35077 Whispering Oaks Blvd

Ridge Manor, FL 33523

$178,000B-

2 bd · 2.0 ba · 990 sqft · Built 1983 · SingleFamily · Active · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,900/mo
• Mortgage (P&I): −$933
• Tax + insurance: −$629
• HOA: −$23
• Vac / Maint / Mgmt: −$399
• Net cashflow: $-84/mo
• Annual: $-1,012/yr
• Cap rate: 8.60%
• Cash-on-cash: 8.24%
• DSCR: 1.37
• 1% rule: 1.07%
• Cash to close: $49,840

Investor read

• This is a 2-bed/2.0-bath single-family listed at $178k.
• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (8.4% below list).
• Meets the 1% rule at list price ($2k rent vs $178k).
• It's been on market 133 days — a 12% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $157k (12.0% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#736 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, employment D, amenities F.
• Hernando (suburban): math 50% / reading 50% proficiency, ranked #38 of 73 in FL (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Eastside Elementary School (math 37% / reading 32%, grade F, #1,709 of 2,144 statewide, top 81%, 737 students, 73% FRL); Hernando High School (math 42% / reading 42%, grade F, #275 of 667 statewide, top 42%, 1,299 students, 58% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 295 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• Hernando County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 15y 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 $152k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 4.3% in Ridge Manor — 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.

Questions for listing agent

• 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?
• It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.