5521 Bay Blvd #103 · Port Richey, FL 34668

$129,400

2 bd · 1.0 ba · 864 sqft · Condo public records · 10 Days on market

Built 1977

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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 +10.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• DSCR +3.1/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This updated, very well kept, first floor unit has quite a bit to offer, especially since it is the biggest unit in the community at 864 square feet! The main living room and dining room combo area feature a beautiful bamboo floor. The rest of the home you will find ceramic tile throughout the kitchen, bedrooms, and bathrooms. You can enjoy the convenience of having your furniture already available to you; most of the furnishings and decor stay with the home. The kitchen has solid wood cabinets and stainless steel appliances that are fairly new from 2018. The master bedroom is rather spacious along with its walk-in closet. You can enjoy your morning cup of coffee in the screened in patio with a decorative tile floor. Patio furniture is also included. Other features of this unit include three ceiling fans, walk-in showers, updated bathroom vanities, fan exhausts in the bathrooms run all the way outside, (unlike some of the other units) and a tankless water heater. The condo community of Royal Richey I is conveniently located just off Highway 19, with several waterfront parks nearby and just a few minutes drive to New Port Richey where you will find shopping, restaurants, and entertainment. The HOA includes community pool, amenities, sewer, trash, water, exterior maintenance, common areas, and landscaping.

Key facts

• Screened-in patio
• Pool view
• Large walk-in closet

Tags

• REMODELED FIRST-FLOOR CONDO
• SCREENED-IN PATIO
• POOL VIEW
• GENEROUS PRIMARY BEDROOM
• LARGE WALK-IN CLOSET
• NEW KITCHEN APPLIANCES

Property features AI

Finance

• Other: Property type: Residential condominium; Zoning: R3; Lot size about 0.16 acres
• Financial info: Lease restrictions apply
• HOA & community: Association: Coastal Management (monthly dues required); Association fees include pool, building maintenance, grounds maintenance, trash and other services; Community pool; Pets allowed with limits (maximum pet weight up to 101 lbs)

Exterior

• Parking: Asphalt road access
• Utilities: BB/HS Internet available; Water: none specified; Sewer: none specified; Road surface: asphalt
• Home design: Residential condominium; One level (first floor unit); Faces south
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as part of a building identified as 5521
• Exterior features: Screened patio/porch; In-ground private pool

Interior

• Kitchen: Cooktop; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Bamboo flooring; Ceramic tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Thermostat; Window treatments; Sliding doors
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $129k.

Deal economics

• At list price, monthly cash flow is $-484 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (7.5% below list).
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $120k (7.5% below list) — sets the bar for cash-flow.
• Cap rate 5.8% vs local median 0.9% in 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 72/100 on livability (#368 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment 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 (+1.3%/yr); 581 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 38% of the median local income ($47k/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 $895 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 3y 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 $427/mo; HOA is 28% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,633 (7.5% 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. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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. 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: 1.17% ✓
• Cap rate: 5.76%
• Cash-on-cash: -1.91%
• DSCR: 0.91
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: -51.7%
• Equity multiple: -0.49×
• Total profit: $-53,878
• Equity at exit: $19,294

10-year hold

• IRR: —
• Equity multiple: -1.62×
• Total profit: $-94,771
• Equity at exit: $11,188

Cash invested: $36,232 (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 34668

• Home prices YoY: -17.4%
• Rents YoY: 1.3%
• Active inventory: 581
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,510 high
• Mortgage (P&I): −$679
• Tax from tax record: −$89 /mo · $1,069/yr
• Insurance: −$54
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 1 same-building comp: −$429
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $-484

Break-even live

Break-even rent $2,123

Max offer price $43,849

Occupancy floor —

Sensitivity live

Price	-10% $-411	-5% $-448	+0% $-484	+5% $-521	+10% $-558
Rent	-10% $-604	-5% $-544	+0% $-484	+5% $-425	+10% $-365
Rate	-1.0pp $-419	-0.5pp $-451	base $-484	+0.5pp $-518	+1.0pp $-552

