4101 Passport Ln #203 · New Port Richey East, FL 34653

$115,000

2 bd · 2.0 ba · 1,251 sqft · Condo public records · 69 Days on market

Built 1983 $450/mo HOA · 26% 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 +25.1/30.0
• 1% rule +10.0/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

One or more photo(s) has been virtually staged. WELCOME TO YOUR SWEET HOME at 4101 Passport Ln #203, New Port Richey, FL in the WONDERFUL 55+ community of Woodtrail Condominiums. This 2nd level unit has an OPEN FLOOR PLAN with 1251 heated sqft. As you step through the front door, you will LOVE how BRIGHT & AIRY this home feels! This NICE condo features an OPEN FLOOR PLAN consisting of the foyer, kitchen & dining room & EXTRA LARGE living room. Natural SUNSHINE streams through the multiple windows ILLUMINATING the interior together with the light fixtures. The well-equipped kitchen comes with TILE FLOORS, PLENTIFUL cabinets with hardware, expansive laminate counters, breakf

Key facts

• Open floor plan
• Tile floors
• Massive living room

Tags

• OPEN FLOOR PLAN
• TILE FLOORS
• PLENTIFUL CABINETS
• BREAKFAST BAR
• MASSIVE LIVING ROOM
• CERAMIC TILES

Property features AI

Finance

• Other: Unit is unfurnished
• Financial info: Total annual fees: $5,400; Lease restrictions apply
• HOA & community: HOA managed by Management & Associates (monthly fee required); Monthly condo/association fee: $450 (includes cable TV, internet, pool, common area taxes, maintenance - structure and grounds, pest control, private road, recreational facilities, trash, escrow reserves); Association approval required; Association amenities: clubhouse, pool, recreation facilities, maintenance, wheelchair access, sidewalks, street lights, deed restrictions, buyer approval required, fence restrictions; Senior community; Pets allowed (cats and dogs; number and size limits apply, max pet weight 13 lbs)

Exterior

• Parking: Assigned covered parking; Ground-level parking; Guest and off-street parking; Carport (1 space)
• Security: Smoke detectors; Lobby key required (community amenity)
• Utilities: Public water; Public sewer; Electricity connected; Cable available and connected; Broadband/high-speed internet available; Water connected; Sewer connected
• Home design: Residential condominium (attached); One story; Facing east; Completed condition; Split-level designation not indicated
• Construction: Stucco and frame construction; Shingle roof; Slab foundation; Built in 4101 building (unit 203)
• Exterior features: Covered front porch and patio; Porch; Outdoor grill; Lighting; Rain gutters; Sidewalk; Storage; Child safety fence at pool; Pool lighting; Outside bath access; Solar-heated pool; Gunite in-ground heated pool

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Water purifier; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heat (electric/heat pump); Central air
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; High ceilings; Living room/dining room combo; Open floorplan; Solid surface counters; Solid wood cabinets; Split bedroom layout; Thermostat; Walk-in closets; Window treatments; Blinds
• Laundry & utility: Washer hookup; Dryer hookup; Washer and dryer included; Laundry closet; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $255 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.3% in New Port Richey East — 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 68/100 on livability (#499 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, 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: Deer Park Elementary School (math 57% / reading 60%, grade B-, #735 of 2,144 statewide, top 35%, 476 students, 55% FRL); River Ridge High School (math 50% / reading 54%, grade D+, #160 of 667 statewide, top 25%, 1,802 students, 41% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: Rents soft (-2.9%/yr); 305 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 42% 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 $795 of loan paydown is wiped out by about $3k 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 69 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y 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.
• Current owner paid $47k; list at $115k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% 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. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.52% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.52%
• DSCR: 1.42
• GRM: 5.5

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: -6.3%
• Equity multiple: 0.77×
• Total profit: $-7,274
• Equity at exit: $17,147

10-year hold

• IRR: -2.4%
• Equity multiple: 0.87×
• Total profit: $-4,295
• Equity at exit: $9,943

Cash invested: $32,200 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,752 high
• Mortgage (P&I): −$603
• Tax from tax record: −$28 /mo · $337/yr
• Insurance: −$48
• HOA: −$450
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $255

Break-even live

Break-even rent $1,429

Max offer price $115,000

Occupancy floor 80%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8930 Lazy River Loop New Port Richey, FL	1.0–3.0	1.0–2.0	1018	$1,640	$1.61	1d	12	0.22mi
3952 Elvira Ct New Port Richey, FL	2.0	2.0	957	$1,450	$1.52	21d	1	0.23mi
4031 Vista Verde Dr New Port Richey, FL	1.0–2.0	1.0–2.0	825	$1,669	$2.02	2d	6	0.29mi
4105 La Pasida Ln New Port Richey, FL	2.0	2.0	972	$1,750	$1.80	24d	1	0.32mi
8563 Pilgrim Ct New Port Richey, FL	2.0	1.5	1236	$1,400	$1.13	4d	1	0.33mi
4147 La Pasida Ln New Port Richey, FL	2.0	2.0	1149	$1,800	$1.57	4d	1	0.33mi
9110 Via Recreo New Port Richey, FL	2.0	2.0	891	$1,550	$1.74	4d	1	0.33mi
8559 Pilgrim Ct New Port Richey, FL	2.0	1.5	1236	$1,500	$1.21	20d	1	0.33mi
9400 Alta Sol Way New Port Richey, FL	2.0	2.0	1177	$1,949	$1.66	12d	1	0.52mi
8712 Cypress Lakes Blvd New Port Richey, FL	3.0	2.0	1729	$2,240	$1.30	14d	1	0.61mi
4420 Sawgrass Blvd New Port Richey, FL	3.0	2.0	1400	$2,300	$1.64	24d	1	0.62mi
4347 Otter Way New Port Richey, FL	3.0	2.0	1344	$1,715	$1.28	1d	1	0.63mi
8248 Corner Pine Way New Port Richey, FL	3.0	2.5	1634	$2,200	$1.35	21d	1	0.68mi
9026 Severn Ln New Port Richey, FL	2.0	2.0	1476	$1,800	$1.22	3d	1	0.68mi
3683 Trophy Blvd New Port Richey, FL	2.0	2.0	923	$1,650	$1.79	4d	1	0.78mi
8135 Brown Pelican Ave New Port Richey, FL	2.0	2.0	1089	$2,000	$1.84	4d	1	0.79mi
9616 Midiron Ct New Port Richey, FL	2.0	2.0	956	$1,950	$2.04	4d	1	0.81mi
8107 Blue Finch Way New Port Richey, FL	3.0	2.0	1320	$1,975	$1.50	24d	1	0.86mi
3668 Trophy Blvd New Port Richey, FL	2.0	2.0	923	$2,000	$2.17	24d	1	0.86mi
3832 Teeside Dr Unit 1 New Port Richey, FL	2.0	2.0	1034	$1,495	$1.45	4d	1	0.93mi
3832 Teeside Dr Unit 4 New Port Richey, FL	2.0	2.0	956	$1,495	$1.56	10d	1	0.93mi
7910 Hardwick Dr #713 New Port Richey, FL	2.0	1.0	925	$1,595	$1.72	4d	1	0.97mi
7828 Hardwick Dr #927 New Port Richey, FL	2.0	2.0	1025	$1,650	$1.61	4d	1	1.03mi
7911 Aden Loop New Port Richey, FL	3.0	2.0	1067	$1,785	$1.67	24d	1	1.03mi
3554 Teeside Dr New Port Richey, FL	2.0	2.0	1148	$1,950	$1.70	24d	1	1.05mi
3516 Teeside Dr New Port Richey, FL	2.0	2.0	1148	$2,000	$1.74	1d	1	1.05mi
8403 Yearling Ln New Port Richey, FL	3.0	2.0	1277	$2,125	$1.66	10d	1	1.07mi
3944 Watson Dr New Port Richey, FL	3.0	2.0	1614	$2,600	$1.61	10d	1	1.11mi
5223 Hunters Ridge Dr New Port Richey, FL	1.0–2.0	1.0–2.0	1128	$2,235	$1.98	21d	5	1.11mi
3707 Mexicali St New Port Richey, FL	3.0	2.0	1185	$1,925	$1.62	4d	1	1.15mi
8335 Birch Haven Ln New Port Richey, FL	3.0	2.5	1634	$2,100	$1.29	17d	1	1.15mi
8239 Crescent Oaks Dr New Port Richey, FL	2.0	2.5	1513	$2,200	$1.45	21d	1	1.15mi
9635 Greenskeeper Dr New Port Richey, FL	2.0	2.0	1148	$1,900	$1.66	24d	1	1.16mi
7733 Atherton Ave New Port Richey, FL	2.0	2.0	1291	$1,775	$1.37	16d	1	1.17mi
7742 Arlight Dr New Port Richey, FL	3.0	2.0	1653	$1,995	$1.21	24d	1	1.19mi
3602 Murrow St New Port Richey, FL	3.0	2.0	1283	$2,090	$1.63	4d	1	1.21mi
4851 Mill Run Dr New Port Richey, FL	3.0	2.0	1456	$2,185	$1.50	14d	1	1.22mi
8504 Shallow Creek Ct New Port Richey, FL	3.0	2.5	1686	$2,050	$1.22	24d	1	1.30mi
3406 Murrow St New Port Richey, FL	2.0	1.0	1262	$1,750	$1.39	1d	1	1.30mi
3455 Monte Rio St New Port Richey, FL	2.0	2.0	1291	$1,775	$1.37	17d	1	1.37mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $115,000 Active 69 DOM
2. 2026-06-17
   days on market $115,000 Active 68 DOM
3. 2026-06-16
   days on market $115,000 Active 67 DOM
4. 2026-06-15
   days on market $115,000 Active 66 DOM
5. 2026-06-13
   days on market $115,000 Active 64 DOM
6. 2026-06-09
   days on market $115,000 Active 60 DOM
7. 2026-06-08
   days on market $115,000 Active 59 DOM
8. 2026-06-07
   days on market $115,000 Active 58 DOM
9. 2026-06-04
   days on market $115,000 Active 55 DOM
10. 2026-06-03
    days on market $115,000 Active 54 DOM
11. 2026-06-02
    days on market $115,000 Active 53 DOM
12. 2026-06-01
    days on market $115,000 Active 52 DOM
13. 2026-05-31
    days on market $115,000 Active 51 DOM
14. 2026-04-10
    listed $115,000 Active
15. 2006-12-29
    listed $88,500
16. 2001-01-30
    soldstatus $47,000
17. 1998-10-21
    soldstatus $42,000
18. 1996-07-08
    soldstatus $39,000

ⓘ 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: $337 · $28/mo
• Projected year-2 tax: $954 · $80/mo
• Expected delta: +$618/yr (+$51/mo · 183.5%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 27 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: $21,029
• − Mortgage interest: −$6,442
• − Property taxes: −$337
• − Insurance: −$575
• − Repairs & maintenance: −$1,682
• − Management: −$1,682
• − HOA: −$5,400
• − Depreciation: −$3,345
• Taxable income: $1,566
• Est. tax owed @ 24.0%: −$376
• After-tax cash flow: $2,689/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 East

• Score: 68/100
• State rank: #499
• US rank: #9203

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasco County · 524,098 people
• City population: 36,086
• 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

+194.9% since first listed

5 events — show timeline

• 2026-04-10 Listed $115,000 Stellar MLS as Distributed by MLS Grid
• 2006-12-29 Listed $88,500 Stellar MLS as Distributed by MLS Grid
• 2001-01-30 Sold (Public Records) $47,000 Public Records
• 1998-10-21 Sold (Public Records) $42,000 Public Records
• 1996-07-08 Sold (Public Records) $39,000 Public Records

Property tax history

+6.9%/yr

Latest (2025): $337 · +6.5% YoY. Source: county tax records.