Rental numbers for ZIP 34638 (Land O Lakes, FL)
Negative cash flow at today's 7.78% investor rate with 25% down; the typical home breaks even at about 1.2%.
- Gross yield
- 6.6%
- rent x 12 / price
- Est. cap rate
- 3.0%
- NOI / price
- Cash flow
- -$1,223/mo
- at 7.78%, 25% down
- Typical price
- $421,000
- Zillow ZHVI, Aug 2026
- Typical rent
- $2,309/mo
- Zillow ZORI, Aug 2026
The pro forma
Typical home, default assumptions
| Operator | Line | Amount | Source |
|---|---|---|---|
| Gross rent | $27,708 | ||
| Vacancy | $1,385 | ||
| Management | $2,106 | ||
| Property tax | $4,137 | ||
| Insurance | $3,335 | ||
| Maintenance | $4,208 | ||
| Net operating income | $12,536 | ||
| Loan payments | $27,213 | ||
| Cash flow | -$14,677 |
| Operator | Line | Amount | Source |
|---|---|---|---|
| Typical price | $420,845 | ||
| Down payment (25%) | $105,211 | ||
| Loan | $315,634 | ||
| Rate | 7.78% | ||
| Monthly payment | $2,268 | ||
| Cash in | $117,837 | ||
| Cash-on-cash return | -12.5% | ||
| DSCR | 0.46 | ||
| Break-even rate | 1.20% |
Assumptions
Change them in the calculator- Down payment25%
- A common minimum for investment-property and DSCR loans.
- Interest rate7.78%
- Freddie Mac 30-year 7.03% (week of 2026-09-24) + 0.75 point investor premium.
- Loan term30 years
- Fixed, fully amortising.
- Closing costs3% of price
- Added to cash invested.
- Insurance$3,335 a year
- NAIC 2023 average homeowners (HO-3) premium for Florida, $2,779, x 1.2 for a landlord policy.
- Maintenance1% of price a year
- The 1% rule of thumb; older homes run higher.
- Vacancy5% of rent
- About 18 days empty a year.
- Management8% of collected rent
- A typical full-service fee; zero if you self-manage.
Trends
Five years to August 2026
- Price, 12 months
- -3.1%
- Rent, 12 months
- -1.9%
- Rent minus price growth
- +1.1 pts
- positive means yields are improving
Show the numbers
| Month | Typical value | Rent |
|---|---|---|
| Aug 2021 | $364,220 | $1,880 |
| Aug 2022 | $474,336 | $2,231 |
| Aug 2023 | $456,503 | $2,213 |
| Aug 2024 | $460,181 | $2,284 |
| Aug 2025 | $434,232 | $2,355 |
| Aug 2026 | $420,845 | $2,309 |
Rent references
Two sources, never blended
| Source | Studio | 1 bed | 2 bed | 3 bed | 4 bed |
|---|---|---|---|---|---|
| HUD Small Area FMR, FY2026 | $2,390 | $2,540 | $2,960 | $3,780 | $4,610 |
| Zillow observed rent, Aug 2026 | $2,309 typical, all home types | ||||
HUD's Fair Market Rent is the 40th percentile gross rent (rent plus utilities) for a standard unit, and it is what Section 8 vouchers pay against. Zillow's index tracks asking rents on listed homes. The two measure different things, so they are shown side by side and never averaged. HUD area: Tampa-St. Petersburg-Clearwater, FL MSA.
Property tax
- Effective rate
- 0.98%
- ZIP area, ACS
- At the typical price
- $4,137/yr
Median real estate taxes paid divided by median home value, Census ACS 2020 to 2024. Pasco County: 0.73%. Actual bills depend on the assessment, exemptions and any non-homestead rate.
Supply
- Permits per 1,000 households
- 36.3
- Pasco County, last 12 months
- National percentile
- 98th
- among US counties
8,561 new housing units permitted in 2025-09 to 2026-08, Census Building Permits Survey. A high figure means more new supply competing for tenants.
