605 Michigan Blvd #118 · Dunedin, FL 34698

$160,000

2 bd · 1.0 ba · 1,044 sqft · Manufactured public records · 86 Days on market

Built 1971 $225/mo HOA · 9% of rent ↓ 9% since listing

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Completely remodeled 2BR/2BA home backing to Cedar Creek-- and you OWN THE LAND! This beautifully updated home offers privacy and comfort with a serene creek backdrop and thoughtful modern upgrades throughout! Enjoy a spacious open floor plan with split bedrooms and an inside laundry with extra storage. The kitchen and living areas flow perfectly for entertaining, while the screened-in lanai and paver patio provide the ideal outdoor retreat overlooking nature. Additional highlights include a new mini-split system, double-pane windows, hurricane shutters, updated electrical, and a roof just 5 years old. A front porch, carport, and rear shed complete this move-in ready property. Whether relax

Key facts

• Screened-in lanai
• Paver patio
• Remodeled home

Tags

• REMODELED HOME
• SPACIOUS OPEN FLOOR PLAN
• INSIDE LAUNDRY
• SCREENED-IN LANAI
• PAVER PATIO
• NEW MINI-SPLIT SYSTEM

Property features AI

Finance

• Financial info: Total monthly fees $225; total annual fees $2,700; Lease restrictions apply
• HOA & community: Monthly HOA fee of $225 (includes cable TV, common area taxes, escrow reserves, insurance, grounds maintenance, management, recreational facilities, sewer, trash, water); Association approval required; Association-managed by Lanier Property Management/Cat Lanier; Community features: clubhouse, recreation facilities, shuffleboard court, deed restrictions, golf carts allowed, buyer approval required; Senior community; Pets not allowed

Exterior

• Parking: Covered parking; Carport (2 spaces); Guest parking; Golf cart parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Water connected; Sewer connected; Trash service (included in association fees)
• Home design: Double-wide mobile home; One story; West-facing
• Construction: Metal frame construction; Metal siding; Other roof; Pillar/post/pier foundation; Built as double wide
• Exterior features: Covered, enclosed and screened porch areas (front and rear); Patio; Hurricane shutters; Rain gutters; Shed(s)/storage

Interior

• Kitchen: Range; Microwave; Refrigerator; Solid surface counters
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Mini-split cooling units
• Interior features: Ceiling fans; Kitchen/family room combo; Open floorplan; Solid surface counters; Split bedroom layout; Double-pane windows; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Inside laundry; Inside utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 2.8% in Dunedin — 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 86/100 on livability (#15 in FL, #411 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: employment C-, amenities D.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.7%/yr); 481 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• This rent runs 39% of the median local income ($74k/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 $5k of value loss. Plan a longer hold.
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 $150,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1971 — 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. 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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: 1.52% ✓
• Cap rate: 11.88%
• Cash-on-cash: 19.97%
• DSCR: 1.89
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.69% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-6,033
• Equity at exit: $23,857

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $19,198
• Equity at exit: $13,834

Cash invested: $44,800 (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 34698

• Rents YoY: 2.7%
• Active inventory: 481
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,426 high
• Mortgage (P&I): −$839
• Tax from tax record: −$41 /mo · $488/yr
• Insurance: −$67
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$225
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $319

Break-even live

Break-even rent $2,023

Max offer price $160,000

Occupancy floor 82%

Sensitivity live

Price	-10% $409	-5% $364	+0% $319	+5% $274	+10% $228
Rent	-10% $127	-5% $223	+0% $319	+5% $415	+10% $511
Rate	-1.0pp $399	-0.5pp $360	base $319	+0.5pp $277	+1.0pp $235

