7304 Rhinebeck Dr · Bayonet Point, FL 34668

$197,500

2 bd · 2.0 ba · 1,018 sqft · SingleFamily public records · 1 Days on market

Built 1970 Est $220k · 10% under

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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 +14.8/30.0
• ARV discount +12.1/15.0
• DSCR +4.5/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• 1% rule +3.2/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Owner financed, Single family home, fenced backyard, Florida room, metal roof, central heat/ air, move in ready

Key facts

• Metal roof
• Florida room
• Central heat air

Tags

• FENCED BACKYARD
• FLORIDA ROOM
• METAL ROOF
• CENTRAL HEAT AIR
• MOVE IN READY

Property features AI

Exterior

• Home design: Built in 1970
• Construction: Single-family property with 1,138 square feet of living area
• Exterior features: Located in the Palm Terrace Estates subdivision

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $55 ($663/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 $163k (17.6% below list).
• Recommended offer: $163k (17.6% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 5.3% in Bayonet Point — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 69/100 on livability (#485 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D+, 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.
• Zoned schools: Schrader Elementary School (math 38% / reading 35%, grade F, #1,656 of 2,144 statewide, top 78%, 601 students, 82% FRL); Bayonet Point Middle School (math 38% / reading 35%, grade F, #405 of 571 statewide, top 72%, 737 students, 84% FRL); Fivay High School (math 20% / reading 28%, grade F, #529 of 667 statewide, top 80%, 1,610 students, 78% FRL) — zoned schools average 82% FRL vs 48% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 51% district-wide (-19 pts) — the specific schools serving this property underperform the Pasco average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.3%/yr); 582 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 41% of the median local income ($47k/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 $6k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $42k; list at $198k implies a 370% 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; major wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,837 (17.6% below list)

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.82% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $219,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7521 Coventry Dr	0.24mi	2/1.0	1,032 (+1%)	1mo	$230,000	$223	82
10638 Oak Hill Dr	0.49mi	2/2.0	1,060 (+4%)	2mo	$205,000	$193	69
10609 Raffia Dr	0.21mi	2/1.0	900 (-12%)	1mo	$185,000	$206	66
10528 Cymbid Dr	0.49mi	2/2.0	1,082 (+6%)	2mo	$255,000	$236	65
7322 Orange Blossom Ave	0.32mi	2/2.0	1,135 (+12%)	2mo	$245,000	$216	64
11031 Tyler Dr	0.26mi	2/1.0	908 (-11%)	2mo	$185,000	$204	64
11014 Grant Dr	0.22mi	3/2.0 (+1)	1,142 (+12%)	1mo	$245,000	$215	63
11230 Rhonda Ave	0.68mi	2/2.0	1,046 (+3%)	1mo	$130,000	$124	63
7231 Oak Crest Dr	0.57mi	2/2.0	1,100 (+8%)	2mo	$194,900	$177	58
7835 Lotus Dr	0.69mi	3/2.0 (+1)	1,087 (+7%)	1mo	$269,900	$248	51
10433 Laburnum Dr	0.73mi	2/2.0	1,118 (+10%)	1mo	$275,000	$246	49
10126 Hoop Ct	0.72mi	2/2.0	1,135 (+12%)	1mo	$274,000	$241	46

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 · 1.28% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.43×
• Total profit: $-31,312
• Equity at exit: $29,448

10-year hold

• IRR: -11.0%
• Equity multiple: 0.39×
• Total profit: $-33,950
• Equity at exit: $17,076

Cash invested: $55,300 (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 34668

• Home prices YoY: -17.4%
• Rents YoY: 1.3%
• Active inventory: 582
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,628 high
• Mortgage (P&I): −$1,036
• Tax from tax record: −$113 /mo · $1,358/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $55

Break-even live

Break-even rent $1,558

Max offer price $197,500

Occupancy floor 92%

Sensitivity live

Price	-10% $167	-5% $111	+0% $55	+5% $-1	+10% $-57
Rent	-10% $-73	-5% $-9	+0% $55	+5% $120	+10% $184
Rate	-1.0pp $155	-0.5pp $105	base $55	+0.5pp $4	+1.0pp $-48

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: $49,375
• Closing costs: $5,925
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7202 Palisade Dr Port Richey, FL	2.0	2.0	1310	$1,100	$0.84	25d	1	0.14mi
10803 Hyssop St Port Richey, FL	3.0	1.0	1120	$1,500	$1.34	12d	1	0.15mi
7438 Coventry Dr Port Richey, FL	2.0	1.0	985	$1,600	$1.62	14d	1	0.18mi
7416 Star Dust Dr Port Richey, FL	3.0	2.0	1300	$1,650	$1.27	23d	1	0.23mi
11103 Harding Dr Unit 2 Port Richey, FL	2.0	1.0	760	$1,450	$1.91	21d	1	0.30mi
11031 Hassle Ave Port Richey, FL	3.0	1.0	1006	$1,595	$1.59	26d	1	0.32mi
10905 Kingsbridge Rd Port Richey, FL	3.0	2.0	1176	$1,566	$1.33	6d	1	0.38mi
7213 Seward Dr Port Richey, FL	2.0	1.0	700	$1,500	$2.14	26d	1	0.38mi
10825 Scenic Dr Port Richey, FL	2.0	1.5	1140	$1,450	$1.27	12d	1	0.41mi
10629 Cymbid Dr Port Richey, FL	3.0	2.0	1400	$1,700	$1.21	26d	1	0.42mi
10401 Oleander Dr Port Richey, FL	2.0	1.0	887	$1,250	$1.41	26d	1	0.45mi
7540 Venice Dr Port Richey, FL	3.0	2.0	1394	$1,775	$1.27	6d	1	0.47mi
7705 Ilex Dr Port Richey, FL	3.0	2.0	1349	$2,000	$1.48	26d	1	0.51mi
7808 Talisman Dr Port Richey, FL	3.0	2.0	1063	$2,100	$1.98	26d	1	0.54mi
10801 Oldham Rd Port Richey, FL	2.0	2.0	1182	$1,500	$1.27	3d	1	0.55mi
7724 Tyson Dr Port Richey, FL	2.0	2.0	1200	$1,550	$1.29	1d	1	0.55mi
7531 Greybirch Ter Port Richey, FL	3.0	2.0	1400	$2,000	$1.43	26d	1	0.62mi
7520 Hawthorn Dr Port Richey, FL	2.0	2.0	1303	$1,800	$1.38	25d	1	0.62mi
7520 Hawthorn Dr Unit NA Port Richey, FL	2.0	2.0	1303	$1,900	$1.46	26d	1	0.62mi
10816 Piccadilly Rd Port Richey, FL	3.0	2.0	1408	$1,550	$1.10	14d	1	0.63mi
7839 Canna Dr Port Richey, FL	2.0	2.0	1095	$1,450	$1.32	12d	1	0.63mi
10802 Laburnum Dr Port Richey, FL	2.0	2.0	1002	$1,545	$1.54	26d	1	0.65mi
11241 Yewtree Ave Port Richey, FL	3.0	2.0	1306	$1,950	$1.49	25d	1	0.66mi
10632 Laburnum Dr Port Richey, FL	2.0	2.0	1193	$1,583	$1.33	26d	1	0.68mi
10303 Gardenia Ln Port Richey, FL	3.0	2.0	1054	$1,950	$1.85	26d	1	0.70mi
7530 Judith Cres Port Richey, FL	2.0	2.0	1446	$2,200	$1.52	26d	1	0.71mi
7530 Judith Cres Port Richey, FL	2.0	2.0	1446	$1,695	$1.17	22d	1	0.71mi
6731 Sandra Dr Port Richey, FL	2.0	1.0	816	$1,575	$1.93	26d	1	0.72mi
10502 Laburnum Dr Port Richey, FL	2.0	2.0	1002	$1,545	$1.54	26d	1	0.73mi
10110 Cherry Creek Ln Port Richey, FL	3.0	1.0	1260	$1,500	$1.19	1d	1	0.73mi
10225 Gardenia Ln Port Richey, FL	3.0	1.0	1042	$1,495	$1.43	16d	1	0.74mi
8024 Las Cruces Ct Port Richey, FL	2.0	2.0	1371	$1,900	$1.39	26d	1	0.74mi
11138 Yellowwood Ln Unit NA Port Richey, FL	3.0	1.0	1000	$1,800	$1.80	26d	1	0.78mi
7608 Sue Ellen Dr Port Richey, FL	3.0	2.0	1310	$2,400	$1.83	26d	1	0.81mi
7804 Topay Ln Port Richey, FL	3.0	2.0	1125	$1,795	$1.60	1d	1	0.86mi
7539 Gulf Highlands Dr Port Richey, FL	2.0	1.5	936	$1,550	$1.66	6d	1	0.88mi
7715 Sue Ellen Dr Port Richey, FL	2.0	2.0	1080	$1,495	$1.38	5d	1	0.88mi
7040 Brentwood Dr Unit NA Port Richey, FL	2.0	1.0	880	$1,600	$1.82	22d	1	0.93mi
11430 Rohrman Rd Port Richey, FL	1.0	1.0	700	$1,000	$1.43	6d	1	0.93mi
6831 Tierra Linda St Port Richey, FL	3.0	2.0	1478	$1,595	$1.08	26d	1	0.97mi

Listing history 2 events

1. 2026-06-17
   remarks 111-char remark
2. 2026-06-17
   listed $197,500 Active 1 DOM

ⓘ 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: $1,358 · $113/mo
• Projected year-2 tax: $1,639 · $137/mo
• Expected delta: +$282/yr (+$23/mo · 20.7%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 26 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,540
• − Mortgage interest: −$11,063
• − Property taxes: −$1,358
• − Insurance: −$988
• − Repairs & maintenance: −$1,563
• − Management: −$1,563
• − Depreciation: −$5,745
• Taxable loss: −$2,740
• Est. tax savings @ 24.0%: +$658
• After-tax cash flow: $1,321/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 — Bayonet Point

• Score: 69/100
• State rank: #485
• US rank: #8934

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bayonet Point, FL
• County: Pasco County · 524,098 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 49,442
• Household income: $47,401
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 2699.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 23% Two or more races 14% Black 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 10% Cuban 5% Dominican 1%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 82% English-only · Spanish 14% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -75.64%
• Current HPI: 359.7163
• Rent YoY: ▲ 1.28%
• 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

+393.8% since first listed

3 events — show timeline

• 2026-06-18 Listed $197,500 FSBO.com
• 1988-08-01 Sold (Public Records) $42,000 Public Records
• 1987-05-01 Sold (Public Records) $40,000 Public Records

Property tax history

+8.0%/yr

Latest (2025): $1,358 · +2.0% YoY. Source: county tax records.