Nearby ZIP codes
| ZIP | Distance | Typical price | Rent | Gross yield | Cash flow /mo |
|---|---|---|---|---|---|
| 34637Land O Lakes | 4.5 mi | $423,000 | $2,465 | 7.0% | -$1,161 |
| 34639Land O Lakes | 6.4 mi | $405,000 | $2,136 | 6.3% | -$1,194 |
| 34654New Port Richey | 6.5 mi | $315,000 | $2,036 | 7.8% | -$640 |
| 34610Spring Hill | 6.9 mi | $380,000 | $1,850 | 5.8% | -$1,231 |
| 33558Lutz | 7.5 mi | $548,000 | $2,187 | 4.8% | -$2,210 |
| 34669Hudson | 7.8 mi | $311,000 | $2,133 | 8.2% | -$523 |
| 34655New Port Richey | 8.8 mi | $376,000 | $1,943 | 6.2% | -$1,151 |
| 33548Lutz | 9.1 mi | $679,000 | $2,093 | 3.7% | -$3,142 |
Run the numbers on a real listing
The calculator opens with this ZIP's figures. Swap in a listing's price and rent, your rate and your costs.
Open the calculator for 34638Questions
- Is 34638 good for rental property?
- On the typical home here, priced at $421,000 and renting for $2,309 a month (Zillow ZORI, Aug 2026), the gross yield is 6.6% and the estimated cap rate is 3.0%. At a 7.78% investor rate with 25% down, estimated cash flow is -$1,223 a month. The median gross yield across the 8,418 ZIP codes with full Zillow data is 5.6%. These are figures for a typical property, not a judgement on any particular one.
- What is the typical rent in 34638?
- Zillow's observed rent index for 34638 was $2,309 a month in August 2026, across all home types. HUD's FY2026 Small Area Fair Market Rent for a 2-bedroom here is $2,960, the 40th percentile of gross rents and the basis for Section 8 payment standards.
- What is the property tax rate in 34638?
- The effective property tax rate is about 0.98% of value (median taxes paid divided by median home value, Census ACS 2020 to 2024). On the typical $421,000 home that is about $4,137 a year. Your bill depends on the assessment and local exemptions.
- What interest rate makes a rental in 34638 break even?
- About 1.21%. Below that rate, the typical home here cash-flows with 25% down and the default costs; above it, it does not. Today's investor rate used here is 7.78%.
- How fast are prices and rents changing in 34638?
- Over the 12 months to August 2026, the typical home value changed -3.1% and the typical rent changed -1.9%. Rents rising faster than prices pushes yields up.
Sources and method
- Zillow Home Value Index (ZHVI), mid tier, smoothed and seasonally adjusted
Zillow Research. Read: 2026-08.
Typical home value by ZIP, county, metro and state, and the price trend.
- Zillow Observed Rent Index (ZORI), all homes plus multifamily, smoothed
Zillow Research. Read: 2026-08.
Typical market rent by ZIP, county and metro, and the rent trend (tier A pages).
- HUD Small Area Fair Market Rents, FY2026
US Department of Housing and Urban Development. Read: FY2026.
Rent by bedroom count for every ZIP. The rent used on tier B pages, and a reference on all pages. It is the 40th percentile gross rent, so it runs below market.
- American Community Survey 5-year estimates, 2020 to 2024 (B25103 median real estate taxes paid, B25077 median home value, B11001 households)
US Census Bureau. Read: 2020 to 2024.
Effective property tax rate (median taxes paid divided by median value) by ZIP code tabulation area, county and state; households for the permits ratio.
- Freddie Mac Primary Mortgage Market Survey, 30-year fixed (FRED series MORTGAGE30US)
Freddie Mac via the Federal Reserve Bank of St. Louis. Read: 2026-09-24.
The weekly 30-year rate. The site adds a disclosed investor premium to it for the loan payment.
- Building Permits Survey, county monthly files
US Census Bureau. Read: 2025-09 to 2026-08.
New housing units permitted in the last 12 months per 1,000 households, a supply-pressure signal.
- NAIC Homeowners Insurance Report, data for 2023
National Association of Insurance Commissioners. Read: 2023.
Average HO-3 homeowners premium by state, multiplied by 1.2 as a landlord-policy assumption.
Data: Zillow Research (ZHVI, ZORI), HUD, US Census Bureau, Freddie Mac. Every formula is on the methodology page.
Estimates from public data for a typical property. Not investment, tax or legal advice. Your property, financing and costs will differ.