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2005 McMullen Ave Dunedin, FL	2.0	2.0	1350	$2,595	$1.92	25d	1	0.08mi
2011 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,395	$1.84	3d	1	0.10mi
2015 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,295	$1.77	25d	1	0.11mi
2019 McMullen Ave Dunedin, FL	2.0	2.0	1300	$2,295	$1.77	19d	1	0.13mi
2013 Woodward Ave Dunedin, FL	2.0	2.0	1405	$2,400	$1.71	25d	1	0.17mi
1849 San Mateo Dr Dunedin, FL	3.0	1.0	1128	$2,800	$2.48	19d	1	0.31mi
2233 Snead Ave Dunedin, FL	3.0	2.0	1284	$3,000	$2.34	25d	1	0.66mi
2233 Snead Ave Dunedin, FL	3.0	2.0	1284	$3,000	$2.34	18d	1	0.66mi
2489 Del Rio Way Dunedin, FL	2.0	2.0	1250	$2,500	$2.00	25d	1	0.74mi
2491 Coronado Way Dunedin, FL	3.0	2.0	1346	$2,950	$2.19	5d	1	0.75mi
2494 Del Rio Way Dunedin, FL	3.0	1.5	1058	$3,200	$3.02	25d	1	0.78mi
1579 Bayshore Blvd Dunedin, FL	3.0	2.0	1040	$3,500	$3.37	9d	1	0.80mi
439 S Paula Dr Dunedin, FL	1.0–2.0	1.0	612	$1,995	$3.26	25d	3	0.83mi
433 S Paula Dr #17 Dunedin, FL	2.0	2.5	1290	$2,300	$1.78	9d	1	0.86mi
2021 Valley Dr Dunedin, FL	3.0	2.0	1445	$4,500	$3.11	25d	1	0.88mi
1525 Ruth Rd Dunedin, FL	2.0	2.0	1379	$3,200	$2.32	5d	1	0.88mi
1523 Bayshore Blvd Unit 6 Dunedin, FL	3.0	1.0	1061	$3,000	$2.83	25d	1	0.89mi
1479 Ruth Rd Dunedin, FL	2.0	2.0	1235	$2,700	$2.19	25d	1	0.95mi
1412 Gladys Cir Unit 1466152P Dunedin, FL	3.0	2.0	1097	$3,847	$3.51	4d	1	0.98mi
2651 Michael Pl #104 Dunedin, FL	2.0	2.0	1230	$2,100	$1.71	4d	1	1.01mi
690 Regina Rd Dunedin, FL	2.0	1.0	745	$2,195	$2.95	5d	1	1.01mi
464 N Paula Dr Dunedin, FL	1.0	1.0	704	$2,225	$3.16	5d	1	1.05mi
464 N Paula Dr Dunedin, FL	1.0	1.0	704	$2,125	$3.02	19d	2	1.05mi
444 N Paula Dr Dunedin, FL	1.0–2.0	1.0–2.0	750	$1,770	$2.36	3d	9	1.07mi
1141 San Christopher Dr Apt B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	3d	1	1.08mi
300 Woodette Dr Unit 605A Dunedin, FL	2.0	2.0	1375	$2,300	$1.67	25d	1	1.08mi
300 Woodette Dr Unit 404B Dunedin, FL	2.0	2.0	1180	$2,975	$2.52	5d	1	1.08mi
300 Woodette Dr #303 Dunedin, FL	1.0	1.0	720	$2,100	$2.92	3d	1	1.08mi
1388 Robin Hood Ln Unit 1141-B Dunedin, FL	2.0	1.0	1000	$1,595	$1.59	3d	1	1.09mi
1235 Bass Blvd Dunedin, FL	3.0	2.0	1300	$2,550	$1.96	19d	1	1.11mi
Bayshore Blvd Palm Harbor, FL	1.0	1.0	700	$1,325	$1.89	25d	1	1.15mi
1454 Michigan Blvd Dunedin, FL	2.0	1.0	1000	$2,300	$2.30	5d	1	1.16mi
1187 Bass Blvd Unit A Dunedin, FL	2.0	1.0	850	$1,850	$2.18	25d	1	1.19mi
1187 Bass Blvd Unit C Dunedin, FL	2.0	1.0	850	$1,850	$2.18	19d	1	1.19mi
2700 Bayshore Blvd Dunedin, FL	1.0–3.0	1.0–2.5	1114	$2,772	$2.49	5d	8	1.20mi
1450 Mahogany Ln Palm Harbor, FL	2.0	2.0	1353	$2,300	$1.70	25d	1	1.29mi
1268 Pinehurst Rd Dunedin, FL	1.0	1.0	1080	$1,500	$1.39	18d	1	1.31mi
612 Bass Ct Dunedin, FL	1.0–2.0	1.0	698	$2,031	$2.91	3d	6	1.31mi
525 Bay St Dunedin, FL	2.0	1.0	1104	$3,500	$3.17	5d	1	1.36mi
580 Skinner Blvd Unit 4 Dunedin, FL	2.0	1.0	750	$2,045	$2.73	25d	1	1.43mi

