1298 Teahouse Dr, Clearwater, FL 33764 — 102.5% Cash-on-Cash

About this property

1298 Teahouse Dr is a 2020 Palm Harbor double-wide manufactured home in a 55-plus community in Clearwater, FL 33764, listed at $100,000 with a turnkey furnishing package included.

The listing price has already been reduced by $54,900 from its original ask, a signal worth examining before anything else. That cut puts this 2-bedroom, 2-bathroom property well below every for-sale comparable in the immediate area, and it's been sitting 46 days — not unusual given the niche 55-plus buyer pool, but worth tracking.

The property itself comes ready to rent or occupy: the seller is including roughly $20,000 in luxury furnishings, electronics, and an ADT security system with wireless cameras. The screened lanai and additional porch face Old Tampa Bay, which the listing identifies as the primary lifestyle draw. Inside, luxury vinyl flooring and stainless steel appliances are noted. Two exterior storage sheds add practical utility.

The Bayside Waters community carries a full amenity slate — pickleball, pool, hot tub, fitness center, bocce ball, and two dog parks — which matters for rental appeal in a 55-plus market. No HOA fee appears in the financial breakdown, though community fees should be independently confirmed before closing. Figures exclude depreciation tax benefits, which vary by individual tax situation.

The investment case

The rent-to-payment ratio here is the defining number: estimated monthly rent of $2,452 covers the total monthly payment of $743 more than three times over, generating $1,709 in monthly cash flow.

List Price

$100,000

Monthly Payment (PITI+HOA)

$743

Principal & Interest

$559

Property Tax

$151

Insurance

$33

HOA

$0

PMI

$0

Est. Monthly Rent

$2,452

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

102.5%

Cap Rate

29.0%

Monthly Cash Flow

$1,709

Gross Rent Multiplier

3.4

DSCR

4.3

At a $100,000 purchase price with a conventional 30-year mortgage at 6.52%, the principal and interest payment comes to $559 per month. Add property tax ($151) and insurance ($33), and total carrying cost lands at $743 monthly. Against an estimated rent of $2,452, that's a 3.3x coverage ratio — the kind of margin that rarely appears in a market where the city median listing price is $375,000.

The cash-on-cash return calculates to 102.5%, compared to a city average of 4.6%. That's not a rounding difference; it's a structural gap driven almost entirely by the low acquisition price relative to the rent estimate. The cap rate of 29.0% and net operating income of $2,419 per month reinforce the same picture. The gross rent multiplier of 3.4 means the property theoretically pays for itself in under four years of gross rent — a figure that typically appears only in deeply discounted or distressed assets.

The debt service coverage ratio of 4.3 means the property's income covers its debt obligation more than four times over, which is a strong cushion against vacancy or unexpected expenses. Even at 50% occupancy, the property would still cover its debt service.

The financial metrics here are outliers by Clearwater standards, driven by a below-market price in a property type that carries its own financing and resale constraints — both of which investors need to price in.

5-year return outlook

The 5-year total ROI projects to 124.0%, with cash flow doing nearly all the work.

Of the 124.0% projected 5-year return, 102.5 percentage points come from cash flow alone. Appreciation adds an estimated 14.0 points, and mortgage paydown contributes the remaining 7.5. This is not an appreciation play — it's an income play where the cash flow component so dominates the return profile that the other two factors are almost incidental.

Annual appreciation is estimated at approximately 2.8% for the Clearwater market. For a manufactured home, that figure warrants extra caution: manufactured properties in 55-plus land-lease or community settings can appreciate at rates that differ materially from site-built homes, and the estimate here is a general market projection rather than a manufactured-home-specific data point. The $100,000 basis limits the absolute dollar upside from appreciation regardless of the rate.

Mortgage paydown at 7.5% over five years reflects the low loan balance — at $100,000 financed, the absolute equity build is modest in dollar terms even if it reads well as a percentage of basis.

The 5-year case rests almost entirely on whether the $2,452 rent estimate holds. If it does, the return profile is exceptional. If occupancy or rent softens materially, the appreciation and paydown components don't provide enough cushion to rescue the deal on their own.

