35208 Dolphin Lake Dr · Pasadena Hills, FL 33541

$200,000

3 bd · 2.0 ba · 2,278 sqft · SingleFamily public records · 2 Days on market

Built 1987 0.54 ac lot Est $380k · 47% under $4/mo HOA

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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 +20.4/30.0
• ARV discount +15.0/15.0
• 1% rule +7.1/10.0
• DSCR +6.5/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

* * INVESTORS--PROPERTY IN NEED OF MAJOR REPAIRS * * . Property is being sold “as-is” with right to inspect. It is the buyers and buyer’s agent responsibility to verify all room measurements, utilities info, lot size, schools zoning, building addition permits, building materials, along with all property information in this listing. All room measurements and dimensions are estimates.

Key facts

• 0.54 acre lot
• 2 garage spots
• Pool

Property features AI

Finance

• Other: Zoning: AR; Total living area reported as 2,278; Total building area reported as 3,158; Lot size reported as approximately 0.54 acres (2169 sq m); Universal property ID on record
• Financial info: Lease restrictions apply
• HOA & community: Has HOA (Lake Bernadette Property Owners Association/Greena); HOA required with $50 annual fee (approximately $4.17/month); Pets allowed

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Single family residence; One story; North-facing entry
• Construction: Stucco construction; Shingle roof; Slab foundation; Built on a 0.54-acre lot
• Exterior features: In-ground private pool; Asphalt road access

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms
• Flooring: Other flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 7.8% vs local median 3.6% in Pasadena Hills — 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 63/100 on livability (#723 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living A-; Watch: schools F, amenities F, commute 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 (-2.5%/yr); 856 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• At $2,423/mo this rent would consume 51% of the median local household income ($57k/yr) (locally 393% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,000

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.21% ✓
• Cap rate: 7.85%
• Cash-on-cash: 5.55%
• DSCR: 1.25
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $380,426
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35209 Dolphin Lake Dr	0.03mi	3/2.0	2,161 (-5%)	12mo	$275,000	$127	80
5839 Montford Dr	0.46mi	4/2.0 (+1)	2,149 (-6%)	3mo	$359,000	$167	62
5222 New Brittany Ln	0.69mi	4/2.5 (+1)	2,283 (+0%)	0mo	$399,000	$175	60
34828 Prairie Ridge Way	0.38mi	4/2.0 (+1)	2,469 (+8%)	5mo	$350,000	$142	60
34831 Daisy Meadow Loop	0.44mi	4/3.0 (+1)	2,260 (-1%)	17mo	$360,000	$159	55
5438 Braddock Dr	0.71mi	4/2.0 (+1)	2,271 (-0%)	8mo	$465,000	$205	55
35131 Deerfield Oaks Dr	0.24mi	4/3.0 (+1)	2,451 (+8%)	17mo	$392,500	$160	53
6216 Evansbrook Dr	0.43mi	3/2.0	1,994 (-12%)	8mo	$339,000	$170	52
37127 Goffaux Loop	0.52mi	4/3.0 (+1)	2,372 (+4%)	14mo	$390,000	$164	48
5435 Braddock Dr	0.73mi	4/2.0 (+1)	2,277 (-0%)	17mo	$425,000	$187	46
5235 Pond View Ct	0.75mi	4/2.0 (+1)	2,062 (-10%)	2mo	$425,000	$206	43
5261 Camberlea Ave	0.64mi	4/3.0 (+1)	2,447 (+7%)	10mo	$375,000	$153	41

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.59×
• Total profit: $-22,819
• Equity at exit: $29,821

10-year hold

• IRR: -8.6%
• Equity multiple: 0.55×
• Total profit: $-25,252
• Equity at exit: $17,292

Cash invested: $56,000 (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 33541

• Home prices YoY: -15.2%
• Rents YoY: -2.5%
• Active inventory: 856
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,423 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$519 /mo · $6,227/yr
• Insurance: −$83
• HOA: −$4
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $259

Break-even live

Break-even rent $2,095

Max offer price $200,000

Occupancy floor 84%

Sensitivity live

Price	-10% $372	-5% $315	+0% $259	+5% $202	+10% $146
Rent	-10% $67	-5% $163	+0% $259	+5% $355	+10% $450
Rate	-1.0pp $360	-0.5pp $310	base $259	+0.5pp $207	+1.0pp $154

