11113 37th Ave E · Memphis, FL 34221

$357,000

5 bd · 2.0 ba · 1,708 sqft · Land · 110 Days on market

Built 2026 6,600 sqft lot $18/mo HOA · 1% of rent

---

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 +13.3/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• DSCR +4.0/10.0
• 1% rule +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

Key facts

• Central island
• Single-story layout
• Spacious great room

Tags

• OPEN-CONCEPT KITCHEN
• CENTRAL ISLAND
• WALK-IN PANTRY
• SPACIOUS GREAT ROOM
• SINGLE-STORY LAYOUT

Property features AI

Finance

• Other: Home warranty included
• Financial info: Other annual assessment approximately $2,754; Lease restrictions apply
• HOA & community: Homeowners association (Access Management) with required approval; Monthly HOA approximately $18.67 (quarterly association fee $56); Association amenities include clubhouse, pool, and maintenance; Community features: clubhouse, deed restrictions, reclaimed irrigation, pool; Pets allowed

Exterior

• Parking: Driveway; Attached 2-car garage with garage door opener
• Security: Fire alarm, fire sprinkler system, and smoke detectors
• Utilities: Public water; Public sewer; Electricity available; Sewer connected
• Home design: Single-family residence; One story; Under construction (projected completion June 19, 2026); Property faces east; Zoned PD-R
• Construction: Block and concrete construction; Shingle roof; Slab foundation; New construction by D.R. Horton (model: DUNDEE); Builder license CBC039052
• Exterior features: Covered patio/porch; Hurricane shutters; Exterior lighting; Sliding doors; Landscaped yard; Sidewalk; Paved surfaces; Irrigation equipment (community reclaimed water available)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: 5 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Open floorplan; Thermostat; Walk-in closets; Window treatments; Blinds; Double-pane windows; Fire alarm, fire sprinkler system, and smoke detectors
• Laundry & utility: Laundry closet; Laundry room; Washer; Dryer

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath land listed at $357k.

Deal economics

• At list price, monthly cash flow is $-1 ($-12/yr) — negative.
• To cash-flow at today's rent, offer at most $357k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (17.1% below list).
• Recommended offer: $296k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.4% in Memphis — 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 63/100 on livability (#745 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James Tillman Elementary Magnet School (math 65% / reading 34%, grade D, #1,088 of 2,144 statewide, top 53%, 520 students, 74% FRL); Palmetto High School (math 22% / reading 36%, grade F, #456 of 667 statewide, top 68%, 2,100 students, 61% FRL) — zoned schools average 68% FRL vs 51% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 39% at this address vs 52% district-wide (-13 pts) — the specific schools serving this property underperform the Manatee average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-3.0%/yr); 1170 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• At $2,960/mo this rent would consume 46% of the median local household income ($78k/yr) (locally 1193% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $295,986 (17.1% 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. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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: 0.83% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• GRM: 10.1

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: -19.6%
• Equity multiple: 0.33×
• Total profit: $-66,623
• Equity at exit: $53,230

10-year hold

• IRR: -19.9%
• Equity multiple: 0.08×
• Total profit: $-91,758
• Equity at exit: $30,867

Cash invested: $99,960 (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 34221

• Rents YoY: -3.0%
• Active inventory: 1170
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,960 medium
• Mortgage (P&I): −$1,872
• Tax from tax record: −$300 /mo · $3,605/yr
• Insurance: −$149
• HOA: −$18
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $-1

Break-even live

Break-even rent $2,961

Max offer price $356,819

Occupancy floor 95%

Sensitivity live

Price	-10% $201	-5% $100	+0% $-1	+5% $-102	+10% $-203
Rent	-10% $-235	-5% $-118	+0% $-1	+5% $116	+10% $233
Rate	-1.0pp $179	-0.5pp $90	base $-1	+0.5pp $-94	+1.0pp $-188

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: $89,250
• Closing costs: $10,710
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11019 Bud Rhoden Rd Palmetto, FL	4.0	2.0	1633	$2,589	$1.59	4d	1	0.09mi
5511 Bungalow Grove Ct Palmetto, FL	4.0	2.0	1633	$2,900	$1.78	25d	1	1.34mi
2789 89th Street Cir E Palmetto, FL	4.0	2.0	2150	$2,450	$1.14	25d	1	1.49mi

HOA detail

• Monthly dues: $18 · $216/yr

Listing history 31 events

1. 2026-06-17
   status $357,000 Pending 110 DOM
2. 2026-06-17
   days on market $357,000 Active 110 DOM
3. 2026-06-16
   days on market $357,000 Active 109 DOM
4. 2026-06-15
   days on market $357,000 Active 108 DOM
5. 2026-06-13
   days on market $357,000 Active 106 DOM
6. 2026-06-13
   days on market $357,000 Active 105 DOM
7. 2026-06-10
   pricedays on market $357,000 Active 103 DOM
8. 2026-06-09
   days on market $359,990 Active 102 DOM
9. 2026-06-08
   pricedays on market $359,990 Active 101 DOM
10. 2026-06-08
    days on market $357,000 Active 100 DOM
11. 2026-06-03
    days on market $357,000 Active 96 DOM
12. 2026-06-02
    pricedays on market $357,000 Active 95 DOM
13. 2026-06-01
    days on market $359,990 Active 94 DOM
14. 2026-05-31
    days on market $359,990 Active 93 DOM
15. 2026-05-21
    price $363,000 561-char remark

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

16. 2026-05-20
    price $363,000

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

17. 2026-05-20
    price $367,000 561-char remark

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

18. 2026-05-19
    price $367,000
19. 2026-05-13
    price $363,000

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

20. 2026-05-13
    price $363,000 561-char remark

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

21. 2026-05-06
    price $367,000

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

22. 2026-05-06
    price $367,000 561-char remark

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

23. 2026-05-01
    price $369,000 561-char remark

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

24. 2026-04-29
    price $369,000
25. 2026-04-15
    price $372,000 561-char remark

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

26. 2026-04-14
    price $372,000
27. 2026-03-13
    price $374,000 561-char remark

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

28. 2026-03-12
    price $374,000
29. 2026-02-28
    listed $375,990 Active 561-char remark

    Show marketing remark (561 chars)

    The Dundee offers everything you need in a single-story layout that lives larger than its square footage. With five bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care quartz countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in.

30. 2026-02-27
    listed $375,990 Active
31. 2024-06-11
    soldstatus $15,387,800

ⓘ 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: $3,605 · $300/mo
• Projected year-2 tax: $3,605 · $300/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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 30 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,518
• − Mortgage interest: −$19,998
• − Property taxes: −$3,605
• − Insurance: −$1,785
• − Repairs & maintenance: −$2,841
• − Management: −$2,841
• − HOA: −$216
• − Depreciation: −$10,385
• Taxable loss: −$6,154
• Est. tax savings @ 24.0%: +$1,477
• After-tax cash flow: $1,465/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: Manatee
• NCES district ID: 1201230
• Math proficiency: 54% ▼ -6.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $49,607
• Composite: 44.43/100
• National rank: #2806
• State rank: #26 of 73 in FL

Livability — Memphis

• Score: 63/100
• State rank: #745
• US rank: #16072

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Manatee County · 416,364 people
• City population: 14,819
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 56,208
• Household income: $77,712
• Rent vs Own: 17.1% rent · 82.9% own
• Severe rent burden: 1193.0

Population outlook (Manatee County) Hauer SSP2

• Today (2025): 447,342 people
• By 2030: 488,911 · +9.3%
• By 2040: 567,934 · +27.0%
• By 2050: 637,995 · +42.6%
• By 2075: 781,970 · +74.8%
• By 2100: 848,272 · +89.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Hispanic / Latino 22% Black 14% Two or more races 11%
• Hispanic origin (detail): Mexican 14% Puerto Rican 3%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, Dominican Republic, Jamaica
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1%

Political lean MEDSL · Manatee

• 2024 margin: Strong R (+23.5) · D 37.9% · R 61.4%
• 2008→2024 swing: -16.5pp toward R · 2008: -7.0pp · 2024: -23.5pp
• All cycles: 2024: R+23.5 2020: R+16.1 2016: R+17.1 2012: R+12.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.53%
• Current HPI: 302.1458
• Rent YoY: ▼ -2.98%
• Metro: North Port-Sarasota-Bradenton, 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

-97.6% since first listed

17 events — show timeline

• 2026-05-21 Price Changed $363,000 Zillow
• 2026-05-20 Price Changed $363,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-20 Price Changed $367,000 Zillow
• 2026-05-19 Price Changed $367,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-13 Price Changed $363,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-13 Price Changed $363,000 Zillow
• 2026-05-06 Price Changed $367,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-06 Price Changed $367,000 Zillow
• 2026-05-01 Price Changed $369,000 Zillow
• 2026-04-29 Price Changed $369,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-15 Price Changed $372,000 Zillow
• 2026-04-14 Price Changed $372,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $374,000 Zillow
• 2026-03-12 Price Changed $374,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-28 Listed $375,990 Zillow
• 2026-02-27 Listed $375,990 Stellar MLS as Distributed by MLS Grid
• 2024-06-11 Sold (Public Records) $15,387,800 Public Records

Property tax history

-19.1%/yr

Latest (2025): $3,605 · +23.2% YoY. Source: county tax records.