34935 Fun Way · Zephyrhills, FL 33541

$149,900

2 bd · 2.0 ba · 742 sqft · Manufactured public records · 358 Days on market

Built 1986 4,906 sqft lot $75/mo HOA · 4% 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 +27.0/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

HUGE PRICE REDUCTION…come see this home today! Situated on a desirable corner lot within the 55+ community of South Hill, this unique 2 bedroom, 1.5 bath home stands out with its rare abundance of parking, storage, and workshop space- plus, you own the land! Beyond the charming curb appeal, this property offers exceptional flexibility with a temperature-controlled one-car garage/workshop, a dedicated golf cart garage, an additional storage room, and a covered two-car carport. Whether you're a hobbyist, need space for tools, or love the convenience of extra parking, this setup is a true rarity. Step inside to a mostly furnished layout with an open and inviting design. The spacio

Key facts

• Screened front porch
• Abundance of parking
• Covered carport

Tags

• CORNER LOT
• ABUNDANCE OF PARKING
• TEMPERATURE CONTROLLED GARAGE
• GOLF CART GARAGE
• COVERED CARPORT
• SCREENED FRONT PORCH

Property features AI

Finance

• Other: Partially furnished; Total building area reported as 2,400 sq ft (public records); Living area reported as 1,439 sq ft (owner); Lot size about 0.11 acre; Association fees total $900 annually
• Financial info: Lease restrictions apply
• HOA & community: Community association: Dell Anderson; Monthly HOA $75; Association approval required; Clubhouse, pool, shuffleboard court; Deed restrictions; Senior community; Pets allowed with breed, size and number limits (max 30 lbs)

Exterior

• Parking: Attached garage; 1-car garage with workshop; 2-car carport; Golf cart garage
• Utilities: Public water; Public sewer; Electricity connected; High-speed internet available; Water connected; Sewer connected
• Home design: Manufactured single-wide home; One story; South-facing; Crawlspace foundation
• Construction: Other construction materials; Membrane and metal roof
• Exterior features: Covered patios/porches; Front porch; Screened porch; Exterior lighting; Rain gutters; Sliding doors; Exterior storage; Corner lot; Paved lot/driveway; Located in county

Interior

• Kitchen: Refrigerator; Range; Microwave
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Linoleum
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Built-in features; Ceiling fans; Crown molding; Eat-in kitchen; Kitchen/family room combo; Open floorplan; Split bedroom layout; Vaulted ceilings
• Laundry & utility: Washer; Dryer; Laundry closet; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.8% in Zephyrhills — 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 (#330 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools C-, crime C-, 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 soft (-2.5%/yr); 856 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 37% of the median local income ($57k/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 $1k 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 358 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $150k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 358 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 1.18% ✓
• Cap rate: 9.65%
• Cash-on-cash: 11.99%
• DSCR: 1.53
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $83,846
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35012 Dale Ave	0.57mi	2/2.0	732 (-1%)	4mo	$95,000	$130	68
35204 Ada Ave	0.59mi	2/1.0	710 (-4%)	0mo	$80,000	$113	61
35238 Dodie Dr #09	0.70mi	1/2.0 (-1)	726 (-2%)	2mo	$79,000	$109	57
35142 Zephyr Shores Dr	0.60mi	2/2.0	720 (-3%)	12mo	$83,000	$115	57
34840 Carl Ave	0.44mi	2/2.0	840 (+13%)	20mo	$95,000	$113	41
35128 Dale Ave	0.61mi	2/2.0	852 (+15%)	8mo	$84,900	$100	40

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-2,768
• Equity at exit: $22,351

10-year hold

• IRR: 4.5%
• Equity multiple: 1.28×
• Total profit: $11,941
• Equity at exit: $12,961

Cash invested: $41,972 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,765 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$52 /mo · $621/yr
• Insurance: −$62
• HOA: −$75
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $419

Break-even live

Break-even rent $1,235

Max offer price $149,900

Occupancy floor 71%

Sensitivity live

Price	-10% $504	-5% $462	+0% $419	+5% $377	+10% $334
Rent	-10% $280	-5% $350	+0% $419	+5% $489	+10% $559
Rate	-1.0pp $495	-0.5pp $457	base $419	+0.5pp $380	+1.0pp $341

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3030 Beaver Creek Dr Wesley Chapel, FL	2.0	1.0	700	$950	$1.36	15d	1	1.25mi
34002 Painthorse Way Wesley Chapel, FL	1.0–3.0	1.0–2.0	1022	$2,208	$2.16	3d	46	1.36mi

HOA detail

• Monthly dues: $75 · $900/yr

Listing history 14 events

1. 2026-06-09
   days on market $149,900 Active 358 DOM
2. 2026-06-08
   days on market $149,900 Active 357 DOM
3. 2026-06-07
   days on market $149,900 Active 356 DOM
4. 2026-06-04
   days on market $149,900 Active 353 DOM
5. 2026-06-03
   days on market $149,900 Active 352 DOM
6. 2026-06-02
   days on market $149,900 Active 351 DOM
7. 2026-06-01
   days on market $149,900 Active 350 DOM
8. 2026-05-31
   days on market $149,900 Active 349 DOM
9. 2026-02-24
   price $149,900
10. 2025-08-13
    price $167,400
11. 2025-06-16
    listed $169,900 Active
12. 2007-03-16
    soldstatus $75,000
13. 2006-12-01
    listed $85,000
14. 1987-12-01
    soldstatus $13,000

ⓘ 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: $621 · $52/mo
• Projected year-2 tax: $1,244 · $104/mo
• Expected delta: +$623/yr (+$52/mo · 100.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 25 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: $21,184
• − Mortgage interest: −$8,397
• − Property taxes: −$621
• − Insurance: −$750
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − HOA: −$900
• − Depreciation: −$4,361
• Taxable income: $2,767
• Est. tax owed @ 24.0%: −$664
• After-tax cash flow: $4,368/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 — Zephyrhills

• Score: 72/100
• State rank: #330
• US rank: #5760

Category grades

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

+1053.1% since first listed

6 events — show timeline

• 2026-02-24 Price Changed $149,900 Stellar MLS as Distributed by MLS Grid
• 2025-08-13 Price Changed $167,400 Stellar MLS as Distributed by MLS Grid
• 2025-06-16 Listed $169,900 Stellar MLS as Distributed by MLS Grid
• 2007-03-16 Sold (Public Records) $75,000 Public Records
• 2006-12-01 Listed $85,000 Stellar MLS as Distributed by MLS Grid
• 1987-12-01 Sold (Public Records) $13,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $621 · +4.6% YoY. Source: county tax records.