Pulsar Plan · Dade City, FL 33523

$224,990

3 bd · 2.0 ba · 1,386 sqft · Townhouse · 359 Days on market

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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 +12.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to your next home. As you step into the foyer, you're greeted by the stairs leading to the second floor. As you move toward the back of the home, you'll pass the one-car garage and a powder bath before entering the open kitchen and family room, with a patio located just off the family room. Upstairs, you'll find two additional bedrooms-one with a walk-in closet-as well as a laundry room. At the opposite end is the spacious primary bedroom, complete with a walk-in closet and primary bath.

Key facts

• Granite countertops
• Parking
• Listed 359 days

Tags

• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• ENERGY-EFFICIENT DESIGN

Property features AI

Finance

• Other: Address: Dade City, FL 33523
• Financial info: List price available (details not included per instructions)

Exterior

• Utilities: Electric service; Central air conditioning
• Home design: Pulsar plan; New construction plan
• Construction: New construction (Plan: Pulsar)
• Exterior features: Living area approximately 1386

Interior

• Kitchen: Plan includes standard kitchen (appliances not specified)
• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms (full)
• Heating & cooling: Electric heating with heat pump; Central air conditioning
• Interior features: Open living area
• Laundry & utility: Laundry/utility area (details not specified)

🏗️ New construction. The $224,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $239,778.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $225k.

Deal economics

• At list price, monthly cash flow is $-20 ($-241/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (7.9% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 4.6% in Dade City — 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 73/100 on livability (#307 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D+, amenities 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: 295 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 359 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Recommended offer $197,991 (12.0% 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 359 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.86% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.36%
• DSCR: 0.98
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $239,778
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14907 Lucca Way	0.56mi	3/2.5	1,386 (0%)	2mo	$250,320	$181	70
14903 Lucca Way	0.56mi	3/2.5	1,386 (0%)	3mo	$240,490	$174	70
14891 Lucca Way	0.55mi	3/2.5	1,386 (0%)	4mo	$237,320	$171	69
14926 Lucca Way	0.57mi	3/2.5	1,386 (0%)	3mo	$239,870	$173	69
14910 Lucca Way	0.56mi	3/2.5	1,386 (0%)	7mo	$230,140	$166	66

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.93×
• Total profit: $129,344
• Equity at exit: $216,011

10-year hold

• IRR: 21.3%
• Equity multiple: 6.69×
• Total profit: $381,963
• Equity at exit: $465,836

Cash invested: $67,138 (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 33523

• Home prices YoY: 3.8%
• Active inventory: 295
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,072 high
• Mortgage (P&I): −$1,257
• Tax est. 1.5%: −$300 /mo · $3,597/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $-20

Break-even live

Break-even rent $2,098

Max offer price $236,877

Occupancy floor 96%

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: $59,944
• Closing costs: $7,193
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14907 Lucca Way Unit 1 Dade City, FL	3.0	2.5	1386	$2,100	$1.52	24d	1	0.59mi
36350 Spanish Rose Dr Dade City, FL	4.0	2.0	1828	$2,149	$1.18	4d	1	0.89mi
13253 Waterford Castle Dr Dade City, FL	3.0	2.0	1189	$1,749	$1.47	2d	1	1.10mi
13921 19th St Unit 1234474P Dade City, FL	2.0	1.0	936	$2,013	$2.15	16d	1	1.18mi
13911 19th St Dade City, FL	2.0	1.0	1600	$1,495	$0.93	3d	1	1.18mi
13911 19th St Dade City, FL	2.0	1.0	1600	$1,495	$0.93	4d	1	1.18mi
36132 Trinity Glade Rd Dade City, FL	3.0	2.0	1515	$2,425	$1.60	14d	1	1.28mi
37329 Magnolia Ave Unit 1234471P Dade City, FL	3.0	2.0	1216	$3,391	$2.79	4d	1	1.33mi
12945 Ogden Glade Rd Dade City, FL	4.0	2.0	1815	$2,195	$1.21	17d	1	1.34mi
14635 State St Dade City, FL	3.0	1.5	1040	$1,761	$1.69	21d	1	1.35mi

Listing history 13 events

1. 2026-06-18
   days on market $224,990 Active 359 DOM
2. 2026-06-17
   days on market $224,990 Active 358 DOM
3. 2026-06-16
   days on market $224,990 Active 357 DOM
4. 2026-06-15
   days on market $224,990 Active 356 DOM
5. 2026-06-13
   days on market $224,990 Active 354 DOM
6. 2026-06-09
   days on market $224,990 Active 350 DOM
7. 2026-06-08
   days on market $224,990 Active 349 DOM
8. 2026-06-07
   days on market $224,990 Active 348 DOM
9. 2026-06-04
   days on market $224,990 Active 345 DOM
10. 2026-06-03
    pricedays on market $224,990 Active 344 DOM
11. 2026-06-02
    days on market $229,990 Active 343 DOM
12. 2026-06-01
    days on market $229,990 Active 342 DOM
13. 2026-05-31
    days on market $229,990 Active 341 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,866
• − Mortgage interest: −$13,431
• − Property taxes: −$3,597
• − Insurance: −$1,199
• − Repairs & maintenance: −$1,989
• − Management: −$1,989
• − Depreciation: −$6,975
• Taxable loss: −$4,315
• Est. tax savings @ 24.0%: +$1,036
• After-tax cash flow: $795/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 — Dade City

• Score: 73/100
• State rank: #307
• US rank: #5215

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dade City, FL
• City population: 21,077
• Population (ZIP): 19,296

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 0.59)
• Race & ethnicity: White 57% Hispanic / Latino 28% Black 10% Two or more races 10% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 21% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 5% Slovak 1% Romanian 1%
• Foreign-born: 13% · Canada, China, Jamaica
• Languages at home: 75% English-only · Spanish 21% Other Indo-European 2% Chinese 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: ▲ 16.36%
• Current HPI: 448.7
• Rent YoY: —
• Metro: —
• 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