6445 Belle Terre · New Port Richey East, FL 34653

$25,000

2 bd · 1.5 ba · 938 sqft · Manufactured · 71 Days on market

Built 1978 ↓ 16% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

What are you waiting for?? Move Right Into this Beautiful Rehabbed Home Private Backyard Such a Beauty Move Right Into this Beautiful Rehabbed Home Private Backyard Such a Beauty This home offers a split bedroom plan, meaning one bedroom is in the front and the home and the other bedroom is in the back of the home for complete privacy. Welcome to this beautifully remodeled 2-bedroom, 1.5-bath manufactured home in the highly sought-after 55+ Community of Orangewood Lake Estates. Step inside to discover a freshly updated interior featuring new flooring in all rooms except the guest bedroom and the Florida room. New sub flooring and real wood floors. The remodeled kitchen showcases stainless s

Key facts

• Private backyard
• New flooring
• Remodeled kitchen

Tags

• PRIVATE BACKYARD
• SPLIT BEDROOM PLAN
• FRESHLY UPDATED INTERIOR
• NEW FLOORING
• REMODELED KITCHEN
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Unfurnished; Directions provided to the property
• Financial info: Lease restrictions apply
• HOA & community: Community pool; Clubhouse; Laundry facility; Shuffleboard court; Senior community

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public sewer; Water connected; Sewer connected; Electricity connected; Cable connected; Water source: None
• Home design: Manufactured home (single wide); One level; Faces north; Residential property
• Construction: Metal siding; Shingle roof; Slab foundation; Built as a manufactured home
• Exterior features: Awning(s); Asphalt road access

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Wood
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floorplan; Window treatments
• Laundry & utility: Laundry: Other

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $994 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• Cap rate 54.0% 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.

Location & tenants

• 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.
• Market conditions: Rents soft (-2.9%/yr); 305 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 36% of the median local income ($50k/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 $173 of loan paydown is wiped out by about $750 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $23,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 5.91% ✓
• Cap rate: 54.01%
• Cash-on-cash: 170.43%
• DSCR: 8.58
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.85×
• Total profit: $54,963
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 17.11×
• Total profit: $112,757
• Equity at exit: $2,162

Cash invested: $7,000 (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 34653

• Home prices YoY: -18.4%
• Rents YoY: -2.9%
• Active inventory: 305
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,477 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $994

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 28%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6635 Crossbow Ln New Port Richey, FL	2.0	2.0	1082	$1,695	$1.57	17d	1	0.97mi
7212 Carlton Arms Dr New Port Richey, FL	2.0	1.0–2.0	877	$1,609	$1.83	24d	1	1.14mi
7140 Bellaire Ter New Port Richey, FL	2.0	1.0	776	$1,350	$1.74	24d	1	1.23mi
7138 Bellaire Ter New Port Richey, FL	2.0	1.0	776	$1,350	$1.74	24d	1	1.23mi
6548 Batea Ter New Port Richey, FL	3.0	2.0	1120	$1,800	$1.61	24d	1	1.24mi
6721 Congress St New Port Richey, FL	2.0	1.0	830	$1,250	$1.51	24d	1	1.26mi
5822 Congress St #104 New Port Richey, FL	2.0	2.0	920	$1,650	$1.79	24d	1	1.34mi
5816 Congress St New Port Richey, FL	2.0	2.0	920	$1,400	$1.52	24d	1	1.37mi
6330 Pennsylvania Ave New Port Richey, FL	1.0	1.0	622	$1,150	$1.85	24d	1	1.38mi
6330 Pennsylvania Ave Unit 1 New Port Richey, FL	1.0	1.0	622	$1,150	$1.85	20d	1	1.38mi
6332 Pennsylvania Ave New Port Richey, FL	2.0	1.0	962	$1,250	$1.30	20d	1	1.38mi
6332 Pennsylvania Ave New Port Richey, FL	2.0	1.0	920	$1,250	$1.36	24d	1	1.38mi
7320 Broadmoor Dr New Port Richey, FL	1.0–2.0	1.0–2.0	765	$1,715	$2.24	1d	59	1.45mi

Listing history 17 events

1. 2026-06-18
   days on market $25,000 Active 71 DOM
2. 2026-06-17
   days on market $25,000 Active 70 DOM
3. 2026-06-16
   days on market $25,000 Active 69 DOM
4. 2026-06-15
   days on market $25,000 Active 68 DOM
5. 2026-06-13
   days on market $25,000 Active 66 DOM
6. 2026-06-09
   days on market $25,000 Active 62 DOM
7. 2026-06-08
   days on market $25,000 Active 61 DOM
8. 2026-06-07
   days on market $25,000 Active 60 DOM
9. 2026-06-04
   days on market $25,000 Active 57 DOM
10. 2026-06-03
    days on market $25,000 Active 56 DOM
11. 2026-06-02
    days on market $25,000 Active 55 DOM
12. 2026-06-01
    days on market $25,000 Active 54 DOM
13. 2026-05-31
    days on market $25,000 Active 53 DOM
14. 2026-05-21
    price $25,000
15. 2026-05-21
    price $23,900
16. 2026-05-15
    price $29,000
17. 2026-04-08
    listed $29,900 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,726
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,418
• − Management: −$1,418
• − Depreciation: −$727
• Taxable income: $12,262
• Est. tax owed @ 24.0%: −$2,943
• After-tax cash flow: $8,987/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 — New Port Richey East

• Score: 68/100
• State rank: #499
• US rank: #9203

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Port Richey East, FL
• County: Pasco County · 524,098 people
• City population: 36,086
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 35,945
• Household income: $49,563
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1439.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 9% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% Russian/Polish/Slavic 2%

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: ▼ -73.10%
• Current HPI: 324.6519
• Rent YoY: ▼ -2.92%
• 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

-16.4% since first listed

4 events — show timeline

• 2026-05-21 Price Changed $25,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-21 Price Changed $23,900 Stellar MLS as Distributed by MLS Grid
• 2026-05-15 Price Changed $29,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-08 Listed $29,900 Stellar MLS as Distributed by MLS Grid