5816 Congress St #102 · New Port Richey, FL 34653

$123,500

2 bd · 2.0 ba · 920 sqft · Condo public records · 218 Days on market

Built 2004 $302/mo HOA · 21% of rent

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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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• DSCR +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This updated 920 sq ft condo is a 2 bedroom, 2 bath that features newer appliances, inside laundry room, and inside large storage room. It has carpet, tile split and is bottom floor.

Key facts

• Extra storage space
• Large kitchen
• In unit laundry

Tags

• SPACIOUS OPEN LIVING AREA
• LARGE KITCHEN
• IN UNIT LAUNDRY
• EXTRA STORAGE SPACE
• MINUTES FROM GULF BEACHES
• EASY ACCESS TO TAMPA

Property features AI

Finance

• Other: Property type: Residential condominium; Zoning: MF1; Lot acreage: approximately 1 to less than 2 acres; Road surface: Asphalt
• Financial info: Total annual fees $3,624
• HOA & community: Monthly condo fee of $302 (includes internet, structure and grounds maintenance, sewer, trash and water); Association managed by Qualified Property Management, Inc.; Association fee required; Pets allowed with restrictions (cats and dogs OK; breed, number and size limits may apply)

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; Single-story; Faces north; Entry level: 1
• Construction: Block construction; Metal roof; Slab foundation; Built on one level
• Exterior features: Sidewalk; Other exterior features

Interior

• Kitchen: Dishwasher; Disposal; Freezer; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $124k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (12.4% below list).
• Meets the 1% rule at list price ($1k rent vs $124k).
• Recommended offer: $108k (12.4% below list) — sets the bar for cash-flow.
• Cap rate 6.1% 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.

Location & tenants

• 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: Cotee River Elementary School (math 42% / reading 45%, grade F, #1,345 of 2,144 statewide, top 64%, 551 students, 84% FRL); Gulf High School (math 32% / reading 34%, grade F, #406 of 667 statewide, top 61%, 1,465 students, 76% FRL) — zoned schools average 80% FRL vs 48% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 38% at this address vs 51% district-wide (-13 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; 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 $854 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 218 days — a 12% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 21% of rent.
• Climate carrying-cost: major 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 $108,128 (12.4% 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 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.19% ✓
• Cap rate: 6.09%
• Cash-on-cash: -0.71%
• DSCR: 0.97
• GRM: 7.0

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: -26.3%
• Equity multiple: 0.14×
• Total profit: $-29,599
• Equity at exit: $18,414

10-year hold

• IRR: -50.7%
• Equity multiple: -0.40×
• Total profit: $-48,488
• Equity at exit: $10,678

Cash invested: $34,580 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,470 high
• Mortgage (P&I): −$648
• Tax from tax record: −$181 /mo · $2,174/yr
• Insurance: −$51
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$302
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $-87

Break-even live

Break-even rent $1,581

Max offer price $108,128

Occupancy floor —

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: $30,875
• Closing costs: $3,705
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5816 Congress St New Port Richey, FL	2.0	2.0	920	$1,400	$1.52	24d	1	0.03mi
5822 Congress St #104 New Port Richey, FL	2.0	2.0	920	$1,650	$1.79	24d	1	0.03mi
6322 Alaska Ave New Port Richey, FL	2.0	1.0	720	$1,500	$2.08	24d	1	0.18mi
6029 Wyoming Ave New Port Richey, FL	2.0	1.0	792	$1,850	$2.34	24d	1	0.47mi
6330 Pennsylvania Ave New Port Richey, FL	1.0	1.0	622	$1,150	$1.85	24d	1	0.58mi
6330 Pennsylvania Ave Unit 1 New Port Richey, FL	1.0	1.0	622	$1,150	$1.85	20d	1	0.58mi
6332 Pennsylvania Ave New Port Richey, FL	2.0	1.0	962	$1,250	$1.30	20d	1	0.58mi
6332 Pennsylvania Ave New Port Richey, FL	2.0	1.0	920	$1,250	$1.36	24d	1	0.58mi
5551 Executive Dr New Port Richey, FL	2.0	2.0	1100	$1,459	$1.33	24d	1	0.67mi
5543 Executive Dr Unit B4 New Port Richey, FL	2.0	2.0	1000	$1,459	$1.46	24d	1	0.68mi
5640 Ferguson Ct #2101 New Port Richey, FL	2.0	2.0	1056	$1,650	$1.56	24d	1	0.68mi
5521 Executive Dr Unit D1 New Port Richey, FL	2.0	2.0	1000	$1,379	$1.38	24d	1	0.70mi
5511 Executive Dr Apt E1 New Port Richey, FL	2.0	2.0	1000	$1,459	$1.46	24d	1	0.70mi
5809 Dailey Ln New Port Richey, FL	2.0	1.0	950	$1,000	$1.05	24d	1	0.72mi
5805 Delaware Ave New Port Richey, FL	2.0	1.0	700	$1,250	$1.79	24d	1	0.73mi
5741 Tennessee Ave New Port Richey, FL	1.0	1.0	700	$1,200	$1.71	24d	1	0.74mi
6120 Indiana Ave New Port Richey, FL	2.0	1.0	676	$1,299	$1.92	3d	1	0.74mi
5847 Nebraska Ave New Port Richey, FL	1.0	1.0	900	$1,350	$1.50	24d	1	0.75mi
6721 Congress St New Port Richey, FL	2.0	1.0	830	$1,250	$1.51	24d	1	0.78mi
6635 Crossbow Ln New Port Richey, FL	2.0	2.0	1082	$1,695	$1.57	17d	1	0.78mi
5743 Elm St New Port Richey, FL	2.0	1.0	756	$1,200	$1.59	4d	1	0.83mi
5648 Townhouse Dr New Port Richey, FL	2.0	1.5	900	$1,495	$1.66	24d	1	0.88mi
6332 Grand Blvd Port Richey, FL	2.0	2.0	894	$1,950	$2.18	4d	2	0.90mi
4903 Myrtle Oak Dr #14 New Port Richey, FL	2.0	2.0	935	$1,250	$1.34	24d	1	0.96mi
6807 Porter Rd Unit PCG G-101 New Port Richey, FL	3.0	1.5	1080	$1,375	$1.27	4d	1	0.98mi
6807 Porter Rd Unit PCG G-202 New Port Richey, FL	1.0	1.0	605	$1,025	$1.69	4d	1	0.98mi
6807 Porter Rd Unit PCG G-203 New Port Richey, FL	2.0	1.0	770	$1,275	$1.66	4d	1	0.98mi
6807 Porter Rd Unit PGC C-5432-209 New Port Richey, FL	2.0	2.0	1100	$1,300	$1.18	17d	1	0.98mi
6807 Porter Rd Unit PBMP M-5826 New Port Richey, FL	2.0	1.0	800	$1,380	$1.73	24d	1	0.98mi
6807 Porter Rd Unit PGC C-5432-105 New Port Richey, FL	2.0	2.0	895	$1,360	$1.52	24d	1	0.98mi
6807 Porter Rd Unit PBMP M-5836 New Port Richey, FL	2.0	1.0	840	$1,475	$1.76	24d	1	0.98mi
6807 Porter Rd New Port Richey, FL	2.0	1.0	840	$1,475	$1.76	2d	1	0.98mi
5543 Gulf Dr New Port Richey, FL	2.0	1.0	744	$1,550	$2.08	16d	1	0.98mi
5800 Virginia Ave New Port Richey, FL	2.0	1.0	900	$1,550	$1.72	12d	1	1.00mi
5800 Virginia Ave New Port Richey, FL	2.0	1.0	900	$1,495	$1.66	20d	1	1.00mi
5529 La Salle Ct New Port Richey, FL	2.0	1.0	850	$1,300	$1.53	10d	1	1.03mi
6424 Spring Flower Dr #25 New Port Richey, FL	2.0	1.5	835	$1,175	$1.41	24d	1	1.09mi
6424 Spring Flower Dr #25 New Port Richey, FL	2.0	1.5	915	$1,175	$1.28	17d	1	1.09mi
6548 Batea Ter New Port Richey, FL	3.0	2.0	1120	$1,800	$1.61	24d	1	1.10mi
5634 Charles St New Port Richey, FL	3.0	1.5	960	$1,700	$1.77	24d	1	1.11mi

HOA detail condo

• Monthly dues: $302 · $3,624/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-07
   statusdays on market $123,500 Pending 218 DOM
2. 2026-06-04
   days on market $123,500 Active 216 DOM
3. 2026-06-03
   days on market $123,500 Active 215 DOM
4. 2026-06-02
   days on market $123,500 Active 214 DOM
5. 2026-06-01
   days on market $123,500 Active 213 DOM
6. 2026-05-31
   days on market $123,500 Active 212 DOM

ⓘ 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: $2,174 · $181/mo
• Projected year-2 tax: $2,174 · $181/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 7/10 Severe FEMA zone X (shaded) · 95% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°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: $17,646
• − Mortgage interest: −$6,918
• − Property taxes: −$2,174
• − Insurance: −$1,415
• − Repairs & maintenance: −$1,412
• − Management: −$1,412
• − HOA: −$3,624
• − Depreciation: −$3,593
• Taxable loss: −$2,901
• Est. tax savings @ 24.0%: +$696
• After-tax cash flow: $-348/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

• Score: 82/100
• State rank: #67
• US rank: #1139

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Port Richey, FL
• County: Pasco County · 524,098 people
• City population: 137,708
• 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

+311.7% since first listed

13 events — show timeline

• 2026-05-29 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $123,500 Stellar MLS as Distributed by MLS Grid
• 2025-12-31 Price Changed $129,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-03 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-10-07 Listed $129,500 Stellar MLS as Distributed by MLS Grid
• 2025-10-06 Listed $129,500 Stellar MLS as Distributed by MLS Grid
• 2022-10-17 Sold (Public Records) $138,000 Public Records
• 2021-11-19 Sold (Public Records) $222,000 Public Records
• 2016-05-07 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2016-05-04 Sold (MLS) $28,000 Stellar MLS as Distributed by MLS Grid
• 2016-04-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2016-04-01 Listed $35,000 Stellar MLS as Distributed by MLS Grid
• 2008-08-14 Listed $30,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+14.0%/yr

Latest (2025): $2,174 · +7.1% YoY. Source: county tax records.