HOA detail

• Monthly dues: $225 · $2,700/yr
• Likely covers: electric

Listing history 16 events

1. 2026-06-18
   days on market $160,000 Active 86 DOM
2. 2026-06-17
   days on market $160,000 Active 85 DOM
3. 2026-06-16
   days on market $160,000 Active 84 DOM
4. 2026-06-15
   days on market $160,000 Active 83 DOM
5. 2026-06-13
   days on market $160,000 Active 81 DOM
6. 2026-06-09
   days on market $160,000 Active 77 DOM
7. 2026-06-08
   days on market $160,000 Active 76 DOM
8. 2026-06-07
   days on market $160,000 Active 75 DOM
9. 2026-06-04
   days on market $160,000 Active 72 DOM
10. 2026-06-03
    days on market $160,000 Active 71 DOM
11. 2026-06-01
    days on market $160,000 Active 69 DOM
12. 2026-05-31
    days on market $160,000 Active 68 DOM
13. 2026-05-21
    price $160,000
14. 2026-03-24
    listed $175,000 Active
15. 2026-02-13
    historical
16. 2025-11-12
    listed $175,000 Active

ⓘ 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: $488 · $41/mo
• Projected year-2 tax: $1,328 · $111/mo
• Expected delta: +$840/yr (+$70/mo · 172.2%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,116
• − Mortgage interest: −$8,962
• − Property taxes: −$488
• − Insurance: −$5,918
• − Repairs & maintenance: −$2,329
• − Management: −$2,329
• − HOA: −$2,700
• − Depreciation: −$4,655
• Taxable income: $1,734
• Est. tax owed @ 24.0%: −$416
• After-tax cash flow: $3,410/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: Pinellas
• NCES district ID: 1201560
• Math proficiency: 51% ▼ -5.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $46,270
• Composite: 43.27/100
• National rank: #3046
• State rank: #31 of 73 in FL

Livability — Dunedin

• Score: 86/100
• State rank: #15
• US rank: #411

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunedin, FL
• County: Pinellas County · 939,478 people
• City population: 38,171
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 38,171
• Household income: $74,078
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 1390.0

Population outlook (Pinellas County) Hauer SSP2

• Today (2025): 1,027,532 people
• By 2030: 1,063,586 · +3.5%
• By 2040: 1,125,020 · +9.5%
• By 2050: 1,168,637 · +13.7%
• By 2075: 1,265,188 · +23.1%
• By 2100: 1,260,357 · +22.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 7% Hispanic / Latino 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Slovak 3% Romanian 3%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Pinellas

• 2024 margin: Lean R (+5.2) · D 46.9% · R 52.1%
• 2008→2024 swing: -13.5pp toward R · 2008: 8.3pp · 2024: -5.2pp
• All cycles: 2024: R+5.2 2020: D+0.2 2016: R+1.1 2012: D+5.6 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -515.66%
• Current HPI: 387.4694
• Rent YoY: ▲ 2.69%
• 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

-8.6% since first listed

4 events — show timeline

• 2026-05-21 Price Changed $160,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-24 Listed $175,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-13 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-11-12 Listed $175,000 Stellar MLS as Distributed by MLS Grid

Property tax history

-2.0%/yr

Latest (2025): $488 · +5.0% YoY. Source: county tax records.