4351 Tahitian Gardens Cir Unit C · Holiday, FL 34691

$119,900

2 bd · 1.0 ba · 825 sqft · Condo public records · 70 Days on market

Built 1970 $282/mo HOA · 18% 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 +17.7/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +4.3/10.0
• Livability +3.3/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Motivated Seller! Protected from prior storms!! HIGHLY Desirable & GATED, Tahitian Gardens 55+ Community, located right along US-19. Move-in ready, FIRST FLOOR CONDO!! Nobody above you or below you!! Competitive and LOW Monthly Fees!! 2 bed, 1 bath with 825 square feet of living space. Roof 2017. Water Heater 2023. Enjoy a seamless move-in experience—this CONDO can be offered with furnishings. The HOA takes care of exterior maintenance, allowing for a low-maintenance, carefree Florida lifestyle. Conveniently located just minutes from Gulf beaches, the Tarpon Springs Sponge Docks, shopping, dining, and public transit, this condo offers exceptional access to everything in this are

Key facts

• Shuffleboard courts
• Water heater 2023
• Billiards

Tags

• FIRST FLOOR CONDO
• MOVE IN READY
• WATER HEATER 2023
• HEATED POOL
• SHUFFLEBOARD COURTS
• BILLIARDS

Property features AI

Finance

• Other:
• Financial info: Total monthly fees $282; total annual fees $3,384; Lease restrictions apply
• HOA & community: Tahitian Gardens Condo Inc. HOA with required monthly fee of $282; HOA fee includes pool, pest control and recreational facilities; Association amenities: laundry; Buyer approval required for the community; Clubhouse and community pool; Pets allowed with limits; Senior community

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer; Broadband/high-speed internet available; Cable available; Electricity connected
• Home design: Condominium; Residential property; One story; Faces northeast; Floor 1 (unit in building 35)
• Construction: Block, concrete and stone construction; Other roof type; Slab foundation; Built on a lot under 1/4 acre
• Exterior features: Exterior lighting; Paved road access

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $97 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.7% in Holiday — 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 66/100 on livability (#623 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: crime D+, schools D, amenities 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 rising (+2.0%/yr); 324 active listings in the ZIP; 40 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 $829 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 70 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $37k; list at $120k implies a 224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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 1970 — 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. 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. 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?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.27% ✓
• Cap rate: 7.27%
• Cash-on-cash: 3.48%
• DSCR: 1.15
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.05% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.57×
• Total profit: $-14,480
• Equity at exit: $17,877

10-year hold

• IRR: -4.6%
• Equity multiple: 0.71×
• Total profit: $-9,651
• Equity at exit: $10,367

Cash invested: $33,572 (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 34691

• Home prices YoY: -23.9%
• Rents YoY: 2.0%
• Active inventory: 324
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,524 high
• Mortgage (P&I): −$629
• Tax from tax record: −$146 /mo · $1,756/yr
• Insurance: −$50
• HOA: −$282
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $97