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: $32,350
• Closing costs: $3,882
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5521 Bay Blvd Port Richey, FL	1.0–2.0	1.0	657	$1,300	$1.98	0d	2	0.01mi
5601 Bay Blvd Port Richey, FL	1.0	1.0	806	$1,100	$1.36	5d	1	0.06mi
5848 Siesta Ln Port Richey, FL	2.0	1.0	800	$1,250	$1.56	13d	1	0.40mi
5841 Sun Glo Ave Port Richey, FL	1.0	1.0	950	$814	$0.86	15d	1	0.44mi
7731 Chapel Ave Port Richey, FL	2.0	1.0	828	$1,250	$1.51	25d	1	0.73mi
7730 Washington St Port Richey, FL	3.0	1.0	1040	$1,575	$1.51	25d	1	0.74mi
7730 Washington St Port Richey, FL	2.0	1.0	840	$1,575	$1.88	15d	1	0.74mi
8150 Brent St Port Richey, FL	2.0	2.0	1106	$2,500	$2.26	15d	1	0.90mi
4823 Ebbtide Ln Port Richey, FL	2.0	2.0	1098	$1,800	$1.64	4d	1	0.92mi
4823 Ebbtide Ln #301 Port Richey, FL	2.0	2.0	1098	$2,200	$2.00	25d	1	0.92mi
4620 Bay Blvd #1116 Port Richey, FL	2.0	2.0	1025	$1,900	$1.85	25d	1	0.92mi
6412 Pawling Ave Port Richey, FL	2.0	1.0	806	$1,750	$2.17	25d	1	0.95mi
4550 Bay Blvd #1231 Port Richey, FL	2.0	2.0	1025	$2,500	$2.44	22d	1	0.97mi
4550 Bay Blvd #1231 Port Richey, FL	2.0	2.0	1025	$2,300	$2.24	3d	1	0.97mi
8540 Robilina Rd Port Richey, FL	1.0–2.0	1.0	722	$1,432	$1.98	4d	14	1.03mi
6324 Lomand Ave New Port Richey, FL	2.0	1.5	720	$1,375	$1.91	25d	1	1.08mi
9210 Pegasus Ave Port Richey, FL	2.0	1.5	768	$1,400	$1.82	5d	1	1.14mi
6431 Citation Dr Port Richey, FL	3.0	1.0	1009	$1,681	$1.67	5d	1	1.15mi
6430 Lomand Ave New Port Richey, FL	2.0	1.5	952	$1,550	$1.63	25d	1	1.16mi
6300 Limerick Ave New Port Richey, FL	3.0	2.0	953	$1,650	$1.73	25d	1	1.17mi
7353 Royal Palm Dr New Port Richey, FL	3.0	2.0	1048	$1,550	$1.48	25d	1	1.17mi
6338 Aberdeen Ave New Port Richey, FL	3.0	2.0	1000	$2,300	$2.30	17d	1	1.18mi
5321 Avery Rd Unit 1 New Port Richey, FL	2.0	1.0	720	$1,150	$1.60	4d	1	1.22mi
7124 Green St New Port Richey, FL	2.0	1.0	1000	$1,195	$1.20	2d	1	1.33mi
9110 Saint Clair Ln Port Richey, FL	2.0	2.0	730	$2,100	$2.88	25d	1	1.34mi
6740 Moonglow Dr #201 Port Richey, FL	2.0	2.0	1008	$1,500	$1.49	0d	1	1.36mi
7133 Pinewood Dr New Port Richey, FL	2.0	1.0	1000	$1,350	$1.35	5d	1	1.38mi
9035 Cochise Ln Port Richey, FL	3.0	2.0	1095	$1,395	$1.27	15d	1	1.40mi
8356 Journet Blvd Port Richey, FL	1.0–2.0	1.0	843	$1,315	$1.56	25d	1	1.43mi
7026 Washington St New Port Richey, FL	1.0	1.0	600	$1,000	$1.67	18d	1	1.44mi
7026 Washington St New Port Richey, FL	1.0	1.0	600	$1,150	$1.92	4d	1	1.44mi
7013 Green St New Port Richey, FL	3.0	2.0	1104	$1,500	$1.36	2d	1	1.45mi
5335 Palmetto Rd New Port Richey, FL	2.0	1.0	800	$1,475	$1.84	25d	1	1.46mi
6931 Julia Ct New Port Richey, FL	1.0–2.0	1.0	800	$1,495	$1.87	3d	4	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrashlandscapingexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $129,400 Active 10 DOM
2. 2026-06-18
   days on market $129,400 Active 7 DOM
3. 2026-06-17
   days on market $129,400 Active 6 DOM
4. 2026-06-16
   days on market $129,400 Active 5 DOM
5. 2026-06-15
   days on market $129,400 Active 4 DOM
6. 2026-06-13
   remarks 610-char remark
7. 2026-06-13
   listed $129,400 Active 2 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: $1,069 · $89/mo
• Projected year-2 tax: $1,074 · $90/mo
• Expected delta: +$5/yr ($0/mo · 0.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 25 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: $18,119
• − Mortgage interest: −$7,248
• − Property taxes: −$1,069
• − Insurance: −$5,766
• − Repairs & maintenance: −$1,450
• − Management: −$1,450
• − HOA: −$5,148
• − Depreciation: −$3,764
• Taxable loss: −$7,775
• Est. tax savings @ 24.0%: +$1,866
• After-tax cash flow: $-3,945/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 — Port Richey

• Score: 72/100
• State rank: #368
• US rank: #6481

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Richey, FL
• County: Pasco County · 524,098 people
• City population: 49,442
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 49,442
• Household income: $47,401
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 2699.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 23% Two or more races 14% Black 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 10% Cuban 5% Dominican 1%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 82% English-only · Spanish 14% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -75.64%
• Current HPI: 359.7163
• Rent YoY: ▲ 1.28%
• 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

+379.3% since first listed

15 events — show timeline

• 2026-06-11 Listed $129,400 Stellar MLS as Distributed by MLS Grid
• 2024-09-05 Listed $130,000 Stellar MLS as Distributed by MLS Grid
• 2023-05-02 Sold (Public Records) $125,000 Public Records
• 2023-04-28 Sold (MLS) $125,000 Stellar MLS as Distributed by MLS Grid
• 2023-04-10 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-04-03 Price Changed $129,900 Stellar MLS as Distributed by MLS Grid
• 2023-03-28 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-02-27 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-02-17 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-02-15 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-02-09 Listed $134,900 Stellar MLS as Distributed by MLS Grid
• 2017-09-01 Sold (Public Records) $45,000 Public Records
• 2012-11-01 Sold (Public Records) $30,000 Public Records
• 1984-03-01 Sold (Public Records) $29,000 Public Records
• 1983-08-01 Sold (Public Records) $27,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $1,069 · -43.3% YoY. Source: county tax records.