7048 EL Meyers St · Pasadena Hills, FL 33541

$129,000

2 bd · 2.0 ba · 768 sqft · Manufactured public records · 51 Days on market

Built 1979 3,596 sqft lot $95/mo HOA · 6% 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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into this beautifully maintained 2-bedroom, 2-bath manufactured home located in the desirable 55+ gated community of Spanish Trails Village in the heart of Zephyrhills. Inside, you’ll find spacious bedrooms with generous closet space, two full bathrooms with stylish modern updates, and a bright open-concept living area perfect for relaxing or entertaining. The home features a recently installed ceiling in the family room, adding a clean, finished look to the space. The kitchen comes fully equipped with all major appliances, making everyday living easy. Major updates include a resealed roof and freshly painted exterior, offering added value and peace of mind. Spanish Trails Villag

Key facts

• Gated community
• Refreshing pool
• Resealed roof

Tags

• GATED COMMUNITY
• OPEN-CONCEPT LIVING AREA
• FULLY EQUIPPED KITCHEN
• RESEALED ROOF
• FRESHLY PAINTED EXTERIOR
• REFRESHING POOL

Property features AI

Finance

• Other: Homestead exemption indicated
• Financial info: Total annual fees $1,140; Lease restrictions apply
• HOA & community: Has HOA (Margaret Thomas); Monthly condo/association fee $95; Pool, clubhouse and recreational facilities owned by association; Shuffleboard court; Gated community; Deed restrictions; Buyer approval required for association; Golf carts allowed; Pets allowed (cats and dogs; number limit applies); Senior community

Exterior

• Parking: Carport (1 space)
• Utilities: Public sewer; No water source listed; Cable available
• Home design: Manufactured home (double wide); One story; East-facing; Crawlspace foundation
• Construction: Metal siding; Metal roof
• Exterior features: Other exterior features; Paved road access

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen
• Laundry & utility: Inside laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $129k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $125k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.6% in Pasadena Hills — 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 (#723 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living A-; Watch: amenities F, commute F, health & safety D-.
• 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: West Zephyrhills Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 615 students, 81% FRL); Zephyrhills High School (math 35% / reading 37%, grade F, #359 of 667 statewide, top 55%, 1,656 students, 70% FRL) — zoned schools average 75% FRL vs 48% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 51% district-wide (-18 pts) — the specific schools serving this property underperform the Pasco average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-2.5%/yr); 856 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 32% of the median local income ($57k/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 $892 of loan paydown is wiped out by about $4k 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 51 days — a 3% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y 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 $28k; list at $129k implies a 353% 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; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.18% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.39%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $82,944
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37843 Barcelona Ave	0.09mi	2/2.0	840 (+9%)	3mo	$99,000	$118	78
7045 EL Dewitt St	0.14mi	2/2.0	732 (-5%)	12mo	$55,000	$75	76
37826 Daughtery Rd	0.17mi	2/2.0	720 (-6%)	11mo	$126,500	$176	72
7133 EL Matador St	0.19mi	2/2.0	864 (+12%)	11mo	$79,000	$91	61
38533 Ethel Ave	0.59mi	2/1.0	720 (-6%)	1mo	$69,900	$97	57
37512 Attica Ave	0.46mi	2/1.0	684 (-11%)	3mo	$74,000	$108	54

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: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,418
• Equity at exit: $19,234

10-year hold

• IRR: 1.7%
• Equity multiple: 1.11×
• Total profit: $3,805
• Equity at exit: $11,154

Cash invested: $36,120 (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 33541

• Home prices YoY: -15.2%
• Rents YoY: -2.5%
• Active inventory: 856
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,519 high
• Mortgage (P&I): −$676
• Tax from tax record: −$62 /mo · $749/yr
• Insurance: −$54
• HOA: −$95
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $313

Break-even live

Break-even rent $1,124

Max offer price $129,000

Occupancy floor 74%

Sensitivity live

Price	-10% $386	-5% $349	+0% $313	+5% $276	+10% $240
Rent	-10% $193	-5% $253	+0% $313	+5% $373	+10% $433
Rate	-1.0pp $378	-0.5pp $346	base $313	+0.5pp $279	+1.0pp $245

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37814 Daughtery Rd Zephyrhills, FL	2.0	1.0	1070	$1,395	$1.30	5d	1	0.14mi
38112 Townview Ave Zephyrhills, FL	1.0	1.0	700	$1,100	$1.57	25d	1	0.27mi
38350 Ironwood Pl #5 Zephyrhills, FL	2.0	2.0	1094	$1,800	$1.65	25d	1	0.60mi
6788 Basswood Cir Zephyrhills, FL	2.0	2.0	1067	$1,250	$1.17	25d	1	0.61mi
7660 Emerson Hill Cir Zephyrhills, FL	1.0–3.0	1.0–2.0	1077	$1,970	$1.83	0d	33	0.64mi
38485 County Road 54 Zephyrhills, FL	2.0	1.0	800	$1,100	$1.38	25d	1	0.74mi
37732 Cecil Ln Zephyrhills, FL	3.0	1.0	1040	$1,800	$1.73	25d	1	0.78mi
6302 Abbott Station Dr Zephyrhills, FL	3.0	1.0–2.5	855	$1,732	$2.02	2d	142	1.01mi
6052 10th St Zephyrhills, FL	2.0	1.0	644	$1,200	$1.86	25d	1	1.06mi
38748 Calumet Ave Zephyrhills, FL	2.0	1.0	750	$1,100	$1.47	5d	1	1.09mi
38647 Rose Ln Zephyrhills, FL	2.0	1.0	814	$1,350	$1.66	25d	1	1.25mi
38621 Rose Ln Zephyrhills, FL	2.0	1.0	1040	$1,495	$1.44	0d	1	1.27mi
37812 15th Ave Zephyrhills, FL	2.0	2.0	1000	$1,850	$1.85	25d	1	1.29mi
39132 County Rd Zephyrhills, FL	2.0	2.0	864	$1,500	$1.74	25d	1	1.33mi
38010 14th Ave Apt 3 Zephyrhills, FL	1.0	1.0	537	$1,195	$2.23	25d	1	1.33mi
39132 County Road 54 #2184 Zephyrhills, FL	2.0	2.0	864	$1,500	$1.74	25d	1	1.34mi
8129 Cass Rd Zephyrhills, FL	1.0	1.0	540	$1,100	$2.04	25d	1	1.36mi
5611 1st St Zephyrhills, FL	1.0	1.0	600	$1,095	$1.82	17d	1	1.45mi
38939 North Ave Unit 2 Zephyrhills, FL	2.0	1.0	870	$1,300	$1.49	18d	1	1.46mi

HOA detail

• Monthly dues: $95 · $1,140/yr
• Likely covers: security

Listing history 29 events

1. 2026-06-18
   days on market $129,000 Active 51 DOM
2. 2026-06-17
   days on market $129,000 Active 50 DOM
3. 2026-06-16
   days on market $129,000 Active 49 DOM
4. 2026-06-15
   days on market $129,000 Active 48 DOM
5. 2026-06-13
   days on market $129,000 Active 46 DOM
6. 2026-06-09
   days on market $129,000 Active 42 DOM
7. 2026-06-08
   days on market $129,000 Active 41 DOM
8. 2026-06-07
   days on market $129,000 Active 40 DOM
9. 2026-06-04
   days on market $129,000 Active 37 DOM
10. 2026-06-03
    days on market $129,000 Active 36 DOM
11. 2026-06-02
    days on market $129,000 Active 35 DOM
12. 2026-06-01
    days on market $129,000 Active 34 DOM
13. 2026-05-31
    days on market $129,000 Active 33 DOM
14. 2026-04-28
    listed $129,000 Active
15. 2025-11-10
    historical
16. 2025-10-14
    price $124,900
17. 2025-07-02
    status Active
18. 2025-06-30
    historical
19. 2025-05-18
    price $130,000
20. 2025-04-10
    price $134,900
21. 2025-03-06
    status Active
22. 2025-03-05
    historical
23. 2025-02-03
    price $142,000
24. 2024-11-05
    price $145,000
25. 2024-10-16
    price $147,000
26. 2024-09-05
    listed $149,000 Active
27. 2022-04-29
    listed $90,000
28. 2013-09-30
    soldstatus $28,500
29. 2013-04-11
    listed $29,900

ⓘ 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: $749 · $62/mo
• Projected year-2 tax: $1,071 · $89/mo
• Expected delta: +$322/yr (+$27/mo · 43.0%)

ⓘ 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 9/10 Extreme 6 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 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: $18,234
• − Mortgage interest: −$7,226
• − Property taxes: −$749
• − Insurance: −$645
• − Repairs & maintenance: −$1,459
• − Management: −$1,459
• − HOA: −$1,140
• − Depreciation: −$3,753
• Taxable income: $1,804
• Est. tax owed @ 24.0%: −$433
• After-tax cash flow: $3,320/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 — Pasadena Hills

• Score: 63/100
• State rank: #723
• US rank: #15499

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pasadena Hills, FL
• County: Pasco County · 524,098 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 24,654
• Household income: $56,579
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 393.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 8% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 9%
• Common ancestry: Lithuanian 4% Romanian 3% Serbian 3%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 9% Tagalog/Filipino 1% Other Asian/Pacific 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: ▼ -55.21%
• Current HPI: 308.0619
• Rent YoY: ▼ -2.51%
• 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

+331.4% since first listed

16 events — show timeline

• 2026-04-28 Listed $129,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-10 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-10-14 Price Changed $124,900 Stellar MLS as Distributed by MLS Grid
• 2025-07-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-06-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-05-18 Price Changed $130,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-10 Price Changed $134,900 Stellar MLS as Distributed by MLS Grid
• 2025-03-06 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-03-05 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-02-03 Price Changed $142,000 Stellar MLS as Distributed by MLS Grid
• 2024-11-05 Price Changed $145,000 Stellar MLS as Distributed by MLS Grid
• 2024-10-16 Price Changed $147,000 Stellar MLS as Distributed by MLS Grid
• 2024-09-05 Listed $149,000 Stellar MLS as Distributed by MLS Grid
• 2022-04-29 Listed $90,000 Stellar MLS as Distributed by MLS Grid
• 2013-09-30 Sold (MLS) $28,500 Stellar MLS as Distributed by MLS Grid
• 2013-04-11 Listed $29,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2025): $749 · +2.1% YoY. Source: county tax records.