Break-even live

Break-even rent $1,401

Max offer price $119,900

Occupancy floor 89%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4351 Tahitian Gardens Cir Holiday, FL	2.0	1.0	825	$1,150	$1.39	24d	1	0.02mi
4337 Tahitian Gardens Cir Unit F Holiday, FL	2.0	1.0	768	$1,500	$1.95	24d	1	0.09mi
4326 Tahitian Gardens Cir Unit 14E Holiday, FL	2.0	1.5	768	$2,000	$2.60	24d	1	0.10mi
4365 Tahitian Gardens Cir Unit C Holiday, FL	2.0	1.0	825	$1,400	$1.70	24d	1	0.11mi
4354 Tahitian Gardens Cir Unit F Holiday, FL	2.0	1.0	825	$1,500	$1.82	24d	1	0.13mi
4318 Tahitian Gardens Cir Unit B Holiday, FL	1.0	1.0	576	$1,200	$2.08	24d	1	0.14mi
4356 Tahitian Gardens Cir Unit C Holiday, FL	2.0	1.0	825	$1,350	$1.64	24d	1	0.15mi
4334 Tahitian Gardens Cir Unit C Holiday, FL	2.0	1.0	768	$1,450	$1.89	24d	1	0.15mi
4358 Tahitian Gardens Cir Unit G Holiday, FL	1.0	1.0	600	$1,350	$2.25	24d	1	0.18mi
4358 Tahitian Gardens Cir Holiday, FL	1.0	1.0	600	$1,350	$2.25	14d	1	0.18mi
4313 Tahitian Gardens Cir Unit C Holiday, FL	2.0	1.5	825	$1,300	$1.58	14d	1	0.23mi
2132 Kepner Dr Holiday, FL	2.0	1.0	920	$1,295	$1.41	20d	1	0.28mi
2051 Pleasure Dr Holiday, FL	2.0	1.0	720	$1,200	$1.67	24d	1	0.33mi
4205 Jordana Way Holiday, FL	1.0–3.0	1.0–2.0	1027	$1,404	$1.37	2d	13	0.38mi
3742 Darlington Rd Holiday, FL	2.0	1.5	936	$1,800	$1.92	24d	1	0.42mi
3749 Beechwood Dr Holiday, FL	2.0	1.0	1012	$1,673	$1.65	12d	1	0.42mi
4348 Plaza Dr Holiday, FL	1.0–2.0	1.0–2.0	860	$1,499	$1.74	2d	9	0.45mi
2117 Calusa Trl Unit B Holiday, FL	1.0	1.0	708	$1,200	$1.69	4d	1	0.49mi
2122 Ranchita Trl Holiday, FL	2.0	1.0	648	$1,399	$2.16	24d	1	0.54mi
4723 Aegean Ave Holiday, FL	2.0	1.0	1000	$1,636	$1.64	4d	1	0.61mi
2610 Templewood Dr Holiday, FL	3.0	1.0	1056	$1,800	$1.70	4d	1	0.63mi
4823 Longwood Ave Holiday, FL	3.0	1.0	1122	$1,800	$1.60	4d	1	0.65mi
2509 Sweetwood Dr Holiday, FL	2.0	1.0	988	$1,650	$1.67	17d	1	0.66mi
3513 Trask Dr Holiday, FL	2.0	1.5	1000	$1,249	$1.25	24d	1	0.67mi
2552 Chancery Dr Holiday, FL	2.0	1.0	816	$1,595	$1.95	24d	1	0.74mi
3405 Wilson Dr Holiday, FL	2.0	1.0	861	$1,650	$1.92	24d	1	0.88mi
1552 Alert St Holiday, FL	3.0	1.0	956	$2,100	$2.20	4d	1	1.04mi
3439 Clydesdale Dr Holiday, FL	2.0	1.0	968	$1,395	$1.44	4d	1	1.05mi
1624 Springdale Dr Holiday, FL	2.0	1.0	1000	$1,575	$1.57	4d	1	1.06mi
3052 Salton St Holiday, FL	2.0	2.0	1067	$1,600	$1.50	24d	1	1.10mi
3516 Sheryl Hill Dr Holiday, FL	2.0	2.0	848	$1,595	$1.88	24d	1	1.18mi
3433 Atlantis Dr Holiday, FL	2.0	1.0	1024	$1,500	$1.46	24d	1	1.18mi
3445 Wiltshire Dr Holiday, FL	2.0	1.5	992	$1,450	$1.46	21d	1	1.19mi
3433 Monticello St Holiday, FL	3.0	1.5	960	$1,650	$1.72	24d	1	1.21mi
3143 Pinon Dr Holiday, FL	2.0	2.0	1034	$1,695	$1.64	21d	1	1.24mi
5338 Nancy Ln Holiday, FL	2.0	1.0	864	$1,430	$1.66	24d	1	1.24mi
3623 Holiday Lake Dr Holiday, FL	3.0	1.0	1004	$1,525	$1.52	24d	1	1.30mi
3511 Cambridge St New Port Richey, FL	2.0	2.0	936	$2,100	$2.24	4d	1	1.33mi
3612 Springfield Dr Holiday, FL	2.0	1.5	1040	$1,450	$1.39	17d	1	1.33mi
3838 Staysail Ln Unit 3838 Holiday, FL	2.0	1.0	1114	$1,500	$1.35	24d	1	1.34mi

HOA detail condo

• Monthly dues: $282 · $3,384/yr
• Likely covers: waterexterior maint.security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $119,900 Active 70 DOM
2. 2026-06-17
   days on market $119,900 Active 69 DOM
3. 2026-06-16
   days on market $119,900 Active 68 DOM
4. 2026-06-15
   days on market $119,900 Active 67 DOM
5. 2026-06-13
   days on market $119,900 Active 65 DOM
6. 2026-06-09
   days on market $119,900 Active 61 DOM
7. 2026-06-08
   days on market $119,900 Active 60 DOM
8. 2026-06-07
   days on market $119,900 Active 59 DOM
9. 2026-06-04
   days on market $119,900 Active 56 DOM
10. 2026-06-03
    days on market $119,900 Active 55 DOM
11. 2026-06-02
    days on market $119,900 Active 54 DOM
12. 2026-06-01
    days on market $119,900 Active 53 DOM
13. 2026-05-31
    days on market $119,900 Active 52 DOM
14. 2026-04-09
    listed $125,000 Active
15. 2013-09-03
    soldstatus $37,000
16. 2006-01-30
    soldstatus $85,000
17. 1993-04-07
    soldstatus $27,000

ⓘ 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: $1,756 · $146/mo
• Projected year-2 tax: $1,756 · $146/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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 28 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,294
• − Mortgage interest: −$6,716
• − Property taxes: −$1,756
• − Insurance: −$600
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − HOA: −$3,384
• − Depreciation: −$3,488
• Taxable loss: −$577
• Est. tax savings @ 24.0%: +$138
• After-tax cash flow: $1,306/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 — Holiday

• Score: 66/100
• State rank: #623
• US rank: #12124

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Holiday, FL
• County: Pasco County · 524,098 people
• City population: 33,730
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 21,232
• Household income: $50,288
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 1031.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 11% Black 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Cuban 2% Dominican 2%
• Common ancestry: Romanian 3% Iranian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 82% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 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: ▼ -102.84%
• Current HPI: 326.9843
• Rent YoY: ▲ 2.05%
• 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

+363.0% since first listed

4 events — show timeline

• 2026-04-09 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2013-09-03 Sold (Public Records) $37,000 Public Records
• 2006-01-30 Sold (Public Records) $85,000 Public Records
• 1993-04-07 Sold (Public Records) $27,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $1,756 · +3.2% YoY. Source: county tax records.