6% below list).
• It's been on market 27 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (1.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#67 in FL, #1,139 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime C-, commute D, 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: Calusa Elementary School (math 26% / reading 27%, grade F, #2,009 of 2,144 statewide, top 94%, 473 students, 85% FRL); Gulf High School (math 32% / reading 34%, grade F, #406 of 667 statewide, top 61%, 1,465 students, 76% FRL) — zoned schools average 81% FRL vs 48% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 51% district-wide (-21 pts) — the specific schools serving this property underperform the Pasco average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-2.9%/yr); 305 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 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.
• Current owner paid $25k; list at $165k implies a 560% 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 8.6% vs local median 2.0% in New Port Richey — 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 39% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.