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5912 Bramble Bush Ct Zephyrhills, FL	4.0	3.0	2243	$2,595	$1.16	5d	1	0.16mi
5912 Bramble Bush Ct Zephyrhills, FL	4.0	3.0	2243	$2,595	$1.16	6d	1	0.16mi
5686 Barakat Rd Zephyrhills, FL	4.0	2.0	1828	$2,300	$1.26	25d	1	0.43mi
5686 Barakat Rd Zephyrhills, FL	4.0	2.0	1867	$2,250	$1.21	16d	1	0.43mi
6248 Hidden Creek Blvd Zephyrhills, FL	3.0–4.0	2.0–2.5	1803	$1,737	$0.96	0d	9	0.43mi
34736 Marsh Glen Ct Zephyrhills, FL	4.0	3.0	2315	$2,450	$1.06	25d	1	0.48mi
34885 Daisy Meadow Loop Zephyrhills, FL	3.0	2.5	1605	$2,029	$1.26	13d	1	0.49mi
36618 Goffaux Loop Zephyrhills, FL	4.0	2.0	1846	$2,115	$1.15	19d	1	0.52mi
35545 Shade Fern Ln Zephyrhills, FL	4.0	3.0	2260	$2,400	$1.06	25d	1	0.57mi
35529 Shade Fern Ln Zephyrhills, FL	4.0	3.0	2260	$2,450	$1.08	13d	1	0.57mi
35747 Buttonweed Trl Zephyrhills, FL	4.0	3.0	1900	$2,500	$1.32	0d	1	0.65mi
35542 Sparrow Nest Way Zephyrhills, FL	4.0	2.0	2000	$2,400	$1.20	25d	1	0.70mi
5224 Braddock Dr Zephyrhills, FL	4.0	2.0	2089	$2,150	$1.03	25d	1	0.96mi
34873 Robins Song Rd Zephyrhills, FL	3.0	2.0	1575	$1,749	$1.11	3d	1	0.97mi
34796 Robins Song Rd Zephyrhills, FL	3.0	2.0	1575	$1,799	$1.14	20d	1	1.03mi
5137 Benjamin Eric St Zephyrhills, FL	3.0	2.5	1634	$2,050	$1.25	0d	1	1.04mi
6213 Back Forty Loop Zephyrhills, FL	4.0	2.5	1870	$2,395	$1.28	5d	1	1.11mi
6431 Bradford Hill Ct Wesley Chapel, FL	4.0	2.5	2722	$2,950	$1.08	25d	1	1.19mi
36352 Well Hill Way Zephyrhills, FL	3.0	2.5	1634	$1,950	$1.19	4d	1	1.25mi
36420 Garden Wall Way Zephyrhills, FL	4.0	2.5	2050	$2,450	$1.20	25d	1	1.27mi
36401 Camp Fire Ter Unit 36401 Zephyrhills, FL	3.0	2.5	1634	$1,895	$1.16	21d	1	1.29mi
36406 Well Hill Way Zephyrhills, FL	3.0	2.5	1634	$2,000	$1.22	19d	1	1.30mi
6721 Sparkling Way Wesley Chapel, FL	4.0	2.0	2870	$3,000	$1.05	25d	1	1.32mi
7139 Steer Blade Dr Zephyrhills, FL	4.0	3.0	2046	$2,300	$1.12	12d	1	1.43mi
7128 Steer Blade Dr Zephyrhills, FL	4.0	3.0	2528	$2,750	$1.09	25d	1	1.44mi
6833 Runner Oak Dr Wesley Chapel, FL	3.0	2.0	1810	$2,400	$1.33	25d	1	1.48mi

HOA detail

• Monthly dues: $4 · $48/yr

Listing history 3 events

1. 2026-06-13
   statusdays on market $200,000 Pending 2 DOM
2. 2026-06-10
   remarks 387-char remark
3. 2026-06-10
   listed $200,000 Active 1 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: $6,227 · $519/mo
• Projected year-2 tax: $6,227 · $519/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 26 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,072
• − Mortgage interest: −$11,203
• − Property taxes: −$6,227
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,326
• − Management: −$2,326
• − HOA: −$48
• − Depreciation: −$5,818
• Taxable income: $124
• Est. tax owed @ 24.0%: −$30
• After-tax cash flow: $3,076/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 — Pasadena Hills

• Score: 63/100
• State rank: #723
• US rank: #15499

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasco County · 524,098 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 24,654
• Household income: $56,579
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 393.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 8% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 9%
• Common ancestry: Lithuanian 4% Romanian 3% Serbian 3%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 9% Tagalog/Filipino 1% 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: ▼ -55.21%
• Current HPI: 308.0619
• Rent YoY: ▼ -2.51%
• 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

-90.0% since first listed

3 events — show timeline

• 2026-06-09 Listed $200,000 Stellar MLS as Distributed by MLS Grid
• 2004-01-05 Sold (Public Records) $184,500 Public Records
• 1994-12-06 Sold (Public Records) $2,000,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $6,227 · +0.2% YoY. Source: county tax records.