6735 Mangrove Dr · Wesley Chapel, FL 33544

$231,900

2 bd · 2.0 ba · 1,404 sqft · Manufactured public records · 111 Days on market

Built 2002 0.53 ac lot Est $240k · at est.

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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 +16.5/30.0
• ARV discount +9.0/15.0
• DSCR +5.1/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bedroom, 2 bath home is located on approximately . 5 acres and features a spacious kitchen with wood cabinets and split bedroom floor plan. Sit back and relax and enjoy Florida living at its finest. This one will not last! Equal Housing Opportunity. HUD properties are offered for sale to qualified purchasers without regard to the prospective purchaser's race, color, religion, sex, disability, familial status, or national origin.

Key facts

• Manufactured home
• Galley kitchen
• Newer appliances

Tags

• MANUFACTURED HOME
• GALLEY KITCHEN
• NEWER APPLIANCES
• CYPRESS CREEK PRESERVE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $232k.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (11.5% below list).
• Recommended offer: $205k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.7% in Wesley Chapel — 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 79/100 on livability (#143 in FL, #2,137 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: 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 (-2.3%/yr); 191 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 111 days — a 9% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y ago; this cycle's ask has dropped $18k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $232k implies a 627% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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 $205,185 (11.5% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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?
6. 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.
7. 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.
8. 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: 0.88% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.50%
• DSCR: 1.11
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $240,084
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6735 Mangrove Dr	0.00mi	3/2.0 (+1)	1,404 (0%)	1mo	$227,000	$162	94
6735 Ravenwood St	0.46mi	3/2.0 (+1)	1,404 (0%)	1mo	$225,000	$160	73
26223 Chianina Dr	0.29mi	3/2.0 (+1)	1,352 (-4%)	3mo	$231,000	$171	73
6812 Woodsman Dr	0.15mi	3/2.0 (+1)	1,296 (-8%)	14mo	$270,000	$208	63
6119 Mangrove Dr	0.66mi	3/2.0 (+1)	1,512 (+8%)	3mo	$295,000	$195	49

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: -15.6%
• Equity multiple: 0.46×
• Total profit: $-35,023
• Equity at exit: $34,577

10-year hold

• IRR: -12.9%
• Equity multiple: 0.34×
• Total profit: $-42,818
• Equity at exit: $20,050

Cash invested: $64,932 (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 33544

• Home prices YoY: -24.1%
• Rents YoY: -2.3%
• Active inventory: 191
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,052 medium
• Mortgage (P&I): −$1,216
• Tax from tax record: −$173 /mo · $2,077/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $135

Break-even live

Break-even rent $1,881

Max offer price $231,900

Occupancy floor 88%

Sensitivity live

Price	-10% $266	-5% $201	+0% $135	+5% $70	+10% $4
Rent	-10% $-27	-5% $54	+0% $135	+5% $216	+10% $297
Rate	-1.0pp $252	-0.5pp $194	base $135	+0.5pp $75	+1.0pp $14

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: $57,975
• Closing costs: $6,957
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Address Not Available PL Zephyrhills, FL	1.0–3.0	1.0–2.0	1011	$1,674	$1.66	0d	25	0.66mi
5930 War Admiral Dr Wesley Chapel, FL	3.0	2.0	1485	$2,150	$1.45	19d	1	0.98mi

Listing history 23 events

1. 2026-04-22
   status Pending
2. 2026-04-16
   price $231,900
3. 2026-04-13
   status Active
4. 2026-04-09
   status Pending
5. 2026-04-01
   price $233,900
6. 2026-03-19
   price $235,900
7. 2026-03-12
   price $237,900
8. 2026-03-06
   status Active
9. 2026-03-04
   status Pending
10. 2026-02-27
    price $239,900
11. 2026-02-20
    price $243,900
12. 2026-02-05
    price $246,900
13. 2025-12-26
    listed $250,000 Active
14. 2024-03-21
    historical $1,675
15. 2024-02-29
    listed $1,675
16. 2015-09-04
    soldstatus $31,916 Sold 439-char remark

    Show marketing remark (439 chars)

    This 3 bedroom, 2 bath home is located on approximately . 5 acres and features a spacious kitchen with wood cabinets and split bedroom floor plan. Sit back and relax and enjoy Florida living at its finest. This one will not last! Equal Housing Opportunity. HUD properties are offered for sale to qualified purchasers without regard to the prospective purchaser's race, color, religion, sex, disability, familial status, or national origin.

17. 2015-07-15
    status Pending 439-char remark

    Show marketing remark (439 chars)

    This 3 bedroom, 2 bath home is located on approximately . 5 acres and features a spacious kitchen with wood cabinets and split bedroom floor plan. Sit back and relax and enjoy Florida living at its finest. This one will not last! Equal Housing Opportunity. HUD properties are offered for sale to qualified purchasers without regard to the prospective purchaser's race, color, religion, sex, disability, familial status, or national origin.

18. 2015-07-14
    status Active 439-char remark

    Show marketing remark (439 chars)

    This 3 bedroom, 2 bath home is located on approximately . 5 acres and features a spacious kitchen with wood cabinets and split bedroom floor plan. Sit back and relax and enjoy Florida living at its finest. This one will not last! Equal Housing Opportunity. HUD properties are offered for sale to qualified purchasers without regard to the prospective purchaser's race, color, religion, sex, disability, familial status, or national origin.

19. 2015-07-08
    status Pending 439-char remark

    Show marketing remark (439 chars)

    This 3 bedroom, 2 bath home is located on approximately . 5 acres and features a spacious kitchen with wood cabinets and split bedroom floor plan. Sit back and relax and enjoy Florida living at its finest. This one will not last! Equal Housing Opportunity. HUD properties are offered for sale to qualified purchasers without regard to the prospective purchaser's race, color, religion, sex, disability, familial status, or national origin.

20. 2015-05-21
    listed $40,000 Active 439-char remark

    Show marketing remark (439 chars)

    This 3 bedroom, 2 bath home is located on approximately . 5 acres and features a spacious kitchen with wood cabinets and split bedroom floor plan. Sit back and relax and enjoy Florida living at its finest. This one will not last! Equal Housing Opportunity. HUD properties are offered for sale to qualified purchasers without regard to the prospective purchaser's race, color, religion, sex, disability, familial status, or national origin.

21. 2011-12-05
    listed $90,000
22. 2001-03-23
    soldstatus $23,300
23. 1999-09-09
    soldstatus $34,350

ⓘ 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: $2,077 · $173/mo
• Projected year-2 tax: $2,077 · $173/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 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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,622
• − Mortgage interest: −$12,990
• − Property taxes: −$2,077
• − Insurance: −$1,160
• − Repairs & maintenance: −$1,970
• − Management: −$1,970
• − Depreciation: −$6,746
• Taxable loss: −$2,290
• Est. tax savings @ 24.0%: +$550
• After-tax cash flow: $2,171/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 — Wesley Chapel

• Score: 79/100
• State rank: #143
• US rank: #2137

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasco County · 524,098 people
• City population: 100,771
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 29,901
• Household income: $104,573
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 378.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 56% Hispanic / Latino 24% Two or more races 20% Black 9% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 9% Cuban 6% Dominican 1%
• Common ancestry: Romanian 2% Italian 2% Lithuanian 2%
• Foreign-born: 15% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 17% Other Indo-European 2% Arabic 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: ▼ -84.76%
• Current HPI: 266.5191
• Rent YoY: ▼ -2.30%
• 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

+575.1% since first listed

23 events — show timeline

• 2026-04-22 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $231,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-13 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $233,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-19 Price Changed $235,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-12 Price Changed $237,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-06 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-04 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-02-27 Price Changed $239,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-20 Price Changed $243,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-05 Price Changed $246,900 Stellar MLS as Distributed by MLS Grid
• 2025-12-26 Listed $250,000 Stellar MLS as Distributed by MLS Grid
• 2024-03-21 Rental Removed $1,675 STELLARMLS
• 2024-02-29 Listed for Rent $1,675 STELLARMLS
• 2015-09-04 Sold (MLS) $31,916 Stellar MLS as Distributed by MLS Grid
• 2015-07-15 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-07-14 Relisted — Stellar MLS as Distributed by MLS Grid
• 2015-07-08 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-05-21 Listed $40,000 Stellar MLS as Distributed by MLS Grid
• 2011-12-05 Listed $90,000 Stellar MLS as Distributed by MLS Grid
• 2001-03-23 Sold (Public Records) $23,300 Public Records
• 1999-09-09 Sold (Public Records) $34,350 Public Records

Property tax history

+12.1%/yr

Latest (2025): $2,077 · +2.9% YoY. Source: county tax records.