How it compares to nearby for-sale listings

Five for-sale comparables exist in ZIP 33764 with 2 bedrooms, and 1298 Teahouse Dr sits well below all of them at $100,000 against a comp median of $250,000.

The nearest direct comparable is 1205 Teahouse Dr — same street, same bedroom and bathroom count — listed at $145,000 after 14 days on market. That property is 45% more expensive than 1298 Teahouse Dr, which either reflects a meaningful quality or size difference, or suggests the $54,900 price reduction at 1298 has created genuine value relative to the immediate peer set.

The broader comp range in 33764 runs from $5,000 (an outlier almost certainly representing a distressed or partial-interest sale) up to $375,000, with the median at $250,000. At $100,000, this property is 60% below the zip median — a discount that reflects both the manufactured home classification and the 55-plus community restriction, which limits the buyer pool to a subset of the market.

Days on market tell a consistent story: the $375,000 property at 1413 Embassy Dr has been listed 41 days, and 704 Brookside Dr at $300,000 has been on 75 days. Slower movement at higher price points in this zip is the norm, not the exception. At 46 days, 1298 Teahouse Dr is tracking with its peers despite the lower price — which likely reflects the 55-plus age restriction narrowing demand rather than any issue with the property itself.

Rental demand in this zip

There are no directly comparable rental listings in ZIP 33764 for 2-bedroom units, which means the $2,452 monthly rent estimate carries meaningful uncertainty.

Zero rental comps in the immediate zip is the single biggest risk factor in this analysis. The $2,452 rent figure drives every cash flow metric on this deal — the 102.5% cash-on-cash return, the $1,709 monthly cash flow, the 29.0% cap rate. Without local rental data to validate it, that figure is an estimate, not a confirmed market rate.

For a 55-plus manufactured home community with bay views in Clearwater, $2,452 is plausible but not verifiable from the available data. The community's amenity package — pool, fitness center, pickleball, dog parks — supports a premium over a bare-bones manufactured home rental. Waterfront or water-view positioning also typically commands a rent premium in the Tampa Bay area.

The practical implication: before committing to this deal, an investor should canvass rental rates for comparable 55-plus communities in Pinellas County, not just ZIP 33764. The 55-plus restriction also limits the tenant pool, which could extend vacancy periods even if the asking rent is achievable. A conservative underwrite might stress-test the model at $1,800 to $2,000 per month to see where the return floor sits.

The cash flow case is compelling if the rent estimate is accurate — but with no local comps to anchor it, verifying that number is the most important pre-purchase step.

Who this property suits + risks to weigh

This property fits a cash-flow-focused investor comfortable with manufactured home financing constraints and the liquidity limits of a 55-plus community.

Best fit

The investor profile here is someone prioritizing income yield over appreciation or resale flexibility. The 102.5% cash-on-cash return and $1,709 monthly cash flow are genuinely unusual at this price point, and the turnkey furnishing package reduces the capital needed to get a rental operational. A buyer who can pay cash or secure manufactured home financing — which differs from conventional mortgage products and may carry higher rates or shorter terms — gets the most direct access to these returns.

The 55-plus community structure also suits an investor targeting a stable, lower-turnover tenant demographic. Retirees in resort-style communities tend to stay longer than younger renters, which can reduce vacancy and management friction over time.

Risks to weigh

Manufactured homes in 55-plus communities carry resale constraints that site-built properties don't. The buyer pool on exit is restricted to 55-plus purchasers, and financing options for buyers are narrower, which can compress exit prices and extend time on market. The 46 days already logged and the $54,900 price reduction from the original ask are early signals of that dynamic.

The rent estimate of $2,452 is unvalidated by local comps — the most material risk in the entire analysis. If actual achievable rent is $500 to $700 lower, the return profile changes significantly. Community fee structures should also be confirmed; the listing shows $0 HOA, but manufactured home communities sometimes charge lot rent or community fees that don't appear in standard listing data. Any lot rent obligation would directly reduce the cash flow